PETALING JAYA: KSK Group Bhd’s wholly owned subsidiary KSK Land Sdn Bhd has obtained a RM650 million syndicated facility from Malayan Banking Bhd (Maybank) and Bank Pembangunan Malaysia Bhd to complete the 8 Conlay Kempinski Hotel and Residences (Tower C) portion of the integrated development.
It revealed that the syndicated financing entails the construction and development cost with a tenure of up to seven years.
The group’s CEO and KSK Land’s managing director, Joanne Kua, foresees a positive outlook for the hospitality industry post Covid-19.
“Travel and tourism will see a recovery and rebound by then when the 8 Conlay Kempinski Hotel and Residences completes in 2023,” she said in a press release.
Kempinski Hotels’ COO Asia, Michael Hennsler, said the European hotel group is honoured to introduce the brand into Malaysia via the 8 Conlay Kempinski Hotel and Residences with its partner, KSK Group.
To date, KSK Land has achieved take-up rates of more than 80% and 40% for Tower A and Tower B of YOO8 residences, respectively.
Upon completion, 8 Conlay will own the world’s tallest twisted twin residential towers with a total of 1,062 units, including a water-lounge on the 26th floor and a multi-tier green refuge on its 44th floor.
Maybank Investment Bank Bhd acted as the mandated lead arranger and book runner as well as the security agent for the facility.
8 Conlay Kempinski Hotel and Residences taking shape. – 8 Conlay website pix
