THE INTERMARK | Kuala Lumpur ( Jalan Tun Razak ) | Vista Tower - 62F (Completed) | Integra Tower - 40F (Completed) | Doubletree by Hilton - 28F (Completed) | The Intermark Mall - 5F (Completed)

[rizalhakim]

Crown Princess undergoes renovation
By Vasantha GanesanPublished: 2009/01/08


SEVENTEEN-year-old Crown Princess Kuala Lumpur closed its doors on Sunday January 4 2009, making way for a renovation that will see the hotel being re-branded as an international brand.

Sources told Business Times that the hotel will undergo a one-year renovation exercise and it will carry a sub-brand of a popular international chain.

Crown Princess was opened by Asia Pacific Land Bhd (AP Land) in 1991 and managed by Federal Hotels International (FHI). AP Land and FHI have common shareholders.

In 2006, AP Land entered into a deal with Australia's Macquarie Global Property Advisors (MGPA) to sell the said hotel for RM240 million. The sale was completed in 2007, but FHI continued to manage the hotel until the expiry of the management contract on January 4, 2009.

Low Gee Tat, a director of AP Land and whose family owns FHI, when contacted confirmed that FHI will no longer operate the hotel.

According to sources, the hotel, which now has 571 rooms, will be targeted at the business crowd when it reopens.

The owners of the hotel are expected to make an announcement next month on the makeover and the new hotel management company.

Business Times was unable to speak to the owner representative for confirmation.

In 2006, AP Land sold the Ferringhi Beach Hotel in Batu Ferringhi.

With the sale of Ferringhi Beach Hotel and the conclusion of the Crown Princess management agreement, hotels managed by FHI are now the Federal Kuala Lumpur, Hotel Capitol Kuala Lumpur and The Grace hotel in Sydney, Australia.

[dengilo]

Originally Posted by szehoong

Really? My dad says that a very rich Chinese family surname Lim used to stay there. But he said that after that it is the Weld podium already so the current Weld is the 2nd generation building (inclusive of addition of tower).

That right after the bunglow was demolished they built the "old Weld Supermarket" a 3 storey building just like jaya supermarket PJ.Then The 3 storey building was demolished to make way for the present Weld off course the build the podium section first then the tower much later.

[rizalhakim]

no more plaza ampang
image hosted on flickr


image hosted on flickr

[Daud1978]

I grew up in KL in the 70s and 80s. I will miss Yow Chuan Plaza!

[patchay]

RM2bil Integrated Developement in KL

“Construction cost is now at a moderate rate and with careful selection of investment, we can still benefit,” he said during the launch of The Intermark, a fully integrated world class mixed-use development, yesterday. MGPA will invest RM2bil (including acquisition and construction costs) in The Intermark.



Michael Wilkinson (left) and MGPA Asia Developments managing director Moon Duck Kim posing with the replica of The Intermark


The amount involves the complete refurbishment of 62-storey landmark grade A office building Vista Tower (formerly known as Empire Tower), a new international grade A office building Integra Tower, retail centre Intermark Mall (formerly known as City Square) and Malaysia’s first Doubletree by Hilton Hotel (formerly Crown Princess Hotel).

MGPA - through it’s Asia Fund 2 - acquired the Empire Tower, City Square, the Crown Princess Hotel and Plaza Ampang in 2007 for about RM760mil.

Wilkinson says the reason to refurbish and build the grade A office buildings was because such buildings were limited in the city.

“Besides that, the location of the development - at the junction of Jalan Tun Razak and Jalan Ampang - is very strategic, just 500 metres from the Petronas Twin Towers and also about a two-minute walk to the Ampang Park LRT,” he says.

The company is comfortable with the investment in Malaysia and will be here for a long time, he says, adding: “In fact, we are looking for more investment opportunities in Malaysia and will announce that when the time comes.”

He says Malaysia was fortunate to be still resilient in the current climate and, with a strong market, the country was still attractive to investors.

Vista Tower is expected to be completed by year-end while the Intermark Mall and DoubleTree by Hilton Hotel will be completed in the first quarter next year. The other building, Integra Tower, is scheduled for completion by end-2012.

[nazrey]

RM1.3b KL landmark
By Sharen KaurPublished: 2009/02/14



MGPA, a private equity real estate fund, is investing more than RM1.3 billion to redevelop The Intermark, formerly City Square Centre, in Kuala Lumpur.

Chief executive officer for Asia developments Michael Wilkinson said MGPA will also integrate The Intermark and Integra, more commonly known as Plaza Ampang Mall.

"The project is about reinstating the landmark in Kuala Lumpur. We have to make it a first-class asset. There aren't many office assets in the world as imposing as these," he told a news conference in Kuala Lumpur yesterday.

City Square Centre, on Jalan Tun Razak, comprised the 11-storey City Square shopping centre, the 62-storey Empire Tower office block and the 28-storey, 571-room Crown Princess Kuala Lumpur hotel.

The properties have been rebranded and are now known as the Intermark Mall, Vista Tower and Double Tree by Hilton Hotel.

MGPA's Asia Fund II bought the properties, and Plaza Ampang Mall, for RM760 million from a Malaysian developer in 2007.

Integra is a "Grade A" 30-storey office building, which will be ready by end-2012.

Wilkinson said Vista, the first component of the redevelopment, will feature a grand double-height lobby, high-speed lifts and security access control when ready by the end of this year.

Rental rates have doubled to RM9 per sq ft from RM4.60 per sq ft in the last two years.

"A third of the building is vacant for us to make way for the refurbishment. Some existing tenants may leave when their lease expires as they may not be able to afford the higher rates. We are in talks with a few multinational companies to make Vista their headquarters," Wilkinson added.

"We expect Vista to be fully leased within 12 months after its upgrading. As bad as things are globally, we are quite confident of the market and our assets. There is high demand for Grade A office buildings in Kuala Lumpur."

Wilkinson said the mall, which will offer 200,000 sq ft of retail space, and the five-star hotel will be ready by the first quarter of next year.

MGPA, an independent fund that has Australia's Macquarie Group as a shareholder, will hold The Intermark, or "integrated landmark", as a long-term investment.

[nazrey]

From http://www.btimes.com.my/Current_New...F/Saturday.pdf

[patchay]

Originally Posted by patchay

Redevelopment of City Square Kuala Lumpur include:

1. Development of a new 30storey The Intermark Tower on the site of former Plaza Ampang
2. Refurbishment of 62storey Empire Tower --> to be known as Vista Tower
3. Refurbishment of 11storey City Square shopping mall --> to be known as The Intermark Mall
4. Refurbishment of 28storey Crown Princess Hotel KL --> to be known as Doubletree by Hilton Kuala Lumpur

Whole area will be renamed as The Intermark Kuala Lumpur...

[dengilo]

Hmm i am ever so happy finally something good is happening to this property!Its interesting to see a australian company to see its potential after all these years!!!!RIP yow chuan plaza thanks for all the memories!!!

[rizalhakim]

Originally Posted by nazrey

From http://www.btimes.com.my/Current_New...F/Saturday.pdf

a hilton hotel, a shopping mall and a grade A office tower?? dats cool!!

Originally Posted by pedang

RM2b bangunkan The Intermark

Oleh DALIZA ARIFFIN
daliza.ariffin@utusan.com.my

[rizalhakim]

MGPA to buy more properties in Malaysia
By Sharen KaurPublished: 2009/02/16



MACQUARIE-controlled MGPA, a private equity real estate investment advisory company, will use part of its Asia Fund III (AF III) to acquire more properties in Malaysia, its top official says.

Chief executive officer for Asia developments Michael Wilkinson said it is looking to buy integrated and stand-alone properties, land, and old buildings that require a complete makeover.

MGPA will not allow the state of the current economy to deter its plan to grow and hence, will also buy over real-estate companies, he said.

"We are reviewing some opportunities now, but can't comment further until the deals are done. We are looking quite broadly in Malaysia," he said.

Wilkinson was speaking to Business Times after a media briefing in Kuala Lumpur recently on the RM1.3 billion redevelopment of The Intermark (previously City Square Centre) and Integra Tower (previously Plaza Ampang Mall).

The AF III real-estate fund, which closed last year, has raised US$3.9 billion (RM14.1 billion), resulting in a potential buying power of US$15.6 billion (RM56.5 billion).

According to its website, the fund has already committed equity of US$2.2 billion (about RM8 billion) to investments in Singapore, Japan, China and Thailand in the office, retail, residential, hotel and logistics sectors.

It has active opportunities under consideration in South Korea, Malaysia, Taiwan and Australia.

MGPA's first property acquisition in Malaysia was City Square and Plaza Ampang, acquired in 2007 through AF II, for RM760 million.

Wilkinson said MGPA will not sell its Malaysian properties for now. He also did not rule out disposing of the assets if a good offer comes in later and reinvesting the capital.

He said if MGPA is faced with the same opportunity to buy assets like City Square and Plaza Ampang in the present economy, it will invest in the deal.

"If there's a good location and growth prospects, we will invest tomorrow. It is a good time to be investing, particularly in a strong market like Malaysia. If we are going to endure one to five years of downturn, let it be ... we have quality assets to sustain," he said.

Wilkinson said the current situation is a short-term cyclical occurrence and investors should not be distracted by it.

"In this climate, there is an expectation that a lot of people will be under pressure and selling good quality assets. We have not seen that happening or experienced the market disintegrating in terms of pricing," he said.

"If you feel the financial market will be dislocated forever, then sell your assets. But if you believe its a short-term effect and the market will correct and the government will respond, then in not too long, the situation will improve," he said.

Wilkinson believes there will be a similar correction as during the Asian financial crises in 1997 and the severe acute respiratory syndrome outbreak in 2003.

Although the present situation may take one or two years to recover, it will not have any impact on MGPA's investment strategy, he added.

"Our job is to manage other people's money and that carries with it some very serious obligations. Fortunately for us, we invest in real estate, which fundamentally is about location, supply, demand and long-term economic performance.

"We have the ability to create value, which is why we will buy even the ugliest of building, and turn it around," Wilkinson said.

[patchay]

MGPA... please buy over dead projects like Plaza Rakyat, old Hyatt etc....

[rizalhakim]

Originally Posted by nazrey

From http://www.btimes.com.my/Current_New...F/Saturday.pdf

Landmark makeover
By Sharon Kam
Email us your feedback at fd@bizedge.com


A "new" landmark will soon grace the skyline of Kuala Lumpur City Centre. A cluster of assets — Empire Tower, City Square Shopping Centre, Crown Princess Hotel and Plaza Ampang on Jalan Tun Razak — is undergoing a RM1.2 billion makeover that will see the rise of a brand-new, fully integrated mixed development called The Intermark.
Macquarie Global Property Advisers (MGPA), a private equity real estate investment advisory company, is undertaking this massive transformation. MGPA, which focuses primarily on the real estate markets in Europe and Asia, acquired the cluster of assets in June 2007 under its US$1.3 billion (RM4.7 billion) MGPA Fund II.
In a recent interview with City & Country, CEO of MGPA Asia Developments Michael Wilkinson and The Intermark managing director Moonduck Kim unveiled the redevelopment plans for the properties for the first time.
The company is investing more than RM1.2 billion to refurbish the present buildings at City Square Centre as well as to construct a new 30 to 40-storey high office building to replace Plaza Ampang.
When MGPA started scouring for properties in the city centre, it was attracted to the two decade-old landmarks — City Square Centre and Plaza Ampang — located smack in the Golden Triangle. City Square Centre comprises the 62-storey Empire Tower, the 35-storey 571-room Crown Princess Hotel and the six-storey City Square Shopping Centre. MGPA acquired it from Asia Pacific Land (AP Land) for RM680 million. It bought the adjacent Plaza Ampang from Capital Hotel Sdn Bhd, a related company of AP Land, for RM80 million. Completed in 2007, the acquisition was MGPA's first in Malaysia.

Investment strategy
Why this cluster of properties? "We asked our acquisition team to look for the 'ugliest' building on the street and it succeeded in getting it," says Wilkinson. MGPA's acquisition and investment strategy is based on its "buy, fix and sell" concept: it first buys the ugliest building, then redevelops, upgrades and enhances its value before disposing of it.
"Here we have a cluster of properties which fulfils our needs in terms of location," he adds. The Intermark is a stone's throw from the Petronas Twin Towers and a five-minute walk from the Ampang LRT station.
Wilkinson is responsible for all development projects undertaken on behalf of the MGPA Fund in Asia. He is also a shareholder of MGPA and a member of its executive and investment committees. He admits that the current dismal global economic slowdown will spell trouble for most companies but he believes it will be short-lived.
"We do not see a need to change our long-term investment strategy. We are building assets that will be here long after we are all gone," he says.
Wilkinson adds that some analysts believe that countries in Asia are among the stronger economies that may be the first to recover from the current crisis.
"We are careful with our liquidity management and are in a comfortable position to weather the storm with well-positioned assets."
For him, the short-term downcycle will probably take about five years although no one knows for sure when the economy will recover.
MGPA is looking for more acquisitions for its US$5.2 billion MGPA Fund III, of which half has been invested. On what else it is acquiring in Malaysia, Wilkinson says it is currently chasing some solid leads on a few ugly buildings in the country.
Through its headquarters in Bermuda and a network of offices throughout Europe and Asia, MGPA currently manages US$11 billion in assets, including development and redevelopment projects, joint ventures and real estate-related companies in the office, retail, industrial, residential and hotel sectors.
MGPA is owned by its senior management team and the Macquarie Group, a global provider of banking, financial advisory, investment and funds management services listed in Australia.

The Intermark
The Intermark is derived from the phrase "integrated landmark". The "Inter" also refers to the international quality of the project and the inter-related components within the development, explains Wilkinson.
"Our key goal is to integrate these four buildings (in The Intermark) into one contiguous property," he says. MGPA is confident of reaping returns from its investment in The Intermark, based on its experience in managing similar international class commercial properties in Asia.
Says Kim: "We have been managing commercial properties in Asia and have set international standards in our buildings. We have experience in serving multinational tenants, so we want to do the same thing here and improve quality for our tenants."
He adds that basic services, such as air-conditioning, lifts and power supply, have to be managed properly. The gross floor space will be expanded from 2.2 to 2.7 million sq ft. Parking bays will also be increased from 1,600 to 2,600.
"We will improve traffic flow in the vicinity of the area. Our plan is to make The Intermark accessible from all directions," says Wilkinson.
Aedas Architects, an architectural company well known for its high-density mixed commercial designs, has been appointed to design The Intermark.
Under the master plan, the retail component, known as the Intermark Mall, will be the "artificial glue" to integrate all the components. The gross floor space at the former City Square Shopping Centre will be reduced to 400,000 sq ft after it has been refurbished. According to data from Henry Butcher Retail, supply of retail space in the Klang Valley as at end-2008 was estimated at 46.90 million sq ft while new retail supply for 2009 is estimated at 2 million sq ft.

Vista Tower
The first component to be launched for lease will be the Grade A offices in Vista Tower, or the refurbished Empire Tower.
Vista Tower will have a glass-wrapped, clean and contemporary façade. It will have a lobby with double-height ceiling in contemporary design, high-speed lifts, disabled-friendly features, security access control and a new air-conditioning system.
The current rent at Empire Tower is RM3.50 to RM4 psf but with the upgrading, the new rates may start from RM7 onwards, depending on the length of lease and location of the space. "We will adopt global standards for the building and in serving our tenants. We believe demand for office buildings with large floor space and quality fittings will continue to fetch premium rents," says Wilkinson.
According to data from Knight Frank Malaysia, the current supply of office space within the Golden Triangle and the Kuala Lumpur central business district (CBD) in 4Q2008 is about 41.1 million sq ft, while average rents for Grade A offices and Grade A+offices in the Golden Triangle are about RM6.17 and RM9.67 psf respectively.
The rents of offices at Petronas Twin Towers and Maxis Tower is an average RM8.70 psf and RM6.80 psf (minus service charges), according to KLCC Property Holdings Bhd's half-year results ended Sept 30, 2008.
Prospective tenants at Vista Tower will be multinational companies in various sectors such as the oil and gas sector. Several current tenants have renewed their leases, including a media agency, an embassy and an aviation company.
About two-thirds of the building is still being occupied by tenants. Conglomerate Ranhill Bhd, which leased about 50% of Empire Tower, is moving out gradually, hence the refurbishment can only be completed when the lease for the present tenants ends. Nevertheless, the renovation is expected to be completed at year-end.
"The building was more than 80% occupied when we first took over. Today, among the top 10 office buildings in KL, occupancy is more than 90%," says Kim. "Vacancy rates have been consistently low for Grade A offices in the city centre, so we are confident that demand for office space will continue," says Wilkinson. Knight Frank Malaysia has been appointed property manager of Vista Tower.

Intermark Mall
The former City Square Shopping Centre will be partially redeveloped and extended into a retail centre called Intermark Mall. It will cater for international tenants and visitors at The Intermark.
"We are in an affluent area. So our strategy is to have a mix of retailers and food and beverage outlets to service occupants and visitors. The mall will have quality finishes equal to Pavilion KL," says Wilkinson.
"When the whole Intermark is completed, we expect 10,000 people working and visiting here daily," says Kim.
The mall will have more than 200,000 sq ft of nett lettable space to accommodate about 100 tenants such as cafes, spas, gymnasiums, beauty shops, bookshops, and others. Work on the mall will start in the next quarter.
Although it caters for high-end shoppers, it will not boast luxury brand names that are available at Suria KLCC and Pavilion KL. Instead, Wilkinson sees "a mass flow of workers and visitors coming across from Jalan Tun Razak to The Intermark for lunch".

Doubletree
The current Crown Princess Hotel will be replaced with Doubletree Hotel, an upscale product managed by Hilton Hotels Corp. The 571 rooms of the former hotel will be entirely stripped and redone while facilities will be expanded. The lobby entrance will also be relocated.
"By the time Doubletree opens, very little of the old Crown Princess will be recognisable," says Wilkinson, adding that the new hotel is targeted at business travellers.

Integra Tower
Plaza Ampang has already been demolished and coming up in its place will be the flagship of The Intermark — a state-of-the-art sustainable office building called Integra Tower.
"Integra Tower is the sizzle at Intermark. It is not often that we have the opportunity to put up a building of this quality. We are confident that with the combination of Aedas' design and the formula that worked for us in other cities, we will meet or exceed our tenants' requirements. We are building from scratch. It is going to be a cutting-edge office building," says Wilkinson. The 30 to 40-storey high tower is expected to be ready by 2012.

[rizalhakim]

image hosted on flickr


image hosted on flickr


image hosted on flickr

[rizalhakim]

image hosted on flickr


image hosted on flickr


image hosted on flickr


image hosted on flickr

[Jim856796]

How are the Empire Tower and the Crown Princess Hotel going to be refurbished? Should they get a new exterior or will the refurbishment be limited to interior renovations?

[James Foong]

they will strip off the building glass exterior, and rewrap with new glass claddings both on office and hotel blocks.

[rizalhakim]

A Doubletree By Hilton In Malaysia In 2010


KUALA LUMPUR, March 17 (Bernama) -- The present Crown Princess Hotel in Kuala Lumpur will undergo a multi-million dollar redesign and renovation over the next few months to be re-branded as the Doubletree by Hilton Kuala Lumpur City Centre.

Hilton Hotels Corporation in a statement today said that the Doubletree by Hilton Kuala Lumpur City Centre is scheduled to open to the public by the second quarter 2010.

It will have 540 guest rooms, meeting facilities of close to 20,000 square feet, a grand ballroom designed to host events for over 600 people, four restaurants, a full service spa and a health club with swimming pool.

The upscale hotel is situated at the corner where Jalan Tun Razak meets Jalan Ampang near the landmark Petronas Twin Towers, embassies and the Kuala Lumpur Convention Centre (KLCC).

It is also within easy reach of the central business district, popular tourist spots and shopping malls.

Asia Pacific-Hilton Hotels Corporation president, Martin Rinck said the latest addition would enhance the company portfolio of four Hilton Hotels in Malaysia.

In addition to a hotel, the Doubletree by Hilton Kuala Lumpur City Centre will include a retail podium called Intermark Mall, a fully refurbished Grade A 62-storey office tower called Vista Tower and a new sustainable design office building to be called, Integra Tower.

The entire development is scheduled to be completed by the end of 2012.

--BERNAMA

[rizalhakim]

Doubletree by Hilton arrives in Malaysia
Written by Financial Daily
Wednesday, 18 March 2009 22:30

KUALA LUMPUR: The Crown Princess Hotel here will undergo a multimillion dollar redesign and renovation in the next several months and will be rebranded as the Doubletree by Hilton Kuala Lumpur City Centre.

This follows the signing of a management agreement between Hilton Hotels Corporation and Intermark Sdn Bhd, signifying the debut of the upscale hotel brand, Doubletree by Hilton, in Malaysia.

In a statement on Tuesday, Doubletree by Hilton said the 540-room hotel was scheduled to open to the public in the second quarter of 2010.


An artist's impression of what The Intermark.

"This latest addition will enhance our portfolio of four Hilton hotels in Malaysia while symbolising our commitment to further expanding our presence across the Hilton Family of Hotels in Asia," Hiton Hotels Asia Pacific president Martin Rinck said.

"From China to Thailand and now Malaysia, our development pipeline for the Doubletree by Hilton brand continues to grow throughout Asia as a lucrative branding opportunity that is flexible for both new-build and conversion purposes in the upscale, full-service hotel arena," said Dave Horton, senior vice-president — brand management for Doubletree Hotels.

The KL hotel will form part of a world-class mixed-use property called The Intermark, which was acquired by MGPA's Asia Fund II.

In addition to Doubletree by Hilton Kuala Lumpur City Centre, The Intermark comprises a retail podium called Intermark Mall, a full refurbished grade A 62-storey office tower called Vista Tower, and a new sustainable design office building to be called Integra Tower.

The entire development is scheduled to be completed by the end of 2012.

Doubletree by Hilton will offer meeting facilities of close to 20,000 square feet, including a grand ballroom designed to host events for over 600 people.

MGPA Asia Developments managing director Moonduck Kim said: "MGPA is an active real estate investor in Asia. We are confident that the Doubletree by Hilton Kuala Lumpur City Centre will become the preferred choice for discerning travellers and will contribute to our positioning of The Intermark as a world-class integrated development in the heart of Kuala Lumpur."

[nazrey]

by Kejora Uniti Group Ent.
http://www.flickr.com/photos/35601577@N07/3370080080/