News: TCB to build Tradewinds Centre at Crowne Plaza site
Tradewinds Corp Bhd (TCB) will launch a new RM6 billion mixed development project to be called Tradewinds Centre.
To make way for the new project, the Kompleks Antarabangsa and Crowne Plaza Mutiara Hotel in Jalan Sultan Ismail will be demolished.
Tan Sri Megat Najimuddin Megat Khas, Chairman of TCB, revealed that Tradewinds Centre, will include retail space, serviced apartments, grade A+ offices and a 65-storey office tower as centrepiece. The project is due to begin construction next year and is expected to be finished in seven years.
Shaharul Farez Hassan, Chief Executive Officer of TCB, said the project will be funded by bank loans and debt equity.
Kompleks Antarabangsa is a 21-storey office building while Crowne Plaza is a 35-storey hotel comprising over 500 rooms. On 2 January next year, the hotel will cease operation and will be officially closed for demolition.
Compensation will be given to Crowne Plaza's unionised employees.
"As for Inter Continental Hotels Group (IHG) which manages the hotel, it has a few years left in its contract and we will negotiate with them," said Shaharul Farez Hassan, Group Chief Executive Officer of TCB.
A report said that TCB will solely redevelop the 2.8ha land and not through a joint venture.
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