Sepang Gold Coast’s Golden Palm Sea Villas opening in April 2010

PETALING JAYA: The Golden Palm Sea Villas in the beach locale of Bagan Lalang, Sepang, Selangor is nearing completion. The hand-over process to purchasers will be done in phases and should be completed, barring any delays, in April, said the developer.

The project has a gross development value of RM315 million. It is one of several projects that make up the Sepang Gold Coast development along 22km of coastline which will take about 15 years to complete.  The entire Sepang Gold Coast development is estimated to have a GDV of RM3 billion. The developer is Sepang Goldcoast Sdn Bhd, a 70:30 joint venture between Permodalan Negeri Selangor Bhd and Sepang Bay Sdn Bhd.

Golden Palm Sea Villas was modeled after The Palm in Dubai, with the only difference being the villas are on stilts instead of being on reclaimed land. Overseas buyers make up the bulk of owners, mainly from the UK and Dubai.

Unit sizes vary between 570 sq ft and 2,422 sq ft with the prices ranging from RM571,815 to RM2,500,696. All units come fully-furnished, minus cooking facilities to eliminate fire hazard due to the dry thatched grass roofing of each villa. The property has 366 units and to date 92% have been taken up. The development stretches 1km out into the Straits of Melaka.

Purchasers of the villas had the option of own use or lease back, with a majority choosing the latter. The lease back owners will have their property managed and operated by hotel operator Swiss-Belhotel International as a 5-star accommodation.

An earlier news report quoting the developer said owners can expect returns on their investment of about 8% rental yield for the first two years based upon the purchase price.  All maintenance charges and contributions to the sinking fund are borne by the developer whereas those who opted for own use have to bear these costs themselves.