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KUALA LUMPUR: The Laguna Langkawi offers 70 luxury, low-rise apartments on a 79,000 sq ft site. The five-storey freehold development features tropical landscaping with views across the Andaman Sea. It is located on the southwest coast of Langkawi at the edge of Langkawi Lagoon, along Jalan Kuala Muda, about 2km from the Langkawi International Airport.
The developer, Laguna Developments Langkawi Sdn Bhd, is targeting both Malaysians and foreigners looking for holiday homes on the resort island.
The project, with a gross development value (GDV) of RM80 million, has recorded 30% sales prior to its launching this weekend, said Laguna Developments sales director Edwin Jenkins.
“The units started selling a year ago through word of mouth. The buyers, aged from 30 to 71 years old, are from a range of countries such as the UK, Australia, New Zealand, France, India, Japan and Morocco,” said Jenkins.
The target market, he said, includes affluent Malaysians looking for holiday homes, investors for holiday rental properties, Malaysia My Second Home (MM2H) participants and foreigners from around the region such as Singapore, Thailand, and Hong Kong.
Statistics from the Langkawi Development Authority show that for last year, Langkawi had 2.45 million visitors, an increase of 30% from 1.84 million in 2005. From 2005 to 2010, average visitors per year were 2.15 million. Langkawi’s beaches have been listed among National Geographic’s top 10 beaches in the world.
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| An aerial view of the poolside area, close to completion. |
The Laguna apartments range in size from 1,000 to 4,000 sq ft and feature two-, three- and four-bedroom layouts. Slated for completion in May 2012, prices range from RM525,000 to RM2.5 million with a maintenance fee of 25 sen per sq ft. Jenkins said David Broadley of DBA International Ltd has been appointed to design, manage and complete the project.
On competition in the market from similar developments in Langkawi, Jenkins said: “There’s really no comparison in the luxury residential section. The Laguna Langkawi units sell at a premium because they are finished to a better quality. Prices range from RM370 to RM730 psf, reflecting the choice of luxury fixtures and fittings, contemporary design, resort-style facilities and conveniences like an F&B outlet, gym, beach access, sea and mountain views and security.”
Units come with a full kitchen, appliances, a washer and dryer, wardrobes, spa bathrooms, air conditioners, recessed lighting and an individual water filter unit. There will be furniture packages that a buyer can choose from for added convenience. Zerin Properties Sdn Bhd is the sole marketing agency for The Laguna Langkawi.
Laguna Development was set up by Australian Reno Aquilina (90%), an MM2H participant, and Broadley of DBA, a Briton who now lives in Malaysia. They have experience in developing and managing property projects ranging from residential, hospitality, retail, and office in various countries such as the UK, Singapore, France, China, Malaysia and Indonesia.
Part of the government’s Northern Corridor Economic Region development programme is to enhance Langkawi’s position as a world-class tourist destination by attracting world-class hotels and holiday resorts to develop properties on the island.
This article appeared on the Property page, The Edge Financial Daily, July 29, 2011.
