Singapore hotelier Ong Beng Seng plans to build a RM999 million Four Seasons hotel and apartment complex in Kuala Lumpur in a joint venture with a Malaysian sultan, officials said.

Malaysian company Venus Assets, owned by Ong, is applying for permission to build the luxury development on a 2.6-acre (1.04 hectare) plot next to the Petronas Twin Towers, the world's second tallest building, said executive director SA Raju.

Ong and his business associates will hold a 65 percent stake in the project, while Sultan Sharafuddin Idris Shah of central Selangor state, which surrounds Kuala Lumpur, will own 15 to 20 percent, Raju told AFP .

Although they have yet to set prices, the units will cost in "in excess of RM1,000 per square foot" he said, predicting strong demand due to the project's prime location.

"The Four Seasons is a six-star hotel, it's a different brand altogether. It will definitely be a who's who of Malaysia and the world wanting to book our units," he said.

The luxury development will be 70-storeys tall, with two units per floor, and include features such as private lift lobbies for every unit, his and hers bathrooms, views of the Twin Towers park and tight security, he said.

Land bought for RM90m

The Four Seasons centre will have a total built-up area of 2.35 million square feet, with a retail portion of approximately 750,000 square feet, half the size of the sprawling shopping centre attached to the Twin Towers, he said.

Raju said Venus Assets bought the land in 2003 for RM90 million, or RM785 per square foot.

The project would be the sixth Four Seasons property for Ong, who controls Singapore-listed Hotel Properties Ltd. The other five are in London, Maldives, Singapore and two in Bali.

Ong is also currently building a Hard Rock hotel at Port Dickson beach in Malaysia's southern Negri Sembilan, the third which he owns after Bali and Pattaya in Thailand. He owns all the Hard Rock Cafes in the Far East.

Malaysia's capital is currently experiencing its first property boom since the 1997 financial crisis, with prices skyrocketing and rich buyers lured by the prospects of city living and substantial capital gains.

In the past two years the price of top condominiums has doubled to more than RM1,000 per square foot, and even studios now start at RM500,000 - more than enough to buy a four-bedroom family house in the suburbs.