THE MAJESTIC HOTEL KUALA LUMPUR


Address/Location : No. 5, Jalan Sultan Hishamuddin, 50000 Kuala Lumpur.
Property description : A 5-star hotel comprising Majestic Wing (original historic hotel building) comprising 2-storey, 4-storey and 5-storey buildings with 47 rooms and 15-storey Tower Wing with 253 rooms and 3 levels of basement car park.
Property type : Hotel
Age : Majestic Wing – Approximately 86 years (refurbished in Year 2012)
Tower Wing – Approximately 5 years
Title details : Geran 23849 Lot 74 Section 59, City and District of Kuala Lumpur, State of Wilayah Persekutuan Kuala Lumpur.
Encumbrances/Limitation in title/ interest : The property is charged to secure financing and there is no restriction attached to the title.
Status of holdings : 90-year registered lease expiring on 11 May 2091 obtained from Pesuruhjaya Tanah Persekutuan. The unexpired lease period is approximately 73 years.
Existing use : Commercial building
Parking spaces : 420 bays
Lessee : YTL Majestic Hotel Sdn. Bhd.
Lease term : The property is leased for a term expiring on 2 November 2032.
Date of acquisition : 3 November 2017
Cost of acquisition : RM384,221,000
Fair value adjustments for the financial year : RM779,000
Market value : RM385,000,000
Date of latest valuation : 30 April 2018
Independent valuer : Savills (Malaysia) Sdn. Bhd.
Net book value : RM385,000,000
Vendor : YTL Majestic Hotel Sdn. Bhd.
Relationship : Wholly-owned subsidiary of a major unitholder