Monday, December 18, 2006

Duta (Grand Hyatt) Hotel is Starting Up again

New Lease of Life for Hotel Project

PETALING JAYA: Mycom Bhd has redesigned the former Duta Grand Hyatt hotel project to include commercial space to complement the project's residential apartments and 5-star hotel. The developer plans to resume work on the stalled RM1.15-billion project when its debt-restructuring exercise is completed next February.

Sited on a 2.98-acre freehold tract at the corner of Jalan Sultan Ismail and Jalan Ampang, work on the hotel project began in 1994 before it was stopped when the developer was hit by the 1998 Asian financial crisis. The partially completed project was to have housed the Duta Grand Hyatt hotel. It was planned as a 5-star hotel with 570 rooms and 108 apartment units.

At its recent AGM, group managing director Datuk Yap Yong Seong says the Hyatt Group is no longer associated with the project. "Due to the stalled timeframe, the contract with the Hyatt Group has lapsed and the hotel component will not be operated by them. We will look for another 5-star hotel brand," he explains, adding that the entire project will have a total built-up of 1.78 million sq ft.

It is learnt that the three-tier development will now comprise two high-rise towers and a retail podium. There will be a 50-storey tower to house the hotel with between 200 and 400 rooms and a 55-storey tower to house 200 residential apartments. There will also be 371,000 sq ft of office space. A six-level retail podium with a built-up of 172,000 sq ft will adjoin the towers.

It will be developed by subsidiary Duta Grand Hotels Sdn Bhd. Work will begin once the regulatory authorities approve the restructuring scheme.

The project willtake about 30 months to complete, adds Yap.

Source : SUN
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