An artist’s impression of the Oxley Tower in Kuala Lumpur. The average launch price for its serviced apartments are expected to be around RM3,000 per sq ft.
“PRIME LOCATION: Developer plans 2 six-star hotels, serviced apartments, retail mall and customised offices”
RM3.5b Oxley Towers to transform KL skyline
SINGAPORE-listed Oxley Holdings Ltd is planning a RM3.5 billion first-of-its-kind mixed-use project here called Oxley Towers.
Oxley Towers will feature two six-star hotels as well as posh serviced apartments, a niche retail mall and multimedia super corridor (MSC)-status custom-built offices, sources said.
The project is located on a 1.4ha freehold tract near the Petronas Twin Towers.
The land was acquired by Oxley for around RM450 million, or a record RM3,300 per sq ft, last November.
The project will be carried out by its subsidiary Oxley Holdings (Malaysia) Sdn Bhd, which is headed by its new chief executive officer Datuk Othman Omar.
The sources said the project has received the approval to begin development and the launch will take place in the third or fourth quarter of this year.
According to them, the gross development cost for the project will be around RM1 billion to RM1.5 billion.
The sources said Oxley Malaysia will appoint international operators from either Japan or the United States to run the mall.
For the two hotels, the company will seek international operators from the United States and the Middle East, who will operate in Malaysia for the first time, the sources added.
“Oxley Malaysia plans to retain the two hotels and mall for recurring income. But if there is a good offer from the operators, the company will not hesitate to sell,” one of the sources said.
The serviced apartments and the offices will be marketed worldwide.
Oxley Malaysia aims to sell 70 per cent of the properties to foreign buyers and the rest to locals, the source said.
The source added that the project has generated strong interest from investors in Singapore, the United States, China and the Middle East.
“The average launch price for the serviced apartments will be around RM3,000 per sq ft. The company is bullish on sales thanks to its location and unique building and development structure.
“Oxley Malaysia is talking to interested parties from the Middle East, China and the United States, to help finance the project.
“That may also include other developments in Malaysia in the future,” the sources said.
Oxley Malaysia has eight projects in Malaysia with total estimated gross development value (GDV) of RM10 billion.
Besides Oxley Towers, its other projects are in Jalan Hang Tuah here, Medini in Iskandar Malaysia, Johor, and others in Penang and Selangor.
Read more: RM3.5b Oxley Towers to transform KL skyline – New Straits Times
