SUBANG JAYA, Sept 8 — Property developer, Bangsar Heights Synergy Sdn Bhd, has signed a 12-year licensing agreement with hotel management services provider, Antara Holiday Villas Sdn Bhd (AHVSB).
Under the agreement, AHVSB will provide technical services to operate D-Villa Hotel and Residence in Johor, which is owned by Bangsar Heights Synergy.
“AHVSB would also promote the D-Villa Hotel and Residences to the locals and foreign tourists,” said Bangsar Heights Group President/CEO Datuk Robert Lim.
Speaking to reporters after the signing ceremony here today, he said, D-Villa Hotel and Residence has an estimated gross development value of RM260 million.
“We start the construction early this year and expect the overall project to be completed by 2018,” Lim said.
He added that the ongoing construction of the hotel would be completed by year-end. He added that the project would contribute between 25 and 30 per cent to the group’s revenue.
“The hotel’s room occupancy rate is expected to be 60 per cent, which will come mostly from Singaporeans,” he said.
He said, ” The current weakening of the Ringgit has a slight impact on some project development materials. It may have an impact but only 20 per cent because we use mainly local materials.”
He commented that on the property prices, they would continue to increase going forward, on the back of higher demand.
Meanwhile, AHVSB Managing Director/CEO, Puan Seri Mavis Masri Azman, said the company was looking for more hotels to manage. She said D-Villa Hotel and Residence was among the 21 local and international hotels that the company managed.
“We believe D-Villa Hotel and Residences will gain wider acceptance from the locals and foreign tourists,” she added.