KUALA LUMPUR: Rahsia Estate Sdn Bhd, a subsidiary of Riverbank Suites Sdn Bhd, plans to launch its first niche mixed residential and commercial development project in Pulau Langkawi, Kedah in March next year.

The "Rahsia Estate's Island Residences and Spa Langkawi" will be on 15 acres of undulating land. With a gross development value of RM250 million, it will consist of luxury corporate retreat bungalows and semi-duplex precincts, said Rahsia Estate's group chief executive officer Hanizah Tun Abdul Hamid.

Haniza said the company was targeting both domestic and international markets. She was speaking to reporters on Nov 12, after a signing ceremony between Rahsia Estate and Amanah Raya Bhd for the sponsorship of two Islamic studies students to pursue their education at the well-known Al-Azhar University in Egypt. Also present were Amanah Raya chairman Datuk Dusuki Ahmad and Rahsia Estate chairman Toh Puan Azian Ghazali.

Hanizah said the Langkawi project, comprising two phases initially could compete with similar offerings in Phuket, Thailand on top of the better infrastructure and economic and political stability.

"The company is also looking at a new site of 20 to 25 acres for phase three," she said. The Langkawi project is scheduled to be completed in 36 months following the launch in March 2010. – Bernama

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