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Monday, October 4, 2010

Pulai Springs sees higher property project returns

Pulai Springs Bhd, a hotel group and property developer, expects equal revenue contributions from the two divisions within the next two to three years.

Currently, up to 70 per cent of the company's revenue comes from the hospitality division - its five-star Pulai Springs Resorts and the four-star The Pulai Desaru Beach Resort in Johor.

Revenue from property development activities will be significant as the company launches more property projects within the resort as well as in Muar, Johor.

In the financial year ended December 31 2009, property development contributed RM5.8 million in revenue while the hotel and resort division raked RM56.1 million.
Executive director Nick Mah Siew Chean said that Pulai Springs plans to launch some niche developments within 3.2ha of land available for development within Pulai Springs Resorts.

The resort covers 151.88ha of which 89ha are taken up by two 18-hole golf courses.

A feasibility study is being conducted to decide if it should build semi-detached homes, bungalows, or high-end condominiums, Mah told Business Times in a recent interview.

All these units are likely to be launched at the end of 2011.

In Muar, it has 12.2ha of land for mixed development. This is the first gated community in Muar. The first phase of development, Maharani Ayu, had a gross development value (GDV) of RM30 million.

The second phase, with a GDV of RM40 million, is in the planning stage and may be launched in early 2011. It will include semi-detached and terrace houses.

The group also has some 3ha of land in Desaru, on which a preliminary study is being conducted.

When asked about development plans outside Johor, Mah said it is looking for land in the Klang Valley.

By Business Times

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