Eastern & Oriental broaden their horizons in Kuala Lumpur

EO have launched their first serviced apartments in Kuala Lumpur

According to The Sun Daily, Malaysian property developer Eastern Oriental Bhd (EO) has extended its luxury hospitality brand to encompass the service apartment industry, with the launch of its first services apartments in Kuala Lumpur, in December 2012. The property developer is already well known for its hotel services in Penang.

The newly launched serviced apartments, named "EO Residences Kuala Lumpur" are located within EO's high-end St Mary Residences off Jalan Sultan Ismail, occupying one of three towers.

EO Residences comprises 200 one and two bedroom apartments, stretching across 250,00 sq ft of net lettable area, constructed with an investment of RM350 million (US$115 million).

Deputy managing director of the property development company, Eric Chan Kok Leong, said the serviced apartments are an extension of the group's expertise in hospitality honed from its years of experience in running the heritage Eastern Oriental Hotel and Lone Pine Hotel in Penang.

"The extension into serviced residence management represents yet another vital pillar in the cachet of lifestyle elements that collectively make EO a true luxury lifestyle (property) developer," stated Chan.

Chan also stated that it was still early days for the EO Residences, with its official opening early this year, and declined to disclose the contribution the serviced apartments will make to EO group's complete revenue.

Chan added, "Once established in the market, we expect the EO Residences to generate healthy revenue and boost the overall contribution of our hospitality segment… Notwithstanding this, EO is at its core a lifestyle property developer. Our businesses like the EO Residences showcase how we infuse complementary lifestyle elements and experiences into our portfolio of properties."

With regards to other potential serviced apartment projects, Chan stated that the group will allow for the EO Residences to take off first but he continues to be, "open to future opportunities in this area".

Chan said, "We anticipate that with the unfolding of the Economic Transformation Plan and the Greater Kuala Lumpur initiatives, there will be more opportunities in the city which will in turn attract more business professionals and expatriates to fuel the demand for serviced residences… We anticipate that this discerning crowd will want higher quality and more exclusive accommodation, a niche that the EO's five-star standard serviced residences is well prepared to cater for".

 

Article source: http://www.thethailandlinks.com/2013/01/08/eastern-oriental-broaden-their-horizons-in-kuala-lumpur/