Ministry: Sale of Royale Chulan Bukit Bintang hotel not yet finalised

The Office of the Defence Minister today clarified that the sale of Royale Chulan Bukit Bintang Hotel by Boustead Holdings Bhd has yet to be finalised. — Picture courtesy of royalechulan.com
The Office of the Defence Minister today clarified that the sale of Royale Chulan Bukit Bintang Hotel by Boustead Holdings Bhd has yet to be finalised. — Picture courtesy of royalechulan.com

KUALA LUMPUR, Feb 27 — The Office of the Defence Minister today clarified that the sale of Royale Chulan Bukit Bintang Hotel by Boustead Holdings Bhd, a subsidiary of the Lembaga Tabung Angkatan Tentera (LTAT) or the Armed Forces Fund Board, has yet to be finalised.

In a statement issued today, spokesman of the Office of the Defence Minister said the assessment was still being carried out due to its strategic location at one of the major tourist and hotel zones in Kuala Lumpur city centre.

It was reported by the media recently that Boustead Holdings Bhd was ready to sell its strategic asset, Royale Chulan Bukit Bintang Hotel at RM197 million after receiving an offer from a Singapore-based firm, Hotel Royal Limited.

“The Office of the Defence Ministry would like to clarify that the sale process of Hotel Royale Chulan Bukit Bintang has yet to be finalised,” he said in the statement.

He also said the best offers from interested buyers were also being considered and priorities would be given to local companies. — Bernama