Published in NST on March 31, 2014
TRADEWINDS Corporation Bhd (TCB) expects to net a profit of RM2 billion from its Perdana Quay integrated resort development, here, says its director of project and technical services Tey Kok Kheong.
The project, which carries a development value of RM4 billion, will be carried out in six phases over the next 10 to 12 years.
Perdana Quay's integrated development will involve the development of some 96ha of land at Pantai Kok-Teluk Burau on the northwest of Langkawi.
The property will be developed into five distinct components, including waterfront holiday villas, lake homes, themed attractions and other luxury residential properties.
"We estimate the gross development cost for this project to be around RM2 billion, with net profits kicking in once the themed attractions open," he told Business Times.
The first phase of the Perdana Quay development will include natural and family-oriented attractions like butterfly, forest and water-themed adventure parks, of which some have started operations.
The development is also set to include retail outlets, hotel and convention facilities aimed at the core China, Middle East and United Kingdom tourists and shoppers.
TCB's development of a luxury deluxe resort, The Burau, which is sited on the former Mutiara Burau Bay Resort site, kicked off yesterday.
The Burau, which will be developed at a cost of RM420 million, is expected to be completed by the end of 2017.
It will see the construction of 245 deluxe rooms and 60 luxury villas, which includes 26 ultra-luxury villas on Pulau Anak Burau.
On the project's financing, TCB's group chief executive officer Shaharul Fareez said it will be a combination of debt-financing and equity.
He did not rule out the possibility of tying up with specialist investors to help build its proposed water theme park.
"We have the site and the resources and we are seeking the expertise … we think this is a good marriage," he told a media briefing on Saturday.
TCB is one of Malaysia's premier leisure and hospitality owner operators, and its investment in Langkawi includes hotels such as The Danna Langkawi, Meritus Pelangi Beach Resort and the former Mutiara Burau Bay Resort, which has contributed over 600 rooms to the island.
ENDS
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