KUALA LUMPUR: Property developer UEM Sunrise Bhd
may consider expanding into the hospitality business if it provides viable opportunities.
However, for now, the company will focus on its core business of property development, said managing director and chief executive officer Anwar Syahrin Abdul Ajib.
“It will be on a case-to-case basis,” he said at the opening of its first hospitality service offering, Hyatt House Kuala Lumpur (HHKL) today.
“HHKL is our first hospitality service offering and we will see how this one goes,” Anwar added.
Located in Mont’Kiara, HHKL is part of UEM Sunrise’s Arcoris Mont’Kiara development which has a gross development value of RM1.2bil.
HHKL has 298 guestrooms, comprising 450 sq ft studios as well as one- and two-bedroom suites of 480 and 750 sq ft, respectively.
The published rate for the studio is RM400 per night, while the suites range from RM450 to RM550 per night.
The rates however fluctuate on a day-to-day basis, depending on the number of nights the guests stay.
UEM Sunrise’s net profit for its third quarter ended Sept 30, 2018 plunged 85% to RM21.17mil compared with RM142.85mil in the previous corresponding period, owing to fewer land sales.
Revenue in the third quarter dropped to RM431mil versus RM846mil a year earlier.