An artist impression of an overview of Riverbank Cove in Manjung, Perak. Courtesy of RH Consortium
Perak-based developer RH Consortium Sdn Bhd, which aims to go public in the next three to five years is in talks with healthcare and hotel operators for its project, Riverbank Cove, in Manjung, Perak.
Riverbank Cove, which is situated at the river mouth of Sungai Tiong overseeing Pangkor Island has a gross development value of RM2 billion.
The plan for the 52-hectare development is to have residential and commercial properties, a healthcare centre, a boutique hotel, and student accommodation.
The company's executive chairman Ramelle Ashram Ramli said it is looking to open a branded boutique hotel with 80 to 100 rooms, and a confinement centre in Riverbank Cove.
"We want to build something different at Riverbank Cove and not the ordinary brick and mortar, which is why we have a hotel, to cater to the expatriate market and visitors, and healthcare. With Pangkor's duty-free status, there are more international tourists coming so we think a hotel will do well in our development," said Ramelle.
Ramelle told NST Property he hopes to sign an agreement with the hotel group in the third quarter, and with the healthcare operator by the end of this year.
RH Consortium has raised RM200 million via Sukuk issuance with Kenanga Investment Bank Bhd to fund Riverbank Cove.
Ramelle said the company has drawn down RM33 million for the initial phases of the development.
New property launches in Riverbank Cove
Ramelle is cautiously optimistic that the property market will bounce back, thus it is gearing up to launch new phases in Riverbank Cove this year.
He is also bullish that it will meet the revenue target this year.
The company is targeting RM30 million in revenue this year as it is just starting off the development. The revenue target for 2021 is to achieve close to RM100 million.
"I am very confident because Manjung is not an investors' market. Its real people buying there. The locals are buying for their children. We are currently selling the houses below market as we want to introduce people to our development. We want to launch Riverbank Cove with a positive start," said Ramelle.
There are six phases of development in Riverbank Cove, and about 10 per cent of the total land size has been allocated for green spaces.
Riverbank Cove will have four parks, four lakes and a 20-metre canal that flows through part of the development from Sungai Manjung.
The first phase of Riverbank Cove has a GDV of RM150 million and will offer a total of 557 residential units, to be developed in four sub-phases.
To date RH Consortium has launched the first sub-phase comprising 100 units of double-storey terrace houses, selling from RM290,000 to RM480,000 (corner units).
The houses, launched in October 2019 are about 60 per cent sold.
Ramelle said the company is launching the second and third sub-phases featuring a total of 350 townhouses in the third quarter of this year.
The townhouses will be selling from RM190,000 to RM220,000 each, he said.
The final sub-phase will consist of 107 units of double-storey terraced houses, priced up to RM350,000 each. The launch is expected to take place in the fourth quarter of this year.
"The units are slightly bigger than our first launch and have more finishings," said Ramelle.
Ramelle said the government has given approval for RH Consortium to launch the MyHome (private affordable ownership housing scheme) programme for Riverbank Cover.
He said the MyHome scheme will be an added advantage for Riverbank Cove as it will allow more people to purchase the houses.
Riverbank Cove has the "ingredients" for growth
RH Consortium group chief executive officer Hamzarul Hazmir Hamdan said the Manjung district is surpassing Taiping and Ipoh in terms of rental rate and sale price thanks to all the industries located there.
Manjung is home to TNB Janamanjung, Petronas oil terminal, Sapura Energy fabrication yard, shipbuilding companies, mineral companies who export their products through Lumut port, and Vale, a Brazilian iron ore firm.
"Because of these industries and mega projects in Manjung, there is a strong market for residential and commercial properties. We also anticipate robust demand for student accommodation as University Kuala Lumpur (UniKL) Manjung campus is located close to our development.
"Manjung is also covered under the northern corridor economic region and this is why we are putting a huge bet on it," said Hamzarul.
Hamzarul said the company is planning to also launch student accommodations this year.
RH Consortium plans to build two blocks of apartments with a total of 400 units and sell with a leaseback option.
Hamzarul said the units, with sizes ranging from 800 sq ft to 1,000 sq ft will be selling from RM280,000 to RM400,000.
"There is a ready market for students in Manjung, which means there is high potential to lease the apartments. UniKL has more than 2,000 students currently and they have plans to increase up to 5,000 students in the next three years," said Ramelle.
Hamzarul said future developments in Riverbank Cove will include gated and guarded projects.
"We plan to build terraced houses at a slight premium price. There will be a luxury cluster of semi-detached homes with their own internal park and high-end townhouses. These luxury residential offerings will be complemented with a 20,000 square feet clubhouse," he said.
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