KUALA LUMPUR, Nov 12 (Bernama) -- Rahsia Estate Sdn Bhd, a subsidiary of Riverbank Suites Sdn Bhd, plans to launch its first niche mixed residential and commercial development project in Pulau Langkawi in March next year. The "Rahsia Estate's Island Residences and Spa Langkawi" will be located situated on 15 acres of undulating land.Rahsia Estate's group chief executive officer Hanizah Tun Abdul Hamid said the project's present development was valued at RM250 million.
"This high-end project will consist of luxury corporate retreat bungalows and semi-duplex precincts," she said.Haniza said the company was targeting both domestic and international markets but for now, tourists are expected to be more keen on such projects in line with the government's second home campaign. She was speaking to reporters after a signing ceremony between Rahsia Estate and Amanah Raya Bhd on sponsorship for two Islamic studies students to pursue their education at the well-known Al-Azhar University in Egypt.
Also present were Amanah Raya chairman Datuk Dusuki Ahmad and Rahsia Estate chairman Toh Puan Azian Ghazali.Hanizah said the Langkawi project, comprising two phases initially, could replace similar offerings in Phuket, Thailand, due to better infrastructure, and economic and political stability."The company also looking at a new site for phase three which will be in Langkawi too with an area of 20 to 25 acres," she said.
Asked about sales during the economic slowdown, Haniza said the company's business has not been affected as it was not depending on a single market. The company expects the economy to recover and regain its strength by the first half of next year, she said."When banks start to offer more loans, we believe the recovery process can be faster as currently many banks are very conservative in this matter," she added. The Langkawi project is scheduled to be completed in 36 months following the launch in March 2010.-- BERNAMA