Under original plans the Canyon Ranch Bintan resort was to consist of 64 hotel suites and 64 villas, arranged in compound-like configurations of one to three units each.
Singapore's The Straits Times reported that the China-backed consortium led by Malaysia's Iskandar Waterfront Holdings (IWH), which is controlled by the property tychoon Tan Sri Lim Kang Hoo, is the frontrunner for the stake of more than RM11 billion.
Finance director Ooi conceded the need to diversify the business due to increasing competition. “Our business volume may come from construction, but profit may be from other activities. For construction, we try to negotiate better margin and save costs,”
Hong Leong Investment Bank Bhd said in its reports today the joint venture (JV) would enable WCT to reduce its net gearing from 77% to 68%.
UEM Sunrise and WCT had today signed a conditional subscription and shareholders agreement, under which UEM Sunrise proposed to buy a 50% stake in the expanded share capital of Jubiliant Courtyard Sdn Bhd (JCSB) for RM214.88 million.