IGB unit plans 2 hotels in Penang
By THE STAR GEORGE TOWN: Cititel Hotel Management Sdn Bhd (CHM), a subsidiary of IGB Corp Bhd, is set to introduce two new hotels in this heritage city. Construction on 0.4ha for both hotels in Jalan Magazine began in September last year and the hotels are expected to open for business in 2014. CHM managing [...]
Cititel to build 2 hotels for RM183m
By BUSINESS TIMES GEORGE TOWN: Cititel Hotel Management (CHM) Sdn Bhd, a subsidiary of IGB Corporation Bhd, will invest RM183 million to build two more hotels on the island. CHM managing director Datuk Eric H.K. Lim said the properties would be built at the Gat Lebuh Noordin area by early 2014. The two hotels are [...]
IGB buys 50% stake in hotel owner for RM277.5mil
By THE STAR PETALING JAYA: IGB Corp Bhd is acquiring a 50% stake in Great Union Properties Sdn Bhd (GUP) for RM277.5mil cash. The sum comprises the proposed acquisition of 50 million RM1 shares from Stapleton Developments Ltd and Chong Kim Weng, representing a 50% equity interest in GUP for RM101.35mil and settlement of shareholder’s [...]
Luxury island plan for Rebak
By BUSINESS TIMES KUALA LUMPUR: DRB-HICOM Bhd is drafting plans to turn Pulau Rebak in Langkawi into a holiday magnet for the rich and famous. The group wants to develop a “boutique” luxury holiday concept there to match the likes of The Residences at W Bali, Bvlgari Residences and Banyan Tree Ungasan in Bali, Six [...]
Ascott plans to double portfolio in Malaysia
By BUSINESS IMES KUALA LUMPUR: Singapore-based The Ascott Ltd, the world’s largest international serviced residence owner-operator, plans to double its serviced apartment portfolio in Malaysia over the next five years. Ascott regional general manager for Singapore and Malaysia, Tan Boon Khai said it aims to open one or two properties a year as it is [...]
KHI upbeat on Asia hospitality sector
By THE STAR KOSMOPOLITO Hotels International Ltd (KHI), a subsidiary of Hong Kong-listed Far East Consortium International Ltd, is optimistic about its growth prospects in the region. KHI executive director Winnie Chiu says the hospitality sector in Asia is benefiting from the advent of budget air travel. “The budget airlines have actually revolutionised the hospitality [...]
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