KUALA LUMPUR, June 11 (Bernama) -- Property developer Rahsia Estates Sdn Bhd, a subsidiary of Riverbank Suites Sdn Bhd, has chosen Langkawi for its newest project called Rahsia Estates Residences & Spa Langkawi. Group Chief Executive Officer Hanizah Tun Abdul Hamid said the gross development value would be approximately RM250 million while the total cost RM180 million. "It will be parceled into four different precints with various types of resort properties comprising a niche boutique-style hotel offering 18 luxury villas, a five-star hotel complex with 110 club suites, and 31 cabana villas positioned as prime residential choices," she said.
She told this to reporters after the Memorandum of Agreement (MOA) signing ceremony between Rahsia Estates and Asian Finance Bank Bhd (AFB) here Friday. The MOA between AFB and Rahsia Estates is a strategic partnership whereby the bank will be introducing the property to local and international investors interested in high-profile properties in prime locations. AFB, a full-fledged Islamic bank, is backed by Qatar Islamic Bank, RUSD Investment Bank Inc of Saudi Arabia and Global Investment House of Kuwait.
Present at the event were Deputy Tourism Minister Datuk Dr James Dawos Mamit and AFB Chief Executive Officer Datuk Mohamed Azahari Kamil. The resort, sprawled across 6.9 hectares of undulating land facing the Andaman Sea and Pulau Dayang Bunting, was set to be Langkawi's first niche mixed residential and commercial development, Hanizah said. "The development will abide and follow the guidelines as laid out by the Green Building Index once operational by the year 2014. "It stands to become one of Langkawi's award-winning landmarks, offering luxurious accomodation, and top-rated customer services within a gated community and security service.
"As the economic climate is on a recovery trend, Rahsia Estates notes the demand for such a mixed-property development project. This will appeal to discerning tourists who enjoy a certain lifestyle, as well as second home-buyers wishing to set up home base and live in the island, particularly, those who are participating in the Malaysia-My-Second-Home programme," she said. Meanwhile, Azahari said he had confidence in Rahsia Estates' resort project in Langkawi eventhough the property market was currently "soft". "The company has secured one of the best locations on the island that stands to ensure the development's successful completion and visitors' satisfaction. "The bank believes that property transactions will start to move upwards in the near future since there are positive signs of recovery," he said.
He said Rahsia Estates Residences & Spa Langkawi would become the most attractive and rare property jewel to be acknowledged as one of the nation's luxurious property resorts and one of the iconic resorts of Langkawi. "The bank's strategy is to market the property to its Middle Eastern network to take advantage of the potential of this exquisite property development in the region," he said. The bank had already identified potential buyers from the Middle East, he added.