The first phase, covering 100 acres with a gross development value (GDV) of RM800 million, will include a business hotel, shopping mall, marina club, hotel suites and seafood hypermarket as well as residential villas and canal bungalows, said Oilcorp executive director Pua Yow Liang. It will be completed in four to five years’ time.
Pua: Pulau Indah ideal for resort development
“The hotel suites, priced from RM150,000 to RM300,000, will feature a sale and leaseback model while the canal bungalows will have their own waterfront where owners can leave their boats and walk directly into their homes,” added Pua.
Comprising 112 units, the 2-storey bungalows have land areas of between 6,000 and 7,000 sq ft and built-ups of 3,000 to 4,000 sq ft. Tentative prices will be between RM800,000 and RM1 million.
The leasehold project is due to be launched by the second quarter of next year. The entire development will be carried out in three phases and will take 10 years to complete.
“We already have planning approvals for the first phase. First up for launch will be the hotel suites and canal bungalows,” Pua told reporters after the sales launch of D’Tiara Amanahraya Hotel Suites yesterday. Confident of the success of the Pulau Indah project due to its ideal location, Pua is targeting not just local buyers from the Klang Valley but also foreigners including
those from the Middle East.
“The location is ideal for an integrated resort development and now, tourists tend to move away from the city centre. D’Tiara Waterfront Resort is a larger version of our resort development in Port Dickson and the size of our waterpark in Pulau Indah will be three times the size of the one in Port Dickson, up to 12.5 acres,” he adds.
The RM110 million D’Tiara Beach Resort, spread over a 23-acre tract in Port Dickson,
is a hotel-cum-serviced apartment development with 980 rooms and offers the largest man-made beach in the country.
Pua said it is also developing a leisure and health centre on a 3.5-acre freehold site in Genting Sempah comprising 36 villas.
“With a sales value of RM65 million, this project will be completed in two years. We plan to sell the entire project to a single investor or even a Real Estate Investment Trust fund,” he added.
Pua said the Pulau Indah and Genting Sempah projects form part of Oilcorp’s plans to develop the D’Tiara brand as a property player.
“We aim to have 50:50 concentration on hotel operations and property development as it will contribute recurring income as well as profit for the company,” he said.
The D'Tiara Amanahraya Hotel Suites and Corporate Offices will be completed by end 2011
On its four-star D’Tiara Amanahraya Hotel Suites in Brickfields, Pua is confident all 378 units of 1- and 2- bedroom suites will be sold out by the end of the year.
“With our competitive prices ranging from RM600 to RM700 psf, we already have confirmed bookings for 150 units. We also offer an attractive leaseback programme which guarantees a minimum 7% nett returns annually for five years,” said Pua, adding that it will be operating
the hotel and will also be absorbing the service fee.
With six designs to choose from, the hotel suites come with built-ups of between 587 and 1,032 sq ft. With a GDV of RM260 million, the 33-storey hotel will have 560 parking lots. Sited on a freehold 2.19-acre freehold site which it acquired 2½ years ago for about RM40 million, the hotel will also be adjoining the 35-storey D’Tiara Amanahraya Corporate Offices.
With a nett lettable area of 420,000 sq ft, D’Tiara sold the corporate offices to Amanah Raya Bhd for RM150 million in August. The D’Tiara Amanahraya Hotel Suites and Corporate Offices, with a total GDV of RM435 million, will start operations simultaneously upon completion by the
fourth quarter of 2011.
By theSun (By Loo Pik Kwan)
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