Raffles Residences Commence Pre-construction Sales

Vatics Real Estate Network — Sat, 05 Jul 2008 03:02:00 GMT

MANILA - June 10, 2008 - Kingdom Hotel Investments (KHI), announces the commencement of sales for a limited release of the 220 Raffles Residences that will occupy the top 20 stories of the Raffles Hotel which is currently under construction. The design of the stunning new high rise, which was unveiled at a press conference in Manila on June 5, will be on the corner of Makati Avenue and Arnaiz Avenue (formerly Pasay Road) in the heart of the Makati Business District. Raffles Manila is the third Raffles residential project to be developed by Kingdom Hotel Investments, with the announcement coming just after the May 2008 announcements of Raffles resort and residential developments in Seychelles and Vietnam.

Owners will have access to a private owners lounge in the building and will additionally have full access to all the hotel amenities including the Long Bar and the Mediterranean and Japanese restaurants which will be located on site. The masterplan development will also include an extensive spa on-site.

One, two and three bedroom residences will be offered with prices ranging from approximately US$225,000 - US$1 Million. The building will include two floors of Raffles spectacular penthouse apartments ranging in price from US$1 Million to US$2 Million.

Residents will enjoy enticing vistas of the Makati skyline, Manila Bay and the Laguna Bay as well as the country's tallest skyscrapers featuring business, shopping, entertainment and recreation facilities.

Sarmad Zok, Chief Executive Officer of Kingdom Hotel Investments, said: "Raffles Manila is a perfect example of our ability to create spectacular lodging and residential ownership opportunities in high growth markets which can support an enhanced level luxury. Complemented by the legendary service of Raffles, our distinctive building by architectural firm, Arquitectonica and sleek interiors by Bent Severin will make Raffles Manila's premier address."

The complex is expected to be completed by late 2010.

About Kingdom Hotel Investments

KHI, headquartered in Dubai (UAE), is the leading publicly listed hospitality real estate investment company focused on high growth emerging markets such as the Middle East, Asia, Africa and Europe.

The company has ownership interests in 34 properties in 21 countries including 23 operating hotels and resorts and 11 hotels and resorts currently under construction or in the initial stages of development.

KHI is also an accomplished developer of branded residential projects, creating world class residences and private home ownership opportunities. The company is investing US$1.3 Billion in its projects, many of which will included branded residences.

KHI is listed on the Dubai International Financial Exchange (DIFX) and London Stock Exchange (LSE).

About Raffles Hotels and Resorts

Raffles Hotels & Resorts, a strategic partner of Kingdom Hotel Investments, is a collection of award-winning, landmark hotels that are distinguished by their signature residential charm. Each is located in destinations of extraordinary appeal. Raffles Hotels & Resorts currently operates eight hotels across Asia, Europe and the Americas and has 13 properties under development.

Raffles' relentless pursuit of service excellence has earned for its hotels and resorts a legion of internationa accolades, including Conde Nast "World's Best Places to Stay" and "Travel & Leisure World's Best Awards." Its flagship Raffles Hotel Singapore was voted Best Hotel in Asia in 2007 and 2008 by readers of Ultratravel magazine by The Daily while Raffles Beijing Hotel was named Best New City Hotel by Andrew Harper's Hideaway Report in 2006. Raffles Dubai, the latest addition to its portfolio, is recognized among the world's best new hotels by Conde Nast Traveler's 2008 Hot List, and was named Best New Hotel Development in the Middle East at the 2008 Arabian Hotel Investment Conference. Raffles Hotels & Resorts is consistently ranked among the world's top 10 hotel brands in the annual Conde Nast Traveler Business Travel Awards.

To learn more about Raffles Manila project, click here.