Malaysia Property News is a free resource website sharing Daily Property News & information about Property in Malaysia, which related to, Property Market, Property Investment, Commercial Property , Hot Properties Malaysia, Real Estate, Retail Shop, Business Park, Condominium Malaysia, Terraces & Apartment Malaysia, Houses, Residence, Resort and many more.

Saturday, November 3, 2007

Higher GDV for Indon project of Landmarks

By The Star

KUALA LUMPUR: Landmarks Bhd expects the gross development value (GDV) of its proposed Bintan Treasure Bay project on Bintan Island, Indonesia to exceed its original estimate of RM4.07bil.

According to chief operating officer Lim Boon Soon, the master plan for the development, which was supposed to be announced by year's end, was being fine-tuned to ensure better yields.

“We expect the GDV to be substantially more than RM4.07bil and we will announce this by the first quarter of next year,” he told reporters after the company's EGM yesterday.

In May, Landmarks unit of Primary Gateway Sdn Bhd paid RM350.5mil for a 64.5% stake in Bintan Treasure Bay Pte Ltd (BTB). BTB is an investment holding company that owns 338ha of leasehold land via indirect subsidiary, PT Pelangi Bintan Indah.

Lim Boon Soon

The company subsequently increased its stake in BTB to 74%, paying RM53.3mil for the additional stake.

“We would like to increase the shareholding in BTB if minority shareholders are interested in selling,” Lim said.

The project, which should be fully developed in eight years, will comprise about 13 lots of estate island villas, 745 luxury island and deluxe villas with berthing facilities, 1,700 marina and hillside condominium units, 220 commercial shoplots, four hotels and one six-star resort and wellness centre.

“We are looking to increase the number of condominium units and the size of saleable land, which may be sold in parcels,” Lim said.

In a move to free its resources and fully focus on its core operations, Landmarks – which has been divesting its core assets like Sungei Wang Plaza and its 26.6% stake in hotel operator Shangri-La Hotels (Malaysia) Bhd – intends to keep its fully-owned Andaman Resort in Langkawi.

“Given the right price, we would dispose of our 20% stake in Tenaga Perlis Consortium Sdn Bhd, which operates a 650-MW power plant in Perlis,” he said.

Asked for an update on the speculated casino development in Bintan, Lim said the company was just studying the possibility of obtaining a licence from the Indon government. - by

No comments: