The development covers 54,000 sq m (581,251.16 sq ft) and will comprise a four-storey podium inclusive of a basement retail level that connects to five towers that host commercial offices, a five-star international hotel and serviced apartment residences.
Set to be a modern midscale hotel, Best Western Plus Eastern Palace Hotel is located minutes away from Mandalay’s main business district and historical landmarks.
The three-day exhibition saw 5,000 visitors attending or taking part in activities planned for people of all ages, with nearly 300 pieces of art sold.
Lee Sheng Jie bagged an all-expense paid trip to London, Melbourne, Qinzhou, Ho Chi Minh City, Singapore and Datai, Langkawi
The Swiss-based Mӧvenpick Hotels and Resorts will manage the five-star Mӧvenpick Hotel Kota Bharu. Usahama Seri Cemerlang Sdn Bhd is the landowner and developer of the project which has a gross development value of RM350 million.
With a scheduled opening in 2018, the 26-storey, 322-room Ramada Meridin is integrated within the Meridin @ Medini development, which sits on 8.19 acres.
Office rents continued to rise as vacancy rates fell and rents increased. In the hotel segment, the bombing at the Erawan shrine in late August caused a short-term dip in tourist arrivals; and the retail sector saw a slump in sales.
“New planned legislation around fixed quotas for ‘affordable homes’ may help to ease access to the property market; however” more details are yet to be confirmed,” said Cluttons in report.
“There is a population base of over 700,000, with more than 300,000 from Kluang and exceeding 400,000 [including] Batu Pahat. This is a significant market, which is at least one and a half hours’ drive from Johor Bahru, so we felt it was time to bring in international retailers,” said Tey.
Slated for completion by 1Q2020, the 2.04-acre mixed-development has an estimated gross development value of RM226 million, with RM51 million coming from the 34 units of retail outlets and RM175 million from the 259-unit residence tower.