KL Metro Group plans RM200m water homes project on Penang island

GEORGE TOWN: Kuala Lumpur Metro Group, developer of water chalets and water homes in Port Dickson and Malacca, is planning to develop a RM200-million water homes resort project in Teluk Kumbar on Penang island.

KL Metro Group managing director Datuk Low Tak Fatt said on March 6 the project, comprising 326 water chalets and sky pool villas, was scheduled to start by year-end and to be completed in 2012.

KL Metro said the project would be self financed and have three designs while the land area would range from 800 sq ft to 1200 sq ft. Prices start from RM500 to RM600 per sq ft.

The 80 water chalets would have a jacuzzi on the balcony, 166 water chalets a private pool and another 80 sky pool villas (multistorey) would each have a private pool.

"We are hoping to sell 75% of the units, which wouldl be leased back to us. The rest of the units will be run as a resort with five-star facilities," Low said at a press conference.

Low said all the units would be furnished and KL Metro targeted 80% to 90% of the buyers to be foreigners. "So far, we have attracted buyers from over 27 countries," he said.

Out of the total area of the project, 18 acres would be above water while only two acres will be on land.

Chief Minister Lim Guan Eng, who was at the press conference, said the state government will fast track the approvals for the project.

"This project will benefit the tourism sector and we will ensure that all conditions and specifications are met by the developer before approvals are given," Lim added.

The project involves sea reclamation of 2.5 acres to build the club house, swimming pools, podium car park and other facilities.

KL Metro Group won CNBC's international property award (2007) in London for the current project, Legend International Water Homes under the category "best architecture and best development".

Touted to be the largest water chalet developer in the country, the developer completed 392 units of water chalets and service suites, now managed by The Legend Group of Hotels and Resorts.

Phase Two of the project, the Legend International water Homes is expected to be completed by May this year.

By The EDGE Malaysia (by Regina William)