Business

Wednesday April 18, 2007

Accord on Starhill Gallery in Dubai



KUALA LUMPUR: YTL Corp Bhd unit Pintar Projek Sdn Bhd has signed an agreement with ETA Star Property Developers LLC, a United Arab Emirates-based property developer, to launch the Starhill Gallery in the Middle East.

The Starhill Gallery in Dubai will be part of the US$410mil Starhill Towers & Gallery complex being developed by ETA Star. The 1.6 million-sq-ft complex will comprise freehold offices, a five-star hotel and a Starhill Gallery, housed within a twin tower waterfront development in Dubai's Business Bay.

It is the first development for the Starhill brand outside Malaysia. YTL said in a statement that real estate investors around the world, including in London, Shanghai and Moscow, were evaluating similar Starhill properties in their respective cities.

Pintar expects to see positive contribution from the project's RM5.2mil licensing fees, and an annual brand management fee under a 4% gross profit-sharing arrangement for use of the Starhill Gallery brand.

YTL Corp managing director Tan Sri Francis Yeoh said the company was looking forward to more opportunities in the Middle East and North Africa, especially in water, cement, power, retail and property sectors.

Construction of the Starhill Towers & Gallery is set to begin in the third quarter, and is scheduled for completion in the second quarter 2010.


YTL : [Stock Watch] [News]
YTL-A : [Stock Watch]


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