Meanwhile, the property developer denies that it would get a gaming licence for the Bintan resorts
PROPERTY developer Landmarks Bhd expects the gross development value (GDV) to be derived from its integrated project in Bintan Island, Indonesia, to be more than RM4 billion.
Chief operating officer Lim Boon Soon said the masterplan for the project was currently being fine-tuned in order to look into the possibility of increasing yield.
"We will be finalising the numbers and the plan, hopefully by the first quarter of next year," he told reporters after the company's extraordinary meeting in Kuala Lumpur yesterday.
"We are looking at all things, including the number of condominiums, the kind of property and the size of saleable land at the place," he said.
Lim denied that Landmarks would get a gaming licence for the Bintan resorts.
"It is a rumour. There is nothing on the table for us yet," he said.
The Bintan project, with a GDV of RM4.07 billion, would include a lifestyle hotel and resort, plus residential and commercial development.
Landmarks will invest RM408 million to acquire 74 per cent interest in Bintan Treasure Pte Ltd, which is developing the project.
Bintan Island is increasingly being shaped as a cheaper holiday destination than Singapore, where land price has escalated due to the building of two multi-million integrated resorts in Marina Bay and Sentosa Island. - Bernama
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