A Special Presentation
AFTER signing up W by Starwood Hotels several weeks ago, Kuala Lumpur looks set to sign up yet another luxury brand in hospitality.
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PATCHAY.COM finds out this week that Kuala Lumpur has been chosen for an upcoming 5-star Banyan Tree Signatures.
The new Banyan Tree will be built at the site of the former MISC Building at Jalan Conlay, which was last used as The University of Nottingham Malaysia Campus between 2000 and 2005.
Since last year, the building has been demolished and the site has been cleared in preparation for construction of this project.
The 55-storey single tower is a mixed development consisting of 441 units of Private Residences, 51 units of Service Residences and 50 luxury suites that will be managed by Banyan Tree Hotels & Resorts.
According to sources, the average price for 'Private Residences' units could reach RM2,000 per square feet and beyond, potentially outstripping OneKL and The Troika in KLCC to become the most expensive apartments in KL.
Real estate consultants have told PATCHAY.COM that despite the project not located within the KLCC prestigious address, its location is still its most attractive selling point as it is just across the road from Pavilion KL and Bukit Bintang.
As such the development will be linked to Pavilion KL shopping mall via a private pedestrian bridge, and the tower itself would boost facilities such as a skybar and a sky-restaurant at the tower roof top, and the signature Banyan Tree Gallery and Spa.
The location of this development is also within walking distance to the piece of land that was transacted last year at RM7,210 per square feet. The tract near to Pavilion's grand entrance is the most expensive land in Malaysia till today. The land was purchased by principals behind Pavilion KL.
A most recent newsreport indicated that Pavilion KL may seek for a REIT listing on Bursa Malaysia. Fahrenheit 88, a newly refurbished mall opposite Pavilion KL and managed by Pavilion KL, may be injected into the REIT at a later stage.
Market rumour is that the owners of Pavilion KL may continue to expand its asset via strategic developments such as Banyan Tree and acquisition of land in close proximity.
The hospitality industry remained robust with several international hotel brands coming up in the Klang Valley, and the list includes Pullman Kuala Lumpur at Bangsar; Grand Hyatt at KLCC; W Hotel & Residences at Jalan Ampang; St. Regis Hotel & Residences and aloft Hotel at KL Sentral; Best Western Dua Sentral and the Ascott Sentral, both at KL Sentral; Movenpick Hotel & Convention Centre at KL International Airport; and Hilton Garden Inn in Millennia City Puchong.
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Banyan Tree Holdings is a leading, international hospitality brand that manages and develops premium resorts, hotels and spas. From a single boutique resort in Phuket in 1994, Banyan Tree has grown into a multi-business operator globally. Listed on the Singapore Stock Exchange since 2006, it currently manages and/or has ownership interests in over 20 resorts and hotels, over 60 spas, in excess of 70 retail galleries and 3 golf courses. The company is best known for its signature Banyan Tree and Angsana brands.
All images courtesy of NWKA Architects, Konzepte Design International and SSC Malaysia.