E&O Residences Kuala Lumpur (EOR KL) (pictured) will cease operations from next month, reported the New Straits Times yesterday.
“With the cessation of operations on Sept 18, our priority is to ensure all our staff are supported and given appropriate notice in accordance with their employment contract,” a company spokesman told the daily.
The report also stated that up to 50 employees are “expected to be impacted by this move” while “those who are eligible have been offered a voluntary separation package”.
“Over the past several years, EOR KL’s viability as a business has been challenged by global economic uncertainties dampening demand while faced with intense competition from increasing supply of new serviced apartments in the capital, and unforeseen market disruptors in the form of online direct accommodation platforms.
“Most recently, the Covid-19 pandemic dealt the final blow to EOR KL’s already struggling business,” the company spokesman added.
EOR KL belongs to property developer Eastern & Oriental Bhd (E&O) within the hospitality division.
The EOR KL is located along Jalan Tengah and opened eight years ago. It has 200 serviced apartment suites.
In 2018, E&O sold the Lone Pine Hotel in Penang.
Source: EdgeProp.my
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