Lumayan Indah Sdn Bhd and Singapore-based Banyan Tree Holdings have announced their partnership to develop a hotel and residence property in Kuala Lumpur.
Scheduled for opening before the end of 2016, the Banyan Tree Signatures Pavilion Kuala Lumpur will be located in the prime area of the Golden Triangle and Bukit Bintang right in the heart of the city.
The project will have a gross development value of RM1.4 billion (US$450 million) half of which will be shouldered by Lumayan Indah. The 55-storey building will exceed 240 metres in height and become the tallest residential building in Kuala Lumpur and feature 441 private residential units, 51 units of serviced suites and 50 units of suites. The units will be sold at an average price of RM2,000 (US$643) per sq ft.
Banyan Tree’s executive chairman Ho Kwon Ping said that this may not be the sole Banyan Tree presence in Malaysia as the company is also seeking opportunities in Langkawi and Kota Kinabalu.
He added that Banyan Tree is also looking at the possibility of working on other projects elsewhere with Pavilion as the latter carries a strong brandname and is a reputable company.
According to the Business Times, Banyan Tree Residences and Banyan Tree Signatures Hotel will be complemented by a world-class spa, a heated pool, comprehensive amenities and a rooftop gourmet restaurant and sky bar.