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Saturday, August 23, 2008

Tanjong to build holiday homes in Germany

TANJONG plc has signed an agreement yesterday to develop about 2,000 holiday homes at its Tropical Islands resort in Germany.

Under the agreement, Eske Group A/S will finance development of the vacation home project while Novasol A/S will have the exclusive marketing rights.

Tropical Islands is a holiday resort, located within the world's largest freestanding dome in Germany, developed by Tropical Island Holding GmbH Group, a subsidiary of Tanjong.

The development of 500ha of land will be carried out over three phases.

The first stage comprises construction of 375 units over 30ha which is expected to be ready for occupation in 2010.

Tanjong is not expected to assume nor commit to any financial obligation in respect of the construction and development of the vacation homes.

Tanjong's chairman Datuk Robert Cheim said the involvement of the Eske Group and Novasol will surely contribute to the successful development of Tropical Islands.

"The availability of resort accommodation facilities will help Tropical Islands attract a greater number of visitors from the fast-growing European vacation market, and should expand its current public profile which compromises largely day-trippers. This will place the resort in a much better position to generate greater revenue in the longer term," he said.

By New Straits Times

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