news

Binastra Land in talks with AccorHotels for new hotel brand

Binastra

PETALING JAYA (March 23): Binastra Land Sdn Bhd, a wholly-owned subsidiary of Binastra Group, is in talks with AccorHotels Group to bring in a new hotel brand to its upcoming mixed development ION at Jalan Sungai Besi, said Binastra Land executive director Datuk Ong Theng Soon.

“The four-acre mixed development which is located next to Southgate commercial centre is slated to be launched by the end of this year. It will comprise residential, retail and hotel elements. We are in talks with AccorHotels Group and other hotel operators to bring in renowned hotel brands into this project,” he told TheEdgeProperty.com.

AccorHotel Group is a French hotel group which operates in 94 countries and has a wide variety of hotel brands, ranging from budget hotels to luxury brands, such as Pullman, Sofitel, Grand Mercure and MGallery.

“For the residential development, we plan to offer smaller serviced apartments. This will be an exciting project as we are planning to build the highest residential towers in Klang Valley with a fantastic 360-degree view of Kuala Lumpur city,” he added.

ION mixed development has an estimated gross development value (GDV) of RM1.2 billion.

This freehold land is located opposite the old Sungai Besi Royal Malaysian Air Force Base which is slated for the Bandar Malaysia development.

However, Ong did not disclose details of the project as the company was still in the midst of planning it.

Meanwhile, the company also plans to unveil a low-rise luxury apartment project in Kemensah, Ampang, with an estimated GDV of RM90 million.

The company’s property development general manager Steven Ooi said the 2.83-acre of freehold residential development will comprise 72 units of luxury apartments, with built-up sizes ranging from 1,200 sq ft to 1,600 sq ft.

“Tentatively, we plan to launch this project next year, but the launching date will depend on market conditions.

“The selling price will be over RM1 million. We are targeting buyers who want to own a property in Kemensah with a smaller budget,” he said.

Besides new developments, the company’s current project in Old Klang Road, CitiZen, is 80% sold since its launch in October last year.

The 3.44-acre freehold project has a GDV of RM488 million. It offers 711 serviced apartments in three blocks with built-up sizes ranging from 852 sq ft to 1,133 sq ft. Prices start from RM500,000.

On current market conditions, Ong said the overwhelming take-up rate of CitiZen showed that market demand remains strong as owning a property is still the best way to hedge against inflation.

Most of the buyers of CitiZen are young couples, small families, and Taman OUG landed property upgraders.

Besides focusing on upcoming and current projects, he noted that Binastra Land is also looking for more land in matured parts of the Klang Valley for future development.

“We are looking at small parcels which are suitable for our pocket-sized niche developments. Currently, we are in talks with several agents and researching possible good land deals,” said Ong.

Do not ask your auntie about the value of your home. Click here at The Edge Reference Price to find out.

Looking for properties to buy or rent? With >150,000 exclusive listings, including undervalued properties, from vetted Pro Agents, you can now easily find the right property on Malaysia's leading property portal EdgeProp! You can also get free past transacted data and use our proprietary Edge Reference Price tool, to make an informed purchase.
SHARE
RELATED POSTS
  1. EcoFirst buys Sungai Besi land for RM82m, to welcome new substantial shareholders
  2. Scaffolding collapses at flyover along MRR2, five trapped in van
  3. PMB Technology buys Sungai Besi property for RM30m