KUALA LUMPUR: Tune Plato Ventures Sdn Bhd, a joint venture between Tune Group and ECM Libra Financial Group Bhd, has acquired a 50 per cent stake in SubHome Management Sdn Bhd, a residential partnership platform.
SubHome manages and markets residential rental portfolios and offers a complete hotel service for travelers and business travelers looking for alternative accommodation.
Tune Group Co-founder Tan Sri Tony Fernandes said SubHome provided the opportunity for guests to stay in the same accommodation as hotel suite at attractive prices.
"Tune Hotel and SubHome share great synergies and we will continue to offer our guests the best and more comfortable accommodation because SubHome has a team that can provide support and operational control through systems, processes and expertise at Tune Hotel.
"Tune will continue to invest in attractive business and have great potential in our portfolio," he told a press conference here yesterday.
Also present was SubHome chief executive officer Sandeep S Grewal.
Meanwhile, Sandeep said SubHome business model is interesting as it offered solutions to developers who have existing or unsold inventories, to turn them into revenue generators.
He said SubHomes is targeting 3,000 units and plans to explore markets outside Malaysia by the end of next year, especially Bangkok and Chiang Mai, Thailand.
"SubHome works with property developers in Malaysia and throughout the region to provide the same hospitality solutions as Gamuda at The Robertson Bukit Bintang.
"This provides immediate-scale SubHome while reducing developers' concerns over excess inventory," he said.
SubHome currently operates about 417 accommodation units and in the near future, plans to expand to Selangor, Penang and Kota Kinabalu.