by TMR / pic credit: ANNUAL REPORT
BINTAI Kinden Corporation Berhad is teaming up with International Equities Corporation Ltd to jointly undertake two mixed property development and management projects with healthcare facilities and wellness services in Melaka and Penang at a gross development value of RM470 mil.
In a statement today the company said it has signed a Business Collaboration Agreement with International Equities of Australia-based company.
International Equities is listed on the Australian Securities Exchange.
The Company’s principal activities are tourism, hotel management, real estate sales and management.
Currently, it owns and operates hotels and apartments under the brand and/or trademark of “Seasons”, namely Seasons Botanic Gardens Melbourne, Seasons Heritage Melbourne, Seasons Darling Harbour Sydney and Seasons of Perth.
Pursuant to the agreement, Bintai Kinden and International Equities will set up a management company to undertake the management, marketing activities under the “Seasons” brand name, promotion and operation of the mixed property development and management projects namely “Holistica Melaka” and “Holistica Penang”.
Under this collaboration, Bintai Kinden will take lead in the project to be developed on two parcels of freehold land measuring 5.34 acres in Melaka and Penang.
International Equities, on the other hand, will provide technical consultation, planning, design, development and other services to assist Bintai Kinden to develop and promote the project.
Occupying 4.74 acres of freehold land in Melaka, Holistica Melaka will have an estimated GDV of RM380 million. It is an integrated holistic and wellness themed mixed development project comprising wellness condominium-hotel, wellness residential condominiums, retirement and lifestyle apartments, wellness club as well as a medical specialist centre, which will be operated and managed by a reputable healthcare operator.
Situated at the fringe of Georgetown, Holistica Penang with an estimated GDV of RM90 million, is a lifestyle condotel development project consisting of 21-storey building comprising 98 condotel units, which include studio units and one to three bedrooms with sizes ranging from 484 sq ft to 1,362 sq ft.