Vol. XXII, No. 111 [ BusinessWorld Online ]
Wednesday, January 7, 2009 | MANILA, PHILIPPINES
AYALA LAND, Inc. and Dubai-based Kingdom Hotel Investments (KHI) has hired Consunji-led DMCI Holdings, Inc. to build a high-end condominium and hotel in Makati City.
DMCI told the stock exchange yesterday construction arm D.M. Consunji, Inc. had signed a P4.9-billion deal with Ayala Land and Kingdom Hotel for the construction of Raffles Suites and Residences and the Fairmont Hotel for two and a half years.
Ayala Land and Kingdom Hotel earlier announced their plan to co-develop a 7,377-square meter property in Makati City. The $153-million project is expected to kick off the redevelopment of the area.
The venture will include the development of a 300-room Fairmont Hotel, a 30-suite Raffles Hotel and 189 Raffles-branded private residences.
Last year, the Dubai-based company said it had started selling 220 Raffles Residences, which will occupy the top 20 storeys of the Raffles Hotel, now under construction in Makati City.
The high-rise development is the third Raffles residential project of Kingdom Hotel, following the Raffles resort and residential developments in Seychelles and Vietnam.
The one- to three-bedroom residences will have a starting price of about $200,000, while its penthouse apartments will be sold for at least $1.5 million.
Kingdom Hotel focuses on high-growth emerg ing markets like the Middle East, Asia and Africa. It has a stake in 29 properties in 20 countries, including 22 operating hotels and resorts and seven hotels and resorts under construction. — Kristine Jane R. Liu