Share
KUALA LUMPUR: The Y & Y Group is planning to start work on two new budget hotels and a mixed-development in the Klang Valley next year, said the group's business development and project director Kenny Yong.
The two budget hotels will house about 80 rooms and cost between RM13 million and RM18 million to build, while the mixed development will comprise a serviced residence and a small shopping complex.
The mixed development has a gross development value (GDV) of over RM200 million, he told reporters on the sidelines after the soft launch of the company's 1 Shamelin mall on Thursday, Oct 28.
The group is currently operating two hotels under the Hip Hotels brand here, as well as a number of commercial and industrial properties such as Shamelin Heights business park.
When asked if the group was planning to set up a real estate investment trust (REIT) in view of the number of properties it owns, Yong replied that the group was considering the option.
However, should such a REIT materialise, he said 1 Shamelin would act as the REIT's centrepiece.
The two budget hotels will house about 80 rooms and cost between RM13 million and RM18 million to build, while the mixed development will comprise a serviced residence and a small shopping complex.
The mixed development has a gross development value (GDV) of over RM200 million, he told reporters on the sidelines after the soft launch of the company's 1 Shamelin mall on Thursday, Oct 28.
The group is currently operating two hotels under the Hip Hotels brand here, as well as a number of commercial and industrial properties such as Shamelin Heights business park.
When asked if the group was planning to set up a real estate investment trust (REIT) in view of the number of properties it owns, Yong replied that the group was considering the option.
However, should such a REIT materialise, he said 1 Shamelin would act as the REIT's centrepiece.
SHARE
