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

Landmarks eyes RM4b yield from Bintan project

By New Straits Times

Meanwhile, the property developer denies that it would get a gaming licence for the Bintan resorts

PROPERTY developer Landmarks Bhd expects the gross development value (GDV) to be derived from its integrated project in Bintan Island, Indonesia, to be more than RM4 billion.

Chief operating officer Lim Boon Soon said the masterplan for the project was currently being fine-tuned in order to look into the possibility of increasing yield.

"We will be finalising the numbers and the plan, hopefully by the first quarter of next year," he told reporters after the company's extraordinary meeting in Kuala Lumpur yesterday.

Lim said there was a slight delay in the finalisation of the plan due to the possibility of increasing the GDV.

"We are looking at all things, including the number of condominiums, the kind of property and the size of saleable land at the place," he said.

Lim denied that Landmarks would get a gaming licence for the Bintan resorts.

"It is a rumour. There is nothing on the table for us yet," he said.

The Bintan project, with a GDV of RM4.07 billion, would include a lifestyle hotel and resort, plus residential and commercial development.

Landmarks will invest RM408 million to acquire 74 per cent interest in Bintan Treasure Pte Ltd, which is developing the project.

Bintan Island is increasingly being shaped as a cheaper holiday destination than Singapore, where land price has escalated due to the building of two multi-million integrated resorts in Marina Bay and Sentosa Island. - Bernama

No comments: