News about Langkawi

"Because of the lack of a signed land lease agreement, Lada was unable to collect the annual lease fee of RM660,000 for almost five years, resulting in a total loss of RM3.

Tropicana said the termination enables the group to save on such development costs associated with the Pantai Kok land, which will allow the group to allocate financial resources more efficiently towards the other existing businesses.

The group said ARSB's receiver and manager (R&M) Deloitte Restructuring Services PLT had entered into a binding agreement with Mutiara Hotels & Resorts Sdn Bhd for the sale of the charged asset.

Under the MOU, BDB Land will undertake to conduct a full land survey on a piece of identified land upon execution of this MOU, and furnish the land survey report to Enfiniti.

Following the first phase’s success, Tropicana Corp Bhd introduced Merissa Serviced Suites with 60 beachfront homes in a low-rise serviced suites tower.

The mature electronics company signed the MOA with Echo Asia (Hong Kong) Ltd, an affiliate of Hong Kong-listed Echo International Holdings Group Ltd, and CHEC Construction (M) Sdn Bhd, a wholly-owned subsidiary of  China Harbour Engineering Company Ltd.

The initiative saw the upgrading of existing facilities including eight commercial lots, enhanced washroom and surau facilities, and the allocation of more than 70 parking bays for cars, motorcycles and bicycles, to cater for the needs of travellers and visitors and in support of Langkawi’s tourism segment.

AmanahRaya REIT, which is expected to record a gain of RM45 million, said the proposed disposal is in line with the trust’s growth strategy to unlock and realise higher returns on its investments at a favourable price.

“Due to WINGS being appointed as government Langkawi International Maritime and Aerospace Exhibition (LIMA) 2023 hotelier, management decided to complete the business acquisition first to realise on the investment, while awaiting certain conditions subsequent to be completed for further consideration.

Nexgram had signed the agreement in September last year to acquire the 218-room Wings By Croske Resort Langkawi from Croske Hotels Sdn Bhd and Flyboys Club Sdn Bhd via the issuance of convertible preference shares.