Qatar Holding, Jerantas to Build US$634.46 Million Harrods Hotel in Kuala Lumpur

KUALA LUMPUR, July 3 (Bernama) -- Qatar Holding LLC, which owns the world-class luxury brand Harrods, and property developer Jerantas Sdn Bhd will jointly invest RM2 billion (US$634.46 million) to build a Harrods Hotel here. The 250-300 room hotel, to be located opposite the Pavillion shopping complex in Jalan Bukit Bintang, will be the first such luxury hotel to be built in Asia. Construction will begin a year from now, said Qatar Holding Vice-Chairman Dr Hussain Ali Al-Abdulla at a press conference after signing a Memorandum of Understanding with Jerantas at a ceremony witnessed by Tourism Minister Dr Ng Yen Yen. Qatar Holding will also build Harrods hotels in London and Sardinia, Italy as well, he said, adding the contruction of Harrods in Kuala Lumpur will begin simultaneously with London's. "Qatar Holding will invest more especially in Malaysia's natural resources due to the country's political stability and economic growth expected to average 5 per cent," he added. Meanwhile, Pavilion Reit Management Sdn Bhd director Ooi Ah Heong said the hotel and serviced apartments will be developed on 2.2 ha. of land between Jalan Raja Chual and Jalan Conlay near Malaysia Handicraft Complex, Chulan Square and Seri Melayu Restaurant. "We bought the land at RM1800 (US$571.34) per sq. ft. (RM167 (US$53) per sq. m.) from the government via open tender," he said. Qatar Holding is a wholly-owned subsidiary of Qatar Investment Authority. Its key investments include Agriculture Bank of China, Harrods Group, Hassad Food Company, Iberdola SA, J Sainsbury plc, London Stock Exchange, Lagardere, Porsche, Qatar Exchange, Qatar Telecom, Qatar National Bank, Santander Brasil and Volkswagen AG. Jerantas' main shareholders are PS Trading Sdn Bhd (33.99 per cent) and Gagasan Simfoni Sdn Bhd (65.99 per cent). --BERNAMA