Berjaya Land Bhd (BLand), a subsidiary of Berjaya Corp Bhd (BCorp), is scheduled to start the construction of a US$318 million (RM971 million) Four Seasons Hotels and Resorts in Kyoto by March next year.
"This hotel will be our signature and flagship development in Japan, which will be built on a 2ha site in the historical core of Higashiyama District amid the temples and heritage sites of Kyoto," said Sri Vincent Tan Chee Yioun, Founder of BCorp.
Scheduled to be completed in winter 2014, the hotel will be the developer's flagship development in Japan, said Tan. It will comprise 186 rooms built with a mixture of traditional Japanese design and modern luxuries with its interior to be decorated with the traditional Ryokan.
The new hotel is expected to give BLand between five percent and 10 percent return on investment (ROI) per year following its completion.
Four Seasons will manage the hotel which has an estimated building area of 8,106.69 sq m and 34,726.62 sq m total floor area.
"Kyoto is one of the most difficult cities (for hotel development) due to its strict building guidelines and its Unesco World Heritage status. There have been no significant hotel developments in Kyoto in the past few years. It took us over two years to get the permit," said Leong Wy Joon, Executive Director at BLand.
Leong said the development will be funded through bank borrowings and internally generated funds with RHB Bank Bhd as the principal financier for the project.
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