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KUALA LUMPUR: Laguna Developments Langkawi Sdn Bhd, the developer of beach-front luxury apartment project The Laguna Langkawi, is targeting both Malaysians and foreigners looking for holiday homes on the resort island.
The project, which has a gross development value (GDV) of RM80 million, has recorded 30% sales prior to its launching this weekend, said Edwin Jenkins, sales director of Laguna Developments.
The Laguna Langkawi is situated on the southwest coast of Langkawi at the edge of Langkawi Lagoon on a 79,000 sq ft site. Set along Jalan Kuala Muda and about 2km from the Langkawi International Airport, the five-storey low-rise freehold development offers 70 units which feature tropical landscaping with views across the Andaman Sea.
"The units started selling a year ago through word of mouth. Buyers, approximately aged between 30 and 71 years old, were from a range of countries such as the UK, Australia, New Zealand, France, India, Japan, and Morocco," said Jenkins.
The target market, Jenkins said, includes affluent Malaysians looking for holiday homes, investors for holiday rental properties, Malaysia My Second Home (MM2H) participants and foreigners from regional countries such as Singapore, Thailand, and Hong Kong.
Statistics from The Langkawi Development Authority showed that in 2010, 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 also been listed among National Geographic's top 10 beaches in the world.
The Laguna apartments range in sizes from 1,000 sq ft to 4,000 sq ft, and feature two-, three- and four-bedroom layouts. Slated for completion in May 2012, prices for its units range from RM525,000 to RM2,500,000, with a maintenance fee of 25 sen psf. David Broadley of DBA International Ltd has been appointed to design, manage and complete the project, Jenkins said.
On competition in the market for 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 psf 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 is set up by Australian Reno Aquilina (90%), an MM2H resident, and Broadley, a Briton who now lives in Malaysia. They have experience and speciality in developing and managing numerous property projects ranging from residential, hospitality, retail, and office in various countries such as the UK, Singapore, France, China, Malaysia, and Indonesia.
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