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Monday, May 3, 2010

Sepang's Sea Tropics ready for launch this year

The management of Sepang Gold Coast project in Selangor will launch the RM300 million Sea Tropics Resorts & Hotel later this year.

To be ready in end-2012, Sea Tropics will have two blocks with water features.

The management is yet to decide if it will be owned and operated by them, or sold and leased back or a combination of both.

"Sea Tropics will be our third phase and it will be on land hotels and villas. We are looking at 300 to 400 rooms and to be categorised in the four- or five-star category," general manager of Golden Palm Resort & Spa Sdn Bhd Francis Lee said.
The Sepang Gold Coast first phase is the 392-unit Golden Palm Tree Resort & Spa water villas.

The second phase is the Escapade. The Escapade, described as the epicentre for fun and entertainment at the resort, will offer water surfing, canoeing, kayaking, and archery, canopy walk and yoga gym. It will also have a large number of food and beverage outlets.

Lee, in a recent interview with Business Times, said that 80 per cent of the water villas have been sold, with studio units costing RM740,000 and a three-bedroom unit at RM3.1 million. The developer is keeping the remaning 20 per cent of the units.

Golden Palm Tree has provided an eight per cent guarantee on returns in the first two years for the first set of purchasers and a seven per cent guaranteed return over seven years for the second batch of purchasers.

The resort will be operational by the end of June and is forecasting an average occupancy of 30 per cent to 35 per cent in the first six months of operations.

Lee said that it is looking at an introductory price of RM599 per night for the six-month period, which will include five meals and alcoholic drinks.

The hotel expects customers to be mainly Malaysian (40 per cent) and Singaporeans (20 to 25 per cent). The rest are expected to be from North Asia.

Sepang Gold Cost Sdn Bhd, the project developer, is a 30-70 joint-venture between Permodalan Negeri Selangor Bhd (PNSB) and Sepang Bay Sdn Bhd.

Sepang Bay is owned by Bapak Yanki Regan, who is also the founder of CNI International.

By Business Times

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