Singapore developer Oxley Holdings is planning to build a mixed-use development in Kuala Lumpur, which is set to transform the city’s skyline with its futuristic look and proximity to the Petronas Twin Towers, media reports said.
Oxley Towers will comprise two six-star hotels, a shopping mall, offices and luxury serviced apartments. At an investment of RM3.5 billion (S$1.35 billion), construction work on the project is expected to start later this year.
Earlier reports revealed that Oxley has been in talks with investors from the Middle East, Japan and the US to finance the project. It is also approaching hospitality firms in the Middle East to operate the hotels. The mall will likely be run by either Japanese or US companies.
Meanwhile, strong interest from investors has been recorded for the serviced apartments, including those from the Middle East.
Priced at around US$925 psf (S$1,153), the apartments could see significant appreciation potential considering the building’s unique structure and location.
Muneerah Bee, Senior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
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