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Monday, November 10, 2008

SunCity Ipoh to woo Asia Pacific, Mideast investors

SUNWAY City (SunCity) Bhd's RM2 billion Sunway City Ipoh township project in Perak, stalled during the 1997 Asian financial crisis but revived in early 2002, will feature a few world-class properties.

This is to woo investors from Asia Pacific and the Middle East as tourists or to take up residence in the township under the Malaysia My Second Home programme.

"We hope there will be interest through the product offering," managing director for property investment Ngeow Voon Yean told Business Times.

Last year, South Korean developer, CI Korea Co Ltd, signed a memorandum of understanding with project developer Sunway City Ipoh (SCI) Sdn Bhd to get South Koreans to buy properties in the township.
According to SunCity's website, it has a 65 per cent equity in SCI. The Perak State Government has some shares in it also.

The township, covering 520ha in Tambun some 20 minutes away from the city centre, is made of three components - property, leisure and education - planned for completion over five to 10 years.

Already built are over 3,000 lake-side homes, semi-detached houses, country home bungalows and apartments; Lost World of Tambun (LWOT); a golf driving range; a Giant hypermarket; Sunway College; Sun Inns Budget Hotel and an Extreme Park. Also in the pipeline are plans to set up a seafood park, an entertainment centre, an education hub and a hospital.

SCI is building a five-star hot spring and health spa resort for RM70 million, earmarked to be an iconic property in Malaysia and a world-class attraction.

Ngeow said the resort, with majestic limestone hills and a rainforest background, will operate from early next year and will add to Perak's appeal.

"We will launch 25 units of hill villas aimed at foreigners. Depending on the market, we will add 50 or 100 more later," Ngeow added.

There are also plans to extend LWOT, which was built in 2006 for RM60 million on a 14.6ha.

LWOT general manager Calvin Ho said the theme park, which has been designed along the lines of a lost civilisation, has pockets of land outside the 14.6ha enclave, for expansion. Among its attractions now are slides, a man-made river mea-suring 600m, a waterpark with turbulent waves and a variety of tube slides.

It boasts some unique attractions like the Tiger Valley, home to Siberian and Bengal tigers and the Tambun Hot Springs, with waters that have an average temperature of 45 degree Celsius.

"LWOT is the most expensive theme park built in the north and is set to grow. It features elements of medical tourism to attract the Arabs," he said.

By Business Times (by Sharen Kaur)

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