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Monday, April 21, 2008

Saudi investor aims to sell luxury homes

KINGDOM Hotels Investment (KHI) will start selling luxury homes that will be built next to the Four Seasons Resort Langkawi in November this year, the sales agent for the project said.

The private residences, to be priced at about US$900 (RM2,844) per sq ft, could rake-in an estimated US$75 million (RM237 million).

Last year, Four Seasons Resort Langkawi was bought by KHI, which is controlled by Saudi Arabian Prince Alwaleed Bin Talal for RM430 million from Malaysian Airlines System Bhd.

"We are waiting for the approval for a couple of concepts. We intend to commence marketing and sales in the fall of 2008 and the first sales is anticipated in November 2008, assuming all permits and licences are in place," Scott Brown, vice-president (Sales) of The Kor Real Estate said.

The Kor Real Estate is a luxury marketing and sales organisation. Investors of Kor Real Estate also own the luxury hotelier, The Kor Group.

"We have been engaged by KHI to coordinate the global marketing and sales programme for this project," Brown told Business Times in a telephone interview.

"One plan is for 18 to 24 private residences which have spacious two, three and four bedrooms, ranging in size from 2,500 sq ft to 5,000 sq ft.

"Comparable Four Seasons branded Private Residence projects sold in similarly matured or more matured resort destinations globally are priced between US$800 and US$1,500 (RM2,528 and RM4,740) per sq ft. At the present time, the product designed for Langkawi will be priced starting from US$900 (RM2,844) per sq ft," Brown said.

Potential buyers would be the same people who already frequent the Four Seasons Resort, Langkawi.

"They include Eastern Europeans, Russians, Middle Eastern buyers and affluent Asians," he said.

By New Straits Times (by Vasantha Ganesan)

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