Monday, July 02, 2007

PanGlobal to build hotel in Kuching

PanGlobal Bhd, an investment holding company, is planning to build a hotel cum service apartment in Kuching with a gross development value (GDV) of RM115mil.

Chief executive officer Bernard Wong Shoon Tet said the company was currently waiting for approval on the Development Order. The property will be completed in two to three years.

“The new hotel cum apartment will be built on 1.7 acres situated in a prime waterfront area,” Wong said after the company’s AGM.

In addition, the company is also planning to build a beachside resort but has yet to finalise the location, he disclosed.

Wong said the turnover from the company’s property division rose to RM21.3mil last year. Its existing properties include the Pacific Regency Hotel Apartment and the Menara PanGlobal, both in the city.

PanGlobal, which also has business in timber and coal, planned to grow them organically, particularly in Sarawak, Wong said.

“We will be looking at developing both our natural resources. We see the natural resources business as a sunrise industry. This is likely to generate extra income for the company,” he said.

As for its future prospects, Wong said the company was anticipating turnover to increase 40% in 2009 when its mine-mouth coal power station in Mukah is completed.

PanGlobal is also a leading name in the insurance business

Source : STAR
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