KUALA LUMPUR: Cititower Sdn Bhd, a joint venture between KLCC (Holdings) Sdn Bhd and Qatari Diar Asia Pacific Ltd, will build a mixed commercial development in the eastern corner of the KLCC development with an expected gross development value (GDV) of over RM5 billion.
This will be Qatari’s first development project investment in Malaysia.
“The financing of this project will be done partly by equity and bank loans. On the equity side, Qatari will be providing the funds, and KLCC will provide the land,” said KLCC group CEO Hashim Wahir during the ground breaking ceremony yesterday. Hashim is also chairman of Cititower.
The four-acre development marks the fourth phase of the KLCC Master Plan. It spans over 3.8 million sq ft in gross floor area, and will consist of a luxury hotel, 64-storey office tower, six-storey retail podium and basement carpark.
Kuala Lumpur city mayor Datuk Seri Ahmad Phesal Talib said the development on a premium location will attract multinational companies, in line with the Greater KL ambition.
“The hotel component in this mixed development which will be ready by end of 2017, will add to the assortment of hotels in KL.
“As for the retail podium, it will cater for the projected arrival of high yield tourist — an entry point project under the economic transformation programme,” he said in his speech.
It is understood that international hotel operator Raffles Hotels & Resorts will be operating the hotel.
For Cititower, the oversupply of offices apparent in the Klang Valley will not be a threat for their new development.
“Tower 3 which was completed in 2012 is fully occupied. We have this prime location as our advantage and also good accessibility and connectivity in this area. I don’t think it will be a problem for us,” said Hashim.
The development is expected to be completed by the end of 2017. — by Esther Lee
This article first appeared in The Edge Financial Daily, on April 23, 2013.
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