Nagamas launches first phase of RM1b Silverlakes development

KUALA LUMPUR (Oct 24): Niche property developer Nagamas International Bhd has launched the first phase of its property development project called the Silverlakes in Batu Gajah, Perak, with a 111-villa unit wellness resort called the Alorie Cocoon.

Alorie Cocoon will be built on a 115 acre, lakeside site in the sleeping hollow of Batu Gajah, part of the 511 acres, RM1 billion gross development value (GDV) Silverlakes project, which will feature among others retail and residential portions, besides the resorts.

The resort enclave is estimated to be worth RM230 million in GDV, and will feature high end lakeside and garden villas with pricing starts at about RM2 million per unit, according to Nagamas' chief executive officer Shaik Rizal Sulaiman during the launch on Wednesday.

"It is a strategic decision to develop the Alorie Cocoon within our Silverlakes project. Globally we see how the wellness tourism trends are increasing in demand and for Malaysia especially, such a project will augur well with the Ministry of Tourism's desire to attract high end tourists," said Rizal.

The villas are now available for sale on a leaseback concept to Alorie Hospitality Sdn Bhd, an international hospitality management company, to operate the property as a wellness resort called Alorie Cocoon.

Alorie Hospitality currently has a total of nine hotels being developed within Southeast Asia in places like Kuala Lumpur, Langkawi, Penang, Kota Kinabalu, Singapore and Bali.

"Cocoon is the brain-child of three of our executives who recognized the expanding needs of upmarket travelers beyond simply luxury and relaxation.

"Hence we intend to combine wellness and aesthetic components in a luxurious hospitality environment," said group managing director and CEO of Alorie Hospitality Jean Marc Lafosse.

The company, which was established as Alorie Hospitality only in 2011 and made Kuala Lumpur and Kota Kinabalu its headquarters, is currently building three other hotel and resort developments in Sabah.

Alorie Lepa-Lepa resort development will be the first project developed by Alorie Hospitality in Malaysia, when it completed by the end of 2013. The other resorts are Alorie Odyssey Sikuati on Kudat Beach, and Alorie Odyssey the Assannang in Semporna.

According to Nagamas, the Alorie Cocoon Silverlakes promises a 80% profit sharing to buyers of the villa with a potential return of up to 15% per annum for 30 years representing all the incomes generated from the resort.

Unlike the typical time sharing arrangement with most holiday property products, Alorie Cocoon offers owners a strata title for the properties purchased.

"With the leaseback arrangement, owners will not only enjoy free stay of 21 days per year but also reap the desired investment returns from their property," stated Nagamas.

Construction of the wellness resort is expected to begin in mid 2013 and it will take approximately two years to complete, according to Nagamas. It is estimated to be ready for operations in the first quarter of 2016.

The Alorie Cocoon will feature a lakeside sanctuary with a regenerative and holistic approach with a variety of spa experience covering not only therapeutic treatments but also aesthetic and alternative wellness solutions, the group said.

"It also plans to establish a 3 star Michelin chef managed restaurant catering to fine gourmet dining, which will be a first for Malaysia," the group said.

(From left) Nagamas executive chairman Datuk Ng Kek Kiong, Deputy Finance Minister Datuk Donald Lim, Laffose and Rizal at the launch. Photo: Chu Juck Seng/The Edge