MFR Capital invests in 40 units in Harbour City Resort Suites project

Harbour City Resort

KUALA LUMPUR (June 1): Investment and asset management company MFR Capital Sdn Bhd has purchased a whole floor in Hatten Group's Harbour City Resort Suites project in Melaka comprising 40 units for RM24 million, said Hatten Group head of marketing and sales division Cassandra Tio.

"The transaction was completed last week and MFR Capital has placed the 10% booking fees for the bulk purchase," she told reporters after the Cube Coin Summit.

"These units will also be used as an incentives benefit for MFR Capital's Cube Coin users (virtual currency investment scheme)," she added.

However, Tio did not disclose details on the incentives benefit to Cube Coin users nor which level MFR Capital had purchased in its 12-storey resort suites development.

Harbour City Resort, which carries a gross development value (GDV) of RM250 million, will be an integrated development which infuses retail, theme park and hotel elements.

The company offers 630 units of freehold resort suites under a leaseback investment scheme.

The units have built-ups from 470 sq ft to 1,200 sq ft, with a selection of 1, 2 and 3-bedroom units, while prices start from RM600,000, averaging RM1,000 psf.

"Excluding the bulk purchase from MFR Capital, 50% of the units have been taken up since our launch in May this year. The resort suites are slated to be completed by 2019," she added.

The development comprises a 6-storey aquatic-themed shopping mall, a 500,000 sq ft indoor and outdoor water theme park, a cruise ship-themed hotel, a 250-room international chain hotel and Harbour City Resort Suites.

MFR Capital chief executive officer Shawn Er said the company sees investment opportunities in the Asia Pacific region, such as Malaysia, Thailand, Singapore and Australia.

"Harbour City Resort is our first investment in Malaysia. Melaka as one of the popular tourist spots has great growing potential. Besides Melaka, we are looking forward for more investment opportunities in Malaysia as well as the Asia Pacific region," he added.

MFR Capital, through crowdfunding company EziFund, has also invested in Thailand’s The Surawong hotel and Holiday Inn Express in Birmingham, the UK.

MFR Capital is principally engaged in investments involving innovation projects, real estate investment, digital coin mining and financial technology.

The Singaporean property developer Hatten Group, which established its presence in Melaka in 2004, owns and manages Hatten Square shopping mall – formerly called Dataran Pahlawan Melaka Megamall.

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