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Friday, March 9, 2012

Private investors to develop Sabah resort

PETALING JAYA: Three private investors from Sabah and Peninsular Malaysia have grouped together to develop Sabah's first over-water resort development comprising 88 villas and a restaurant 12 metres underwater located off the coast of Semporna.

Known as Alorie Lepa Lepa, the villas, ranging from 2,200 sq ft to 5,500sq ft, are being sold for between RM2.8mil and RM5.5mil each with a minimum 7% annual returns for the first five years.

There would be a 10% compounded interest every five years, which meant that from the sixth to the 10th year, the owner would receive a 7.7% annual return, its managing director Louise Lang said.

The gross development value is RM280mil.

On how the private investors were able to form a company and to build on the sea off Mabul Island, Lang said the company had “acquired the submerged land title from the Sabah state government to build on the site.

“The buyers will receive master titles to the villas,” she added.

By The Star

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