Tradewinds to launch US$1.9b Centre in Kuala Lumpur

A rendering of the Tradewinds Centre, KL.

Property and hotel group, Tradewinds have announced plans to launch a RM6 billion mixed development project in Kuala Lumpur.

The US$1.9 billion project called Tradewinds Centre will be completed by 2020. Tradewinds Centre will comprise Grade A+ offices, retail offices and serviced apartments, where the centrepiece will be a 65-storey office tower, outlined chairman Tan Sri Megat Najimuddin Megat Khas. He confirmed that the project will be funded through a combination of debt and equity.

Construction on the 2.8ha site, presently occupied by the Crowne Plaza Mutiara and Kompleks Antarabangsa on Jalan Sultan Ismail will commence in 2013. The present Tradewind Corp Bhd properties will be demolished to make way for the new Tradewinds Centre project.

The Crowne Plaza in Kuala Lumpur will cease its operation on Jan 2, 2013. Group chief executive officer, Shaharul Farez Hassan said there will be compensation for unionised employees at the Crowne Plaza.

He said: “As for Inter Continental Hotels Group (IHG) which manages the hotel, it has a few year left in its contract and we will negotiate with them,” reported The Star.

Tradewinds was “in discussions” over reports of its expressed interest to acquire the 38-year-old Bukit Bintang Plaza (BB Plaza) which would have to be demolished in order to construct a My Rapid Transit (MRT) station.

It is believed that Tradewinds previously approached the present owner of BB Plaza to redevelop the complex after the MRT station had been completed – under a 50:50 joint venture. BB Plaza is under UDA Holdings Bhd. In response to this suspected proposal, Megat said: “There’s nothing concrete with regards to this as yet.”

For the first quarter of this year, Tradewinds made a net profit of RM13.4 million (US$4.2 million), up from RM11.9 million (US3.8 million) in 2011 on revenue of RM127.3 million (US$40.2 million) in 2012 – compared with a revenue of RM123.1 million (US$39 million) in the previous year.

 

By Laura Neve Tacey



Filed Under: MalaysiaNews

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