.jpg)
THE Brunei Investment Agency, one of the world's largest sovereign wealth funds with assets of US$30 billion (RM97.2 billion), has finally been given the green light to develop the Grand Hyatt hotel on Jalan Pinang, Kuala Lumpur.Business Times was informed that the proposal, which was submitted in 2005, was approved in late November 2007, after several amendments to its original proposal had been made.Brunei Investment Agency official Suharafadzil Yusof when contacted said the project had been approved.However, he declined to say when work will start or when the project will be ready. Apart from a 40-storey five-star hotel, the building will also house service apartments and offices.The hotel alone may cost about RM360 million, industry executives estimated, if it sticks to a plan to have 450 rooms.There was also no response to Business Times' query from Hyatt International's office in Singapore.Industry experts say that if construction begins immediately, it could take anything between 30 and 36 months to be ready. This means that the hotel may be operational in 2010. Read more
(New Straits Times 15-2-2008)
