Labuan’s ‘Billion Pavillion’ for sale again
Published on: Monday, January 06, 2020
By: Sohan Das
LABUAN: The “Billion Pavillion Resort” is on sale again for the third time after earlier calls secured no successful buyers.
The sale notice by bank-appointed receiver and manager of the property appeared last week in a business tabloid described the hotel as 4-star 94-room facility spread on 4.045 hectares with 2.03 hectares undeveloped, there was no mention of reserve price in the notice.
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The hotel with a classy facade was built after four years Labuan became an International and Business and Financial Centre (IOFC) 1990.
The hotel was to support the new status of the island and provide good-class accomodation to industry players. In the earlier years it did good business.
The hotel commands panoramic view of the harbour and has full-sized swimming pool with a number of meeting/conference rooms, halls and a sun-set bar.
The first owner of the hotel Labuan Marina Centre Sdn Bhd, a subsidiary CYM Capital headed by Datuk Chua Man Yu.
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The property was purchased by local businessman Dato Seri Peter Kong several years ago at a price of RM78 million.
Its occupancy rate was good as the oil and gas industry was at its peak but later become casualty of the increasingly depressed local economy due to the contract of the oil and gas activities.
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The last notice of sale was in 2018.
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