IGB Corp to open two hotels in Penang

GEORGE TOWN: Cititel Hotel Management (CHM) Sdn Bhd, a subsidiary of IGB Corporation Berhad, is set to introduce two new hotels in this heritage city.

Construction on a 0.4 ha site for both hotels in Jalan Magazine began in September last year and the hotels are expected to open for business in 2014.

CHM managing director Datuk Eric Lim said the Gross Development Value (GDV) for the new four-star St Giles Hotel and three-star Cititel Express Hotel is about RM180 million.

"St Giles Penang will house a grand ballroom with a seating capacity of 1,200, several meeting rooms, a cafe, swimming pool, gymnasium, health centre, executive lounge and a helipad," he told reporters after unveiling an 8.5m dragon made of recycled mineral water bottles in the lobby of Cititel Penang on Upper Penang Road here today.

He said the hotels, which will be built back-to-back to each other, are scheduled for completion in the first quarter of 2014.

"The development will also include retail shops, restaurants, a food court and parking for more than 500 vehicles," he said.

He added that the 32-storey St Giles will have about 500 rooms while the 23-storey Cititel Express will have 270 rooms. "St Giles Penang will be the first in Malaysia after two in England, two in the United States and one in the Philipines," he said.

Meanwhile, Cititel Penang general manager Tony Goh said the dragon was made in conjuction with the group's 15th anniversary celebrations, coinciding with the Chinese year of the dragon.

Cititel Penang's fundraising programmes for the year include a "guess the number of bottles used for the dragon" contest in which patrons and guests stand to win 15 prizes ranging from flight tickets, shopping sprees and hotel accommodation, he added.

By Bernama

UEM Land a top pick of RHB Research

UEM Land Holdings Bhd, a Malaysian developer, rose the most in a week in Kuala Lumpur trading after RHB Research Insitute upgraded the country’s property industry to “neutral.”

The stock climbed 1.4 percent to RM2.26 at 9:13 a.m. local time, set for its biggest increase since Dec. 27.

UEM Land was among RHB’s top picks, according to a report by analyst Loong Kok Wen today.

By Bloomberg

Genting NY mulls US$4bil mixed-use complex in NY

KUALA LUMPUR: Genting Malaysia Bhd's indirect wholly-owned subsidiary, Genting New York LLC (Genting NY), is considering developing an integrated mixed-use complex worth at least US$4 billion in New York.

In a circular to Bursa Malaysia, the company said it entered into a non-binding letter of intent on Tuesday with the New York State Urban Development Corporation to consider the development of the complex.

"Genting NY will work closely with Empire State Development Corporation and the relevant parties, to negotiate terms in good faith, with a view to entering into a binding memorandum of understanding on or before Nov 30, 2012," it said.

The proposed project, adjacent to the Aqueduct Racetrack in Queens, New York, will include an integrated 353,000 sq m convention and exhibition centre with up to 3,000 hotel rooms and an expansion of Resorts World Casino New York City.

By Bernama