STG unit to invest RM10m in ECER project

GOLD Coast Kuantan Resort Sdn Bhd, a subsidiary of the STG Group that aims to be listed on the local bourse by 2012, will invest RM10 million in its first property development in the East Coast Economic Region (ECER).

The development will consist of 99 apartment suites with full hotel service and will be located with a full view of the South China sea.

"Over 60 per cent of the freehold Gold Coast Kuantan apartment suites have been sold," said STG Group chairman Datuk Dr Alex Tan Siong Seng in a statement yesterday.

"Some 80 per cent of them have signed up for the investment plan, while the balance will be owner- occupied," Tan said, adding that the buyers are equally split up between domestic and foreign purchasers.

The Gold Coast Kuantan project is expected to be completed by 2010.

Gold Coast Kuantan follows in the footsteps of another Gold Coast development, Gold Coast Morib Resort, which is expected to be completed by December this year.

"The group has plans for properties with different characteristics from those with ocean and lake views to islands' hills," said Tan.

He added that the new property in Kuantan will be built with high standards in mind, with the building material and furnishing being fitted out like a hotel.

"You can enjoy your own personal spa in the bathroom while looking out at the ocean or enjoying the east coast's famous sunsets," he said, adding that Gold Coast Kuantan will also provide good return on investment.

"While purchasers own a luxury holiday property by the beach, which is run like a hotel, and enjoy the property's leisure facilities, they can also choose to have their properties managed and rented out on a nightly occupancy basis by a professional company when they are away.

"This gives owners an 8 per cent return per annum on their investment for up to 15 years, without sacrificing their ability to use the property or any other Gold Coast properties for up to 60 days if they chose to," he said.

Owners can also expect a capital appreciation of 40 per cent after five years from the date of purchase.

Facilities at Gold Coast Kuantan include a club house, a cafe, seafood restaurants, water sports, a healthcare centre, karaoke, a bar, 24-hour security and hotel management services.

By Business Times (by B. Suresh Ram)