KLCCH, QD Asia to develop commercial hub
Business Times
Published: 2010/05/14
KLCC (Holdings) Sdn Bhd (KLCCH) and QD Asia Pacific Ltd will jointly embark on two proposed new mixed commercial developments within the vicinity of the Kuala Lumpur City Centre, where the Petronas Twin Towers is located.
KLCCH and QD Asia Pacific will each have a 50 per cent equity stake in both joint ventures, both entities said in a joint statement.
Two joint venture agreements were signed today between KLCCH and QD Asia Pacific witnessed by Prime Minister Datuk Seri Najib Tun Razak and his Qatari counterpart, Sheikh Hamad Jassim.
The statement said the proposed developments were expected to be completed in 2015.
Under the terms of the agreements, the partners will embark on the proposed developments of Lot185 and Lot167/K, which are part of KLCCH's Development Master Plan for KLCC, into a mixed commercial hub comprising office, hotel, and retail space with a net lettable area of two million square feet.
wow that will be larger than Suria KLCC
KLCCH is a wholly-owned subsidiary of Petronas while QD Asia Pacific is a wholly-owned subsidiary of Qatari Diar Real Estate Investment Company, an investment arm of Qatar Investment Authority.
"We welcome and look forward to working with Qatari Diar on this investment and the joint venture in KLCC.
"The proposed developments mark another significant milestone in the development of KLCC, adding to its vibrancy as "a city within a city"," said President and Chief Executive Officer of Petronas Datuk Shamsul Azhar Abbas.
"We are excited and look forward to participating through this significant project in the development of Kuala Lumpur City Centre as part of our investment expansion strategy.
"We believe the project will also strengthen the relations between both countries," said Qatar Diars Chief Executive Officer and Managing Director Ghanim Al Saad.
Read more: KLCCH, QD Asia to develop commercial hub http://www.btimes.com.my/Current_New...#ixzz0nu6IXb38
Business Times
Published: 2010/05/14
KLCC (Holdings) Sdn Bhd (KLCCH) and QD Asia Pacific Ltd will jointly embark on two proposed new mixed commercial developments within the vicinity of the Kuala Lumpur City Centre, where the Petronas Twin Towers is located.
KLCCH and QD Asia Pacific will each have a 50 per cent equity stake in both joint ventures, both entities said in a joint statement.
Two joint venture agreements were signed today between KLCCH and QD Asia Pacific witnessed by Prime Minister Datuk Seri Najib Tun Razak and his Qatari counterpart, Sheikh Hamad Jassim.
The statement said the proposed developments were expected to be completed in 2015.
Under the terms of the agreements, the partners will embark on the proposed developments of Lot185 and Lot167/K, which are part of KLCCH's Development Master Plan for KLCC, into a mixed commercial hub comprising office, hotel, and retail space with a net lettable area of two million square feet.
wow that will be larger than Suria KLCC
KLCCH is a wholly-owned subsidiary of Petronas while QD Asia Pacific is a wholly-owned subsidiary of Qatari Diar Real Estate Investment Company, an investment arm of Qatar Investment Authority.
"We welcome and look forward to working with Qatari Diar on this investment and the joint venture in KLCC.
"The proposed developments mark another significant milestone in the development of KLCC, adding to its vibrancy as "a city within a city"," said President and Chief Executive Officer of Petronas Datuk Shamsul Azhar Abbas.
"We are excited and look forward to participating through this significant project in the development of Kuala Lumpur City Centre as part of our investment expansion strategy.
"We believe the project will also strengthen the relations between both countries," said Qatar Diars Chief Executive Officer and Managing Director Ghanim Al Saad.
Read more: KLCCH, QD Asia to develop commercial hub http://www.btimes.com.my/Current_New...#ixzz0nu6IXb38