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Wednesday, September 2, 2009

Mines Excellence eyes Bukit Beruntung resort

Mines Excellence founder Tan Sri Lee Kim Yew declines to reveal his offer price for the golf resort, but market sources put its worth at about RM30 million.

Property developer Mines Excellence Golf Resort Bhd said it is in talks with the the Selangor state government to acquire the Bukit Beruntung Golf & Country Resort.

"We are talking to the state government now. They have assigned a special officer to look into this matter. If the state decides to sell the golf resort, I will buy it," Mines Excellence founder Tan Sri Lee Kim Yew said in an interview.

He declined to reveal his offer price for the golf resort, but market sources put its worth at about RM30 million.

Lee had initially wanted to take over the management of the golf resort from businessman Tan Sri Chan Ah Chye of Talam Corp Bhd, but found that the latter had contra the property to the Selangor state government.
The proposed property will complement Mines' existing Mines Golf City development, located adjacent to it. The five-star 160ha Bukit Beruntung golf resort in Selangor consists of a 36-hole golf course, a clubhouse with a theatrette, 900 bungalow lots, a driving range and specialist shops.

A source said the value is only for the 160ha land, and a further RM10 million may be required to upgrade the clubhouse, driving range and infrastructure, and other amenities as the condition of the properties has deteriorated over the past few years.

Meanwhile, Mines Excellence, which is developing the Mines Golf City in Bukit Beruntung for RM3 billion, expects the project to start early next year.

It will feature a 63-hole golf course, hotels, a university, a clinic and spa, townhouses and bungalow lots.

Lee said however, a 99-hole golf resort (by integrating the 36-hole Bukit Beruntung golf course and the 63-hole Mines golf course) would attract more golfers to Malaysia and promote the tourism sector.

On Bukit Beruntung acquiring an unwanted stigma due to the number of abandoned houses, lack of amenities such as hospitals and schools and poor infrastructure, Lee said he has approached the local council on his willingness to adopt the 1km road leading up to the township.

Lee wants to also improve the landscape and clean up parts of Bukit Beruntung.

"Bukit Beruntung is rundown. My own estimate is that there are 30,000 tonnes of rubbish thrown by the road side and we don't mind cleaning that up," he said.

Lee said he will spend some RM3 million on these initiatives.

By Business Times (by Sharen Kaur)

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