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Friday, March 21, 2008

Amarin plans villas, resorts in Malaysia, Indonesia

PROPERTY developer Amarin Wickham Sdn Bhd plans to build high-end residential villas and resorts in Malaysia and Indonesia.

It is scouting for land in Bali, the Klang Valley, Langkawi and Cherating, to build the properties this year, said director Lee Vun-Tsir.

"We are not interested in developing and operating typical resorts or city hotels. The ones we build must be private-based, personalised and exclusive," Lee said in an interview recently.

"Malaysia still lacks boutique developments. What we want to do is bring Bali and Europe here, instead of locals and foreigners going there," Lee said.

It plans to build 20 to 30 boutique-style villas as well as resorts at any one location, complete with a club house, spa and restaurant.

For the villas in Bali, it plans to sell them for between RM2.53 million and RM2.84 million per unit, while those in Malaysia will be priced at more than RM800,000 per unit.

"We are looking at modern indigenous designs and offering niche lifestyle concepts. We may lease some of the units for recurring income, Lee said.

This would be the first venture for the company to build boutique-style villas and resorts.

Its flagship is the RM80 million Amarin Kiara project in Mont' Kiara launched in mid-2006.

It comprises 30 units of three-storey semi-detached villas with private pools, priced between RM1.98 million and RM2.6 million, and one three-storey semi-detached villa, priced at RM3.8 million.

All units have been sold and will be handed over to their buyers next month.

Lee said the company is open to working with major developers, and forming joint ventures with landowners, turning their site into an exclusive enclave.

"We want to be a luxury boutique developer under the Amarin brand," he added.

The company's private finance initiatives are expected to pay off when it launches its second luxury project in Kuala Lumpur in May.

Dubbed Amarin Wickham, the project, which is situated along Jalan Wickham in Ampang Hilir, is a low density five-storey super luxury condominium development consisting of 21 units of duplexes and triplexes.

"The project is valued at RM130 million and comprises four types of units ranging from 3,000 sq ft to 9,000 sq ft. We are pegging the units at RM1,300 per sq ft, which will translate to prices ranging from RM3.8 million to RM8.5 million per unit," Lee said.

There are seven super penthouses that will have a private roof-top pool, garden and jacuzzi, while the remaining standard units will have a private outdoor jacuzzi by the terrace and common pool area.

"We are targeting at least 60 per cent to be foreign buyers," added Lee.

By New Straits Times (by Sharen Kaur)

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