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Friday, February 12, 2010

Consortium developers to invest in iconic luxury GHM project in Bandar Enstek

From left: Tuan Hj Zaharuddin Saidon, Chief Executive Officer, TH Properties, Harish Davanam, MD Davanam Constructions Sdn Bhd, YB Datuk Mukhriz Mahathir, Deputy Minister, Ministry of International trade & Industry, Faizan Khan, MD Ascenteus Holdings Sdn Bhd and Sukhdeep Singh, Chief Operating Officer, GHM Ltd.

Ascenteus Holdings Sdn Bhd has joined hands with Indian developer Davanam Constructions to build an iconic GHM Country Club surrounded by luxury villas on 200 acres of natural environment in Bandar Enstek, Nilai.

The project envisioned by GHM Chairman Adrian Zecha will comprise a GHM- operated Country Club, surrounded by ultra low density, luxury villas.

The management and branding agreement was signed between the co developers- Ascenteus Holdings/ Davanam Constructions; and GHM, at a special signing ceremony yesterday, witnessed by Datuk Mukhriz Mahathir, Deputy Minister in the Ministry of International Trade and Industry.

Earlier, the Joint Venture Development Agreement was signed between TH Properties Sdn Bhd, Ascenteus Holdings Sdn Bhd and Davanam Constructions Sdn Bhd in July 2009.

GHM (General Hotels Management), a market leader in stylish luxury hotel development and management, and member of the exclusive ‘Leading Hotels of the World’ has an unrivalled reputation for conceptualising, developing and operating exclusive and stylish hotels and resorts worldwide.

GHM’s portfolio of properties includes The Setai (Miami Beach), The Legian & The Club at The Legian (Bali), The Nam Hai (Vietnam), The Strand (Myanmar), The Andaman (Langkawi, Malaysia), The Chedi Club at Tanah Gajah – Ubud (Bali), The Datai (Langkawi, Malaysia), The Chedi – Muscat (Oman), The Chedi - Phuket and The Chedi - Chiang Mai (Thailand).

“We choose only to get involved with properties where the owners truly share our vision to create a stunning property that is the best of its kind in the world. We believe the country club and villa estate in Bandar Enstek will be GHM’s most prestigious project to date in Malaysia,” said Hans Jenni, director and president of GHM.

The project with an estimated Gross Development Value of RM 1.2 billion, is slated to be a foreign direct investment (FDI) wherein the co developers Davanam Constructions and Ascenteus Holdings will raise the funding through Private Equity and Debt.

“Bandar Enstek is a strategic location with the F1 circuit and the KLIA being in the same vicinity. We are also taking advantage of the excellent infrastructure. Our target buyers will be high net worth Individuals drawn mostly from international circles,” said Faizan Khan, Managing Director of Ascenteus Holdings.

The residences are designed as ultra low density and high luxury with direct access to sought-after amenities provided by the Country Club. These include equestrian facilities, polo playing grounds, swimming pools, tennis and other sport facilities. The country club has been allocated 20-25 acres with the rest dedicated to the exclusive villas and luxury residences, totaling about 120.

“Malaysia and in particular Bandar Enstek is only a short air journey from Asia and it will be a much sought after destination for Asian and International high net worth individuals. We believe this development will redefine international luxury living” said Harish Davanam, Managing Director of Davanam Constructions.

Bandar Enstek, is a mega 5116 acres township master developed by TH Properties which is made up of four components, namely residential commercial, institutional and industrial. It is a vibrant development that has attracted world class developers for residential developments, educational institutions, medical facilities and international bio technology companies. Its strategic location next to KLIA and the Formula 1 circuit makes it one of the most promising townships in Malaysia.

By The Star

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