KUALA LUMPUR, Dec 21 — KSK Group Bhd’s wholly-owned unit, KSK Land Sdn Bhd has secured a RM650 million syndicated facility from Malayan Banking Bhd (Maybank) and Bank Pembangunan Malaysia Bhd for the completion of the 8 Conlay Kempinski Hotel and Residences (Tower C).
The syndicated financing amounts to RM650 million and has a tenure of up to seven years for financing the construction and development costs of the 8 Conlay Kempinski Hotel and Residences.
KSK Group chief executive officer and KSK Land managing director Joanne Kua said the company was positive on the outlook of the hospitality industry post COVID-19, where long lasting brand prestige and value of luxury hotels such as Kempinski would still prevail among discerning travellers.
She added that travel and tourism would see a recovery and rebound when the 8 Conlay Kempinski Hotel and Residences is completed in 2023.
“KSK Land is a strong company and has the financial backing required to be sustainable well into the future. Leveraging this strength will allow us to attract high-net worth individuals looking to participate in branded property asset class,” Kua said in a statement today.
Maybank Investment Bank Bhd acted as the mandated lead arranger and book runner, as well as the security agent for the RM650 million syndicated financing term facility for the company.
Tower C of 8 Conlay Kempinski Hotel and Residences is part of the 8 Conlay integrated luxury development.
To date, KSK Land has achieved more than 80 per cent and 40 per cent take-up rate, respectively for Tower A and Tower B of YOO8, the branded serviced residences serviced by Kempinski.
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.