OPPORTUNITIES IN A VERSATILE MARKET

The five-star boutique hotel is housed in M101 Bukit Bintang, a mixed development with a gross development value (GDV) of RM365 million on Jalan Baba.

Yap said the hotel occupies 14 floors and each features one of 14 different countries and their famous wonders.

“It is like walking down memory lane in Mr Monopoly’s shoes,” said Yap, adding that the company is waiting for the issuance of the Certificate of Completion and Compliance (CCC).

He said the hotel reflects the home of Mr Monopoly, the iconic self-made businessman who loves to travel and explore the various anatomy of life.

“Thus, this hotel is designed for guests to experience the fabulous life and style of Mr Monopoly.”

The hotel features a design concept inspired by “The Great Gatsby” and the magnificent Roaring 1920s.

Monopoly Mansion has 310 illustrious rooms, a rooftop pool and sky lounge with stunning views of the Kuala Lumpur city.

Yap said the average room rate would start from RM300 a night and the hotel would target corporates and families.

Monopoly Mansion will be managed by Sirocco Hospitality Group, the hospitality arm of M101.

Sirocco Hospitality Group will also be managing Planet Hollywood Hotel upon completion of M101 SkyWheel, M101’s third and flagship development designed by Studio F.A. Porsche.

The first project to be completed by the company is M101 Dang Wangi, a freehold commercial, retail and serviced suites development on Jalan Kamunting.

The project has been fully sold and generated RM130 million in GDV for the company.

It is currently operating as Red by Sirocco.

On the property market outlook this year, Yap thinks it will continue to be challenging given the worries over slowing economic growth stemming from domestic and external factors as well as the persistent overhang of residential properties priced from RM1 million.

“(However) there is opportunity in a soft market. When you have the right product, in the right location and with the right brand and partners, the current soft market shouldn’t deter your plan to grow. It is how you manage the situation.”

M101 is building an integrated metropolitan and this means centralising various city conveniences, which it plans to achieve via destination retail.

The method combines properties, such as hotels, commercial units, retail outlets, entertainment features, parks and food and beverage offerings, to promote consumers’ prolonged interaction with each feature, diversifying consumption and increasing consumer spend.

Yap believes that by highlighting Kuala Lumpur’s vibrancy through its local distinctiveness combined with modern architectures, retail attractions, and commercial potential, the city will become a magnet for travellers and investors.

“We are promoting Malaysia as an international tourist destination and championing property tourism,” he said.