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LASSETERS International Holdings Limited has, through two wholly owned subsidiaries, entered into a joint venture with Bursa-listed Paramount Corporation Berhad (PCB) to jointly develop, own and operate a hotel in Glenmarie, Shah Alam, Malaysia.
With an estimated project cost of RM55 million (S$18.5 million), the proposed hotel is part of a planned 21.7-acre metropolis, the Paramount Utropolis, which integrates commercial, retail and residential elements. Paramount Utropolis consists of several components including serviced apartments, retail, Soho and the KDU University College.
The agreement was inked on Thursday, with Lasseters' subsidiaries collectively holding 55 per cent interest in the joint venture and PCB holding the remaining 45 per cent. The joint venture parties will collaborate with an international hotel operator to operate the hotel.
Lasseters said that this joint venture is in line with its core business, leveraging its experience in hospitality.
"The Board believes that the proposed hotel will create value for the group and synergise with the group's other businesses," it added.
"It is also an excellent opportunity for the group to expand its hotel business beyond Australia, into Malaysia, which is in line with our objective of delivering long term growth and enhancing our future revenue and earnings stream."