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Tuesday, August 25, 2009

VXL Group planning RM25b resort in China

PETALING JAYA: The VXL Group is planning a resort project with a gross development value (GDV) of RM25 billion in China on 100 sq km located about 250km from Beijing.

The project, to be named “Beijing’s Secret Garden” will comprise a mix of tourist-cum- holiday home development is in planning stages now and will begin major construction works next year.

Expected launch for Southeast Asian buyers would be in 2011, founder and president of VXL Group, Datuk Lim Chee Wah said.

The VXL Group, which was originally founded to realise the Malaysian government’s initiatives for technology transfer in the development of information and communication services in the country, is the parent group of a Hong Kong-listed developer VXL Capital Ltd.

Bursa-listed ICT solutions and services provider Dataprep Holdings Bhd is 39.1%-owned by VXL Holdings Sdn Bhd.

Speaking to reporters after Dataprep’s AGM and EGM yesterday, Lim said the project was still in the early stages, with the developer still gauging consumer needs on amenities as well as composition of units at the project.

To be built over the next 10 to 12 years, depending on demand and economic conditions, the resort would incorporate ski, golf and nature resort elements and possibly traditional Chinese medicine facilities.

Lim said the site is near an existing ski resort and that the group would “hook up” with it.

Infrastructure work has already begun on the project but major construction work would only begin next year as winter would soon be approaching this year.

Project costs for the first phase from 2009 to 2012, consisting of golf course, ski resort, single-family and multiple-family residential units is one billion yuan (RM513.86 million).

The VXL Group will call for open tender for contractors in China within this year.

VXL Group vice-president for investment Chang Yee Er said that the developer was looking more for China-based contractors who were familiar with the country.

She said the Chinese government required projects above a certain value to call for open tender.

By The EDGE Malaysia (by Loong Tse Min)

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