KUALA LUMPUR: Hong Kong-based property developer, IBN Corp Ltd, officially launched the RM1.5 billion gross development value (GDV) mixed-use project, the IBN Bukit Bintang, off Jalan Bukit Bintang today with a ground-breaking ceremony.
Director Datuk Seri Michael JW Yang said the project would be developed over three years at a cost of RM650 million.
“It will include the development of a combined hotel and residential tower in a single 68-storey building with a total built-up area of 730,062 sq ft on a 0.31ha plot of land in the heart of the city.
“The development order has been approved by DBKL. We are currently waiting for approval for the current building (Hotel Fortuna, which is no longer in operation) to be demolished,” he told reporters after the ground-breaking ceremony.
Yang said approval for the demolishment was expected within the next two to six months.
The property development project is a partnership between IBN Corp, a wholly owned subsidiary of Shenzhen ZRPZ Group, and land owner KKH Pavilion Development Sdn Bhd.
Yang said the development’s limited freehold residential units would be priced starting from RM2,000 per sq ft.
He said the targeted take-up would comprise 70% local buyers and the rest from the Middle East, China and India.
“The project will be slightly shorter than the Four Seasons Kuala Lumpur Hotel (343m). Upon completion, the building will among the five tallest buildings in Kuala Lumpur.
Yang said IBN Corp would be announcing another project in Kota Kinabalu in the third quarter of this year, but was tight-lipped about the details.
Currently, IBN Corp has projects across Southeast Asia with a GDV exceeding RM20 billion and growing with the completion of one of its core projects in Genting Highlands, IBN Highlands City.
