STG Group plans RM50m resort in Kenyir

KUALA TERENGGANU: The STG Group, which develops the Gold Coast Resorts projects, will invest RM50 million in a lake holiday resort in Kenyir, making it the second project in the East Coast Economic Region (ECER).

The Gold Coast Kenyir project, will be built over 53 acres, and will start in March 2010. The first phase is 88 bungalows built over Lake Kenyir, followed by 188 long houses and a hotel mall.

“The Gold Coast Kenyir development will be unique. The project will be made up of a hotel mall with shops, long houses and bungalows built over Lake Kenyir’s serene waters,” said STG Group chairman Datuk Dr Alex Tan Siong Seng.

“We are optimistic this project will help draw more tourists to Lake Kenyir to enjoy its natural scenic beauty and water sports,” he said.

Lake Kenyir. which is Asia’s largest man-made lake, contains about 23.6 million cubic metres of water and covers 369 sq km. Under the ECER master plan, the lake has been designated for agro-tourism.

“This Lake Kenyir development, like other Gold Coast projects, offers good investment value as well as unrivalled lifestyle and leisure activities,” said Tan.

“Purchasers own a luxury holiday property built over the lake which is run like a hotel and enjoy nature’s scenic beauty. At the same time, they can also choose to have their property managed and rented out on a nightly occupancy basis by a professional company when they are away.

“This rental programme gives owners 8% returns per annum on their investment for up to 15 years, without sacrificing their ability to use the property or any other Gold Coast property for up to 60 days if they chose to.”

While the Gold Coast’s projects are bought off the plan, Dr Tan said owners can expect capital appreciation of 40% after five years from the date of purchase.

“Our buyers are equally split up between domestic and foreign purchasers. Some 80 per cent of them have signed up for the investment plan while the balance will be owner occupied,” he said.

The Kenyir project is the second for the STG Group in the ECER. The first is the RM10 million Gold Coast Kuantan resort, consisting 99 apartment suites.

Other Gold Coast properties include Gold Coast Morib Resort, Nottingham International apartments, located near the Nottingham University in Klang Valley; and Gold Coast Pulau Pangkor.

By The EDGE Malaysia (by Joseph Chin)