|
Earlier this week, Oilcorp Bhd subsidiary Magic Coast Sdn Bhd and Amanah Raya Bhd subsidiary Amanah Raya Development Sdn Bhd have signed an agreement to jointly develop a 35-storey office tower and
a 33-storey hotel block in KL Sentral.
With a gross development value of RM330 million, the development will be called D’Tiara AmanahRaya Hotel Suites & Corporate Offices, and boasts to be “an excellent location to work, relax and recharge in the Klang Valley.”
Work on the 8,871sq meter freehold project will begin next month, with completion expected by late 2010.
The corporate office building will be situated at the development’s entrance and will feature a 360 degree view of its surroundings, which include a view of downtown Kuala Lumpur as well as the greenery of Lake Gardens.
The structure will accommodate 400 parking bays and has a total net saleable area of 420,000sq ft, including 21,650sq ft on both level one and six to be earmarked for a banking hall or a business centre.
The suites will be available or sale in the near future, which will come with an attractive leaseback program that will guarantee to pay a minimum of seven percent net returns for five years to each buyer, said a statement.
While, the hotel suite to be situated next to the office building, will “compliment the ideal of having a work and life balance.”
Oilcorp chairman Mohamed Taib Mahmood said, “Our aim at Oilcorp is to increase the property division in the coming years via larger developments that we have coming on stream, such as our D’Tiara Office and Hotel Suites and our upcoming D’Tiara Leisure & Health Resort in Genting and D’Tiara Waterfront Resort development in Pulau Indah, Selangor.”
Over the next four to five years, the group is aiming to launch three new property development projects, including the D’Tiara AmanahRaya Hotel Suites and Corporate Offices, which in total constitutes an estimate GDV of about RM1.2 billion. | 
