About this project
Shama Medini is an upscale serviced apartment and hotel development located in in the heart of UMCity Medini Lakeside, Medini, Iskandar Malaysia. The serviced apartments and hotel will be operated by the renowned Thai-owned ONYX Hospitality Group. The 196 units of fully furnished serviced apartments come with built ups ranges from 583 sq. ft to 1,192 sq. ft. The developer, UMLand sold the serviced apartment units based on a buy-to-lease concept. Whereby the units will enjoy 6% leaseback guarantee returns per annum for the first five years upon its completion while the sixth year onward will be revenue sharing 45:55 room revenue between the owners and the operator. The owners will also enjoy 14 days free stay at Shama Medini and 10% of available room rates at other ONYX Hospitality Group hotels worldwide. As part of the larger mixed development, Shama Medini also enjoys a 300,000 sq. ft. retail podium which houses 100 retail lots and faces the 13-acre lake with Grade A office tower, a business hotel and condotel as its neighbours. Our Verdict
Riding on the trend of sale and leaseback, the developer expects to attract investors from both sides of the straits, Malaysians and Singaporeans alike. The guaranteed rental return ensures the owners a steady stream of income from their serviced apartment units. However, do note that the selling price has been priced in such a way to offset the management costs and with the returns in mind.
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Mortgage Provided by Hong Leong Bank
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