Rahsia Estates inks deal with Ri-Yaz Hotels & Resorts

KUALA LUMPUR (May 22): Sarawak-based developer Rahsia Estates Sdn Bhd (Rahsia Estates) has appointed Ri-Yaz Hotels & Resorts as the operator of its new hospitality property (which is expected to be completed mid-2015) in Langkawi.

Called Rahsia Estates Resort Residences & Spa, the RM380 million project will be Langkawi's first gated-and-guarded mixed hospitality and resort residential development. The construction of the 5-star 268 unit hotel-cum-resort residence commenced since March, and will be undertaken in three phases by Sun Jin Engineering (M) Sdn Bhd, the main contractor.

"All the resort operators we met over the one year search were five-star operators and excellent international hoteliers," said Rahsia Estates chief executive officer Hanizah Abdul Hamid.

"However, a few months ago, right on our very own shores, we found a home-grown resort hotel and residential operator in Ri-Yaz Hotels & Resorts, whose founder and managing director Datuk Shaheen Shah shared out vision for Rahsia Estates," she said.

Witnessing the agreement signed by both Hanizah and Shaheen were Northern Corridor Implementation Authority chief executive officer Datuk Redza Rafiq Abdul Razak Rahsia Estates group of companies chairman Tan Sri Lamin Mohd Yunus.

Hanizah said that Ri-Yaz will operate and manage the three hospitality precincts within Rahsia Estates' 17-acre site: Precinct 1, comprising 121 units of resort apartments (Phases 1 & 2); Precinct 2, a five-star 116 room hotel; and Precinct 3, comprising 31 units luxury beachside Cabana Villas facing the famous Pulau Dayang Bunting, the second largest island (after Langkawi) off the Kedah coast.

"The 121 luxury resort apartment suites in Precinct 1 shall be branded and operated as Ri-Yaz Treetop [email protected] Estates," she said. A sales launch for 59 units within Precinct 1's TreeTop Villas is being presented to a selected list of local and international clientele, where unit owners will be offered a guaranteed lease back annual return on investment of 5.5% nett for five years. They will also enjoy a 2-year waiver on their maintenance fees.  

Precinct 2 — branded as Ri-Yaz [email protected] Estates — will be a luxury, Green Building Index-certified (GBI) state-of-the-art hotel within a tropical island setting. The contract to operate and manage this development is for 12 years, with first rights given to Ri-Yaz to extend the contract on a five-yearly basis.

"We envisage the first two Precincts of Ri-Yaz Resort Residences & [email protected] Estates to be fully operational by early 2015," said Hanizah, adding that the group is on an expansion drive to add on many more international destinations like Bali, Dubai, Thailand and India to their portfolio.

Ri-Yaz manages Cyberview Resort & Spa at Cyberjaya, its flagship project, as well as the Ri-Yaz Heritage Marina Resort & Spa at Pulau Duyong, Kuala Terengganu.

Rahsia Estates — formed in 2006 — is a member of the HD Concepts Consolidated Sdn Bhd group of companies. The HD Concepts Group started in 1987 with the incorporation of HD Consultants Sdn Bhd. Some of the groups' projects include Merdeka Plaza, Riverbank Suites and Riverside Round Restaurant — all in Kuching — as well as the New Kuching Court Complex in Petra Jaya.

Looking for properties to buy or rent? With >150,000 exclusive listings, including undervalued properties, from vetted Pro Agents, you can now easily find the right property on Malaysia's leading property portal EdgeProp! You can also get free past transacted data and use our proprietary Edge Reference Price tool, to make an informed purchase.