The third phase, called the Hibiscus Garden Chalets, with a gross development value (GDV) of RM45 million, is a single-storey landed resort comprising 74 units, he said.
“The total units in the water resort development will number at 641, with a GDV of RM305 million,” he said at a press conference here yesterday.
All units at the resorts are sold on a sale and leaseback arrangement. The buyers have a 10-year contract with the developer, where the buyers are paid 8% of their purchase price per annum.
The first phase of the Legend Water Chalets comprising 329 units with a GDV of RM100 million began operations in October 2006.
The second phase of Legend International Water Homes, consisting of 249 units with a GDV of RM160 million, was completed just last week three months ahead of schedule and had been fully sold, Low said.
He said most of the 249 units in the second phase were purchased by private investors from Hong Kong, Singapore, the United Arab Emirates and Macau.
KL Metro will hold a soft launch on Nov 1 for the opening of phase two, with a promotional rate of RM550 to RM900 per room.
Metroplex Holdings Sdn Bhd subsidiary Legend Group of hotels and resorts is managing the resort. Low lists the luxurious Balinese fittings, features and large room size — averaging 1,000 to 1,300 square feet — and five-star designation as appealing qualities to potential occupants.
He added that the group was also looking at undertaking similar resort projects around the country in the next few years using the Hibiscus moniker. “We have applied to register the trademark,” he said.
Low said KL Metro was also currently planning to develop resorts in China and Vietnam, and was in negotiations with relevant parties. He declined to elaborate.
Meanwhile, Metroplex leisure division sales and marketing vice-president Steve Woon said for KL Metro’s Port Dickson resort, it was targeting occupancy rates of 50% in 2010, 56% in 2011 and 63% by 2012, with 55% of arrivals from abroad.
Woon said Legend Group was now seeing an upward trend in tourist arrivals, given Malaysia’s cultural diversity and the appreciation of certain currencies against the ringgit.
“We are seeing a lot of Australian visitors because the Australian dollar has appreciated quite significantly against the ringgit,” he said.
This article appeared in The Edge Financial Daily, October 28, 2009.
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