Aseana Properties has teamed up with property and construction company Malaysian Resources Corporation Berhad to develop a $180m (£90m) hotel and office scheme in Kuala Lumpar.
In announcement made today, Aseana which is listed on the main London stock exchange said it had agreed to buy a 95,131 sq ft land plot in the Kuala Lumpar Sentral urban district built, around Malaysia’s largest transport hub, from local company Kuala Lumpar Sentral Sdn. Bhd.
The joint venture is planning to develop a 1.15m sq ft scheme which will include a boutique business hotel and two office towers.
Dato’ Mohammed Azlan bin Hashim, chairman of Aseana Properties Limited, said: ‘Aseana Properties will typically invest in development projects at the pre-construction stage and selectively invest in projects-in-construction and newly completed projects with potential for high capital appreciation.’