"However, we are adopting a cautious outlook moving into second half of financial year ending June 30, 2016 (FY16) on the back of overall soft business sentiment and intense competition across all sectors that we are operating in coupled with the planned closure of Pyramid Tower East,” Sunway REIT Management Sdn Bhd CEO Datuk Jeffrey Ng said.
“We continue to identify AEIs opportunities for our existing assets in order to compete competitively with the upcoming supply in the market. We are taking this opportunity to embark on refurbishment for Pyramid Tower East (formerly known as Pyramid Tower Hotel) in second half FY16 with a gradual closure commencing third quarter of FY16 and a full closure by fourth quarter FY16.
"The refurbishment is expected to be approximately 12 months,” he added.
Already a subscriber? Log in
The Star Festive Promo: Get 35% OFF Digital Access
Cancel anytime. Ad-free. Unlimited access with perks.
