KUALA LUMPUR: Selangor Dredging Bhd
's wholly-owned subsidiary SDP Properties Sdn Bhd has inked a 10-year lease with Kin Hotel KL City Centre Sdn Bhd for Hotel Maya Kuala Lumpur on Jalan Ampang, KL.
It said in a bourse filing the lease shall commence on July 1, 2026, and expire in 10 years, unless Kin Hotel exercises the option to renew the lease for two further terms of five years each.
The first three months of the lease shall be rent-free, following which the monthly base rent for the property shall be RM750,000 for the first five years of the lease. Subsequently, the rent will increase to RM780,000 for the remaining five years of the lease.
Should Kin Hotel opt to renew the lease, rental will be set at RM830,000 for the first five-year extension, and RM880,000 for the subsequent five years.
According to the terms of the lease, Kin Hotel is required to undertake renovation, upgrading and repositioning works to the property with a minimum capital expenditure of US$3mil within the first three years of the lease.
"The works are expected to include, among others, guest rooms, lobby and arrival experience, selected public areas, back-of-house areas, mechanical and electrical enhancements, branding and related works," said the filing.
