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Wednesday, February 17, 2010

New wave of development at Mines Resort

A new wave of development is set to take place at Mines Resort City, the country's first resort development, located at Seri Kembangan, Selangor.

Country Heights Holdings Bhd (CHHB), the project developer controlled by Tan Sri Lee Kim Yew wants to develop serviced residences and an area for entertainment, featuring bars, restaurants and cafes for over RM500 million.

According to Golden Horses Development Bhd executive director Dianna Lee, the 600ha Mines, which is 90 per cent developed, has pockets of land for new products.

"We are looking at entertainment-related businesses in particular. Since we are not in that field, we will call on operators whom we think would be keen to set up shop there. We want to generate new income for CHHB," she told Business Times in an interview recently.

Once the world's largest open- cast tin mine, the government had in March 1988 alienated the land to CHHB, in which Lee owns a 48.1 per cent stake, for RM50 million, for recreational and tourist-related developments.

The Mines is now home to Palace of the Golden Horses, Mines Wellness Hotel, which is the city's only beach resort, Mines Waterfront Business Park, Mines Exhibition and Convention Centre with a capacity for up to 15,000 people, Mines Wonderland, Mines Resort and Golf Club, and Mines Shopping Fair (now owned by CapitaLand).

Other properties include Mines2, which is an ongoing development by CHHB featuring office buildings and a shopping mall, and The Heritage, a project by Clearwater Group.

Clearwater is controlled by Dian Lee, the eldest daughter of the senior Lee. It is constructing five blocks of serviced residences, semi-detached homes and bungalows.

Meanwhile, Lee said the Mines Waterfront Business Park, which has four towers, is undergoing an expansion to add four new blocks for more than RM150 million.

"The four blocks are fully tenanted and we have enquiries from other companies who want to operate from here. So we are quite confident the take-up for the new buildings will be good," she added.

The existing four blocks are being leased at RM6.60 per sq ft.

By Business Times

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