Hotel Grand Central on Friday said it has awarded a $101.38 million contract to Sato Kogyo (S) for the redevelopment of an existing hotel at 22 Cavenagh Road.
The contract is for the demolition of the ageing hotel, piling work and construction of two new 10-storey hotels, which will house about 750 rooms collectively.
Work on the property is likely to commence in the third quarter this year and will take about two and a half years to complete.
Hotel Grand Central said the total cost of the redevelopment will cost around $130 million. This will be financed via bank borrowings and internal funds.
The contract is for the demolition of the ageing hotel, piling work and construction of two new 10-storey hotels, which will house about 750 rooms collectively.
Work on the property is likely to commence in the third quarter this year and will take about two and a half years to complete.
Hotel Grand Central said the total cost of the redevelopment will cost around $130 million. This will be financed via bank borrowings and internal funds.