Far East Consortium to invest RM150 mln in Malaysian service aparments

Sep. 15, 2009 (China Knowledge) - Hong Kong-listed Far East Consortium International Ltd<0035>, an investment holding company engaged in property development, hotel operations and loan financing, has allocated RM150 million to build serviced apartments in Subang, Selangor, Malaysia, sources reported.

The project, which is scheduled to be completed in 2014, is the second phase of development for Sheraton Subang Hotel and Towers. The five-star hotel will be re-branded as the Grand Dorsett Subang Hotel on Oct. 1.

Dorsett International Sdn Bhd president Eddie Tang said the company hasn't decided the size of the apartment units and whether the company will sell or lease the units.

The first phase of renovation and refurbishment, which involves a total of RM60 million, will be finished next March, said Tang, adding that the second phase will involve bringing down a hotel block to accommodate the new apartments. After renovation, the hotel will have 475 rooms in total.

Earlier this month, Far East Consortium has acquired the New Bridge Road hotel site in Singapore for S$67.7 million. The new land acquisition is expected to help Far East Consortium to further tap the hotel and property development business in the Asian market.