Rahsia Estates forges partnership with Asian Finance Bank

KUALA LUMPUR: Property developer, Rahsia Estates Sdn Bhd has forged a strategic partnership with Asian Finance Bank Bhd on Thursday, June 11 to market the former’s niche hospitality establishment in Langkawi, Rahsia Estates Resort Residences and Spa Langkawi, with a gross development value (GDV) of approximately RM250 million.

Rahsia Estates appointed Asian Finance Bank as its global distribution agent to market the mixed development to its list of international clients and investors.

Rahsia Estates’s chief executive officer, Hanizah Tun Abdul Hamid said that the earthworks for the development will start in July and is due to be completed by end of 2013.

The development will abide and follow the Malaysian Green Building Index guidelines and is expected to be fully operational by 2014.

The mixed development sits on a 17-acre site located on the south-eastern part of Langkawi island, which will also be occupied by hotels, residential villas, spa and support facilities.

The development will be parceled into four different precincts with various types of resort properties. The properties included in this development are a niche boutique-styled hotel offering 18 luxurious villas, a five-star hotel complex with 110 club suites, and 31 cabana villas positioned as prime residential choices.

“The high-end residential villas will be sold at US$750,000 (RM 2.47 million) upwards for each unit. That will be not on a sale basis, but a long lease similar to resort villas in Bali and Phuket because we feel that if they (investors) buy en bloc, they would rather keep it under their asset base so they can lease it out and residents can enjoy the hotel operators services and get the return of investment of up to 8% per annum” she said.

She was speaking to reporters after the signing of Memorandum of Agreement between both parties here on Friday, June 12.

Deputy Minister of Tourism Datuk Dr James Dawos Mamit officiated the event and witnessed the signing ceremony.

The resort development will be accessible by a private one-kilometer road from the main road of Bukit Malut. It also will have its own private beach, and a mangrove sanctuary surrounding the forest reserve that will be preserved as part of Rahsia’s eco and “going green” concept for the development.

It also borders a river estuary near Kampung Temoyong, a fishermen’s village.

“We are seeking the grants from the Tourism Ministry to re-nourish the mangrove and upgrade the fishermen’s jetty. It is part of our green initiative,” Hanizah said.

Meanwhile, Asian Finance Bank’s chief executive officer Datuk Mohamed Azahari Kamil said that the bank will market the property to its Middle Eastern network.

“We have identified potential buyers for the development. The potential buyers are our high net worth individuals from our Qatar Islamic Bank. We are tapping the so-called private banking clients in Doha that have indicated their interests in looking into resort living.

“We will be going to our marketing road show to introduce these properties to them after the summer holiday,” Mohamad Azahari said.

The Asian Finance Bank is backed by a consortium of shareholders from leading Middle Eastern financial institutions – Qatar Islamic Bank and associates (70%), RUSD Investment Bank Inc of Saudi Arabia (20%) and Financial Assets Bahrain WLL (10%).

Asked whether the development will be undertaken by Rahsia Estates alone or by joint venture, Mohamed Azahari sai: “We will help to identify the potential investors who will come in together to form a strategic collaboration with Rahsia for the development. The funding will come from both equity and debt.”