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Malaysian Reserve
5 days ago
- Entertainment
- Malaysian Reserve
The RM1.7b revival of Hotel Provençal
French Riviera Hotel that hosted Charlie Chaplin and Ernest Hemingway reborned as luxury homes, attracting rich Americans by SARAH RAPPAPORT THE French Riviera needs little introduction. It's long been beloved as a vacation destination, with the jet-set flocking to the Cannes film festival in May, partying at the beach clubs of St Tropez and staying in storied resorts like Hotel du Cap-Eden-Roc. But on some parts of the coast, the glamour has faded. Take the striking white art deco Hôtel Provençal on the western end of Cap d'Antibes, built for American railway heir Frank Jay Gould, which opened its doors in 1927. It had drawn names like Charlie Chaplin, Ernest Hemingway and Pablo Picasso as guests before closing for good in 1977 and sitting vacant ever since. Billionaire British mobile phone mogul John Caudwell, a frequent visitor to the area, said he'd often pass the empty building on his cycle route and admire it. 'I had seen the Hotel Provençal be derelict for decades, and I used to think that it's a magnificent property,' said Caudwell, speaking exclusively to Bloomberg. 'It dominates the entrance to Cap D'Antibes, and I could just see that the building could be really beautiful.' A little more than a decade ago, Caudwell decided to ring a number on the board outside the hotel and make an offer. Caudwell finalised the purchase in 2014. He said he spent about £300 million (RM1.74 billion) to buy the building and renovate it. 'I didn't want to make it a hotel again. I wasn't a hotelier,' he said. 'But I knew I could make beautiful residences.' So he turned the 290-room hotel into a 41-unit luxury residence renamed Le Provençal, with a furnished four-bedroom apartment listed for €9.75 million (RM48.46 million) and a penthouse for sale for €40 million. Turning an art deco hotel into luxury apartments took the better part of a decade, and the building's doors will reopen in July for the first residents to move in. The common areas of the building feature an Ottoman-style domed gold-leaf ceiling, an art deco-inspired cinema for residents and a 2,155 sq ft health spa with a sauna, vitality pool and cold plunge. Outside are six acres (2.43ha) of landscaped gardens with a 98ft long showpiece swimming pool. Caudwell enlisted Richard Martinet of Parisian architecture and design studio Affine Design, known for his work on the Hôtel de Crillon, to work on the renovation. 'It's always a bit crass to say no expenses were spared, because that could indicate that you're just being blingy for the sake of it, but we have certainly not cut any costs at all,' Caudwell said. 'If something was needed for the quality of the building, we have invested in that. The goal is to make it the best on the coastline.' He said that the renovation took time because he wanted everything to be perfect, and that the project was a labour of love for him. Caudwell says the renovation took time because he wanted everything to be perfect and the project was a labour of love There will still be a hotel connection in Le Provençal's second life, however. A partnership agreement with the neighbouring Hôtel Belles Rives, will give Le Provencal residents access to its amenities, including concierge service, the private beach club and the Michelin-starred restaurant La Passagère. Caudwell said these kinds of services and perks are what the buyers of ultra-luxurious residences want now. 'It's a real chic hotel with its own beach and jetty,' he said. 'And it's just across the road, so the partnership is a perfect fit for us.' Rooms at Hôtel Belles Rives start at about €600 a night in June. Around 25% of the apartments in the building have sold so far, Caudwell said. Experts said there's not much like it in the area, which is dominated by villas and single-family homes in the luxury space. 'Demand for new build is huge, because there is hardly anything on the market,' said Savills French Riviera and French Alps ED Alex Balkin, adding that clients will certainly be drawn to a renovated historic art deco building with all new interiors. As to who is buying, Caudwell said it's been a mix of Brits and Europeans, though he's also seen strong interest coming from the US. That makes sense, according to Balkin, who said a lot of the demand at the top end on the French Riviera is coming from Americans, who've had a love affair with the region for a long time. Hôtel Provençal was originally built for an American millionaire after all. Balkin added that demand at the top end has increased significantly since US President Donald Trump returned to office. 'There's always been a real love story between Americans and the South of France,' said Balkin. 'But we've seen much more demand this year than last year or the year before. We've seen a real pickup since the election.' Other brokers have noticed the same trend. 'The Cote d'Azur is really coming back, especially in the high end, because we have seen many more American buyers flooding back into the market,' said Sotheby's International Realty France-Monaco chairman and CEO Alexander Kraft. 'There's a lot of movement, especially between US$10 and US$50 million (RM218.5 million) [properties].' Americans have really come back to the market in force, Kraft said, and not just from one end of the political spectrum. 'They have been of either political persuasion, either trying to get away from Trump or Trump supporters who are optimistic about the future and want to place their money into real estate.' 'The South of France is the number one destination worldwide for second homes,' he added, 'and seen as a safe place for wealth.' — BLOOMBERG This article first appeared in The Malaysian Reserve weekly print edition
New Straits Times
29-04-2025
- Business
- New Straits Times
Bursa Malaysia ends lower on profit-taking
KUALA LUMPUR: Bursa Malaysia closed lower today due to profit- taking following several days of uptrend, amid the mostly upbeat regional market performance. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 6.03 points to 1,515.56 from yesterday's close of 1,521.59. The benchmark index opened 0.61 of-a-point lower at 1,520.98 and climbed to its intraday high of 1,524.50 during the mid-morning session and thereafter trended downwards to hit an intraday low of 1,515.56 at closing. Market breadth was negative with decliners thumping gainers 506 to 405, while 450 counters were unchanged, 1,079 untraded, and 117 suspended. Turnover improved to 3.04 billion units valued at RM1.81 billion against yesterday's 2.61 billion units valued at RM1.74 billion. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said today's profit-taking is a healthy correction, allowing the market to consolidate its recent rally and build a stronger foundation for a more sustainable uptrend. However, he said the key regional indices' performance was mostly upbeat in tandem with the broadly positive tone from Wall Street, as investors anticipate a data-heavy week and earnings releases that may shed light on the impact of US President Donald Trump's trade policies. "Attention is turning to the Bank of Japan's upcoming policy meeting on Wednesday, with the central bank widely anticipated to maintain current interest rates on May 1 amid persistent global uncertainties and strong inflation readings," he told Bernama. Meanwhile, UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Mohd Sedek Jantan viewed the market's retreat today as a healthy consolidation phase rather than a signal of deteriorating sentiment, particularly in light of the still-constructive market backdrop. "Profit-taking emerged in export-oriented stocks following strong performance in recent sessions -- a natural recalibration as investors locked in gains. "Conversely, consumer-focused counters (consumer and telecommunications) displayed resilience, staging a modest rebound after prior softness, suggesting early signs of sector rotation and portfolio realignment amid shifting economic signals," he said. Among the heavyweights, Maybank shed four sen to RM9.95, Public Bank and IHH Healthcare slid two sen each to RM4.43 and RM6.87, while Tenaga Nasional gained four sen to RM13.64, and CIMB rose three sen to RM7.02. As for the actives, NexG gave up three sen to 34 sen, ACE debutant WTEC Group slipped 1.5 sen to 23.5 sen, Notion VTec declined 2.5 sen to 67 sen, while Tanco was unchanged at 88 sen, and Chemlite Innovation increased two sen to 23 sen.
New Straits Times
28-04-2025
- Business
- New Straits Times
FBM KLCI extends gains on Wall Street boost, healthcare stocks lead
KUALA LUMPUR: Bursa Malaysia extended its gains for the fourth consecutive session, buoyed by a positive carry-over from Wall Street's strong close last Friday, despite mixed performance across regional markets. At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) climbed 12.39 points or 0.82 per cent to 1,521.59 from Friday's close of 1,509.20. The benchmark index had opened 2.63 point better at 1,511.83. Market breadth was positive, with 519 gainers outnumbering 420 decliners while 436 counters were unchanged, 1,034 untraded and 60 suspended. Turnover stood at 2.6 billion worth RM1.74 billion. Malacca Securities Sdn Bhd noted that growing expectations of a potential de-escalation in the trade war, fuelled by US President Donald Trump's less confrontational stance toward China, have boosted overall sentiment on the local front. The firm said this comes after the market reclaimed the 1,500 psychological level last Friday. "The rebound extended today, continuing to lift the local bourse by nearly 3.0 per cent from its low on April 22. "Glove stocks led the gains in the healthcare sector as Malaysia's recent ban on the export of non-locally made rubber gloves is expected to benefit local glove manufacturers, while plantation stocks traded marginally lower," the firm added. The Bursa Malaysia Healthcare Index surged by 23.70 points or 1.27 percent, driven by gains in Hartalega Holdings Bhd. The stock rose by six sen or 2.79 per cent to close at RM2.21, bringing the company's market value to RM7.58 billion.
Yahoo
25-03-2025
- Business
- Yahoo
What Does United U-LI Corporation Berhad's (KLSE:ULICORP) Share Price Indicate?
While United U-LI Corporation Berhad (KLSE:ULICORP) might not have the largest market cap around , it received a lot of attention from a substantial price movement on the KLSE over the last few months, increasing to RM1.74 at one point, and dropping to the lows of RM1.42. Some share price movements can give investors a better opportunity to enter into the stock, and potentially buy at a lower price. A question to answer is whether United U-LI Corporation Berhad's current trading price of RM1.54 reflective of the actual value of the small-cap? Or is it currently undervalued, providing us with the opportunity to buy? Let's take a look at United U-LI Corporation Berhad's outlook and value based on the most recent financial data to see if there are any catalysts for a price change. Good news, investors! United U-LI Corporation Berhad is still a bargain right now according to our price multiple model, which compares the company's price-to-earnings ratio to the industry average. In this instance, we've used the price-to-earnings (PE) ratio given that there is not enough information to reliably forecast the stock's cash flows. we find that United U-LI Corporation Berhad's ratio of 9.59x is below its peer average of 18.75x, which indicates the stock is trading at a lower price compared to the Building industry. Although, there may be another chance to buy again in the future. This is because United U-LI Corporation Berhad's beta (a measure of share price volatility) is high, meaning its price movements will be exaggerated relative to the rest of the market. If the market is bearish, the company's shares will likely fall by more than the rest of the market, providing a prime buying opportunity. Check out our latest analysis for United U-LI Corporation Berhad Future outlook is an important aspect when you're looking at buying a stock, especially if you are an investor looking for growth in your portfolio. Buying a great company with a robust outlook at a cheap price is always a good investment, so let's also take a look at the company's future expectations. United U-LI Corporation Berhad's earnings over the next few years are expected to increase by 66%, indicating a highly optimistic future ahead. This should lead to more robust cash flows, feeding into a higher share value. Are you a shareholder? Since ULICORP is currently trading below the industry PE ratio, it may be a great time to increase your holdings in the stock. With an optimistic profit outlook on the horizon, it seems like this growth has not yet been fully factored into the share price. However, there are also other factors such as financial health to consider, which could explain the current price multiple. Are you a potential investor? If you've been keeping an eye on ULICORP for a while, now might be the time to enter the stock. Its buoyant future profit outlook isn't fully reflected in the current share price yet, which means it's not too late to buy ULICORP. But before you make any investment decisions, consider other factors such as the strength of its balance sheet, in order to make a well-informed investment decision. So if you'd like to dive deeper into this stock, it's crucial to consider any risks it's facing. Every company has risks, and we've spotted 2 warning signs for United U-LI Corporation Berhad you should know about. If you are no longer interested in United U-LI Corporation Berhad, you can use our free platform to see our list of over 50 other stocks with a high growth potential. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Sign in to access your portfolio
