GOLDEN Horses Development Bhd, a private company owned by Tan Sri Lee Kim Yew, is constructing Palace Residential Suite at the Mines Resort City in Seri Kembangan, Selangor, for RM600 million.
The Palace Residential will offer 430 exquisite suites, adjacent to Palace of the Golden Horses, a five-star hotel with 480 rooms.
Lee told Business Times in an interview recently that Palace Residential will have a seven-star rating and its facilities and services will be on par with international standards.
He said Golden Horses will retain some of the suites for recurring income. It plans to rent each suite for more than RM800 a night.
“We will sell more than half of the suites to locals and foreigners. We have not open them for sale yet. We are looking at an average price range of RM1.5 million for each suite. We expect some buyers to lease back their units to us,” said Lee.
Palace Residential will also cater to MICE (meetings, incentives, convention and exhibition) as it will have a 3,000 seating capacity ballroom, which will be one of largest in Malaysia.
The biggest currently is Mines Exhibition and Convention Centre, which has space for 6,000 people.
“We have started construction on the building. It will take two-and-a-half years to complete. We are on target and confident to sell,” Lee said.
“People believe in our projects. They know the price of our properties will appreciate as they are mostly located near a golf course,” he said.
The Mines Resort City, the country’s first resort development, is a project initiated by Country Heights Holdings Bhd (CHHB), in which, Lee holds 48.1 per cent stake.
The Mines Resort City comprises the Mines Resort & Golf Club, Palace of the Golden Horses, Mines Shopping Fair (now owned by CapitaLand), Mines Wellness Hotel, the only beach hotel in Kuala Lumpur, Mines Waterfront Business Park, Mines Exhibition & Convention Centre and Mines Wonderland.