RUMOURS

We keep an ear out for upcoming developments from our verified sources.

These rumours are only indications of intent from developers and therefore subject to change.

OASIA HOTEL SUITES KUALA LUMPUR (Redevelopment of Plaza Atrium)

Oasia 2

Far East Orchard Ltd's existing 23-storey commercial building, Plaza Atrium, on Lorong P Ramlee, is currently being redeveloped into serviced residences, with a new 34-storey tower wing.Initially, ...

Far East Orchard Ltd's existing 23-storey commercial building, Plaza Atrium, on Lorong P Ramlee, is currently being redeveloped into serviced residences, with a new 34-storey tower wing.Initially, the redeveloped office building was to have a total of 163 serviced residence units 109 units in the original building, with 54 units in the extension.But the new development is now a 247-room four-star hotel suites.The Oasia Hotel Suites Kuala Lumpur is expected to open by April 2016, targeting the middle-class traveler market on short and long-term stays. It is surrounded by other 4 and 5-star hotels, such as Shangri-La, Pacific Regency Hotel Suites, and Concorde Hotel.Plaza Atrium was designed by Datuk Ken Yeang and completed in 1984. Redevelopment plans dated back to 2005 but were put on hold in December 2006 due to the Cabinet's directive to DBKL to freeze new service apartment projects in Kuala Lumpur. This was to allow amendments to the Housing Development Act to cover service apartments built on commercial land.The current redevelopment of Plaza Atrium is undertaken by Pinehigh Development, a property investment arm of Orchard Parade Holdings Ltd, based in Singapore. It is seen as a timely move, especially with increasing oversupply in the Kuala Lumpur office market. Other cases of old office buildings that have been converted into hotels include the Wolo Bukit Bintang (formerly Wisma KLIH), Piccolo Hotel (formerly Wisma Peladang), and the upcoming Holiday Inn Express (formerly Menara ING). For regular updates on the property market, follow PropertyPricetag.com on Facebook.