The developer now has 6.89ha of land located near Kampung Temoyong which is some 15 minutes away from the airport.
Work on its first phase will start next month. Chief executive officer of Rahsia Estates Sdn Bhd, Hanizah Tun Abdul Hamid said that it is already negotiating for an additional 1.62ha of land and is looking for more land in the vicinity of Rahsia Estates development.
"We could possibly buy more land and we are open to forming joint-venture for our future projects," Hanizah said, adding that a likely partner would be one which has similar aspiration and passion for such a project.
Rahsia Estates, which faces the Lake of the Pregnant Maiden, is promoting itself as an eco-tourism resort as it will be maintaining the mangrove in the area as well as some 0.81ha of forest within the resort.
The resort's hotel will conform to the Green Building Index. It plans to invest in enhancing the fishing jetty for the local fishing community's benefit.
The mixed hotel-residential development, expected to take three years to complete, comprises several precincts that will include both luxury villas and suites.
Precinct 1, Phase 1 - Tree Top Villas - will have six main villas with a total of 50 units. Work will start early 2012 and is slated for completion in the first quarter of 2013.
Rahsia Estates is looking at selling these units and leasing back at least 80 per cent of the units sold.
Meanwhile, the hotel component with about 116 rooms to 119 rooms will not be sold.
"Due to high material costs, we are expecting return on investment to take 12 years ... but we are working to push it to eight years," she told Business Times in an interview.
Rahsia Estates' plan is to sign a management contract with a resort manager that will run both the hotel and the villas.
The hotel, Hanizah said, is likely to be a four-star as several recent new hotel announcements on the island have been in the five-star category.
The developer, which is already in talks with several hotel operators, is keen to sign an operator that can deliver hospitality as experienced in Bali and Thailand. "The Thais and the Balinese have perfected the art of hospitality," she said.
Meanwhile, Phase 2 of Precinct 1 will see an addition of 50 villas, which will be developed at a later stage.
Precinct 3 will have 32 Cabana Villas while Precinct 4 comprises 31 units of Tree Top Chalets.
Rahsia Estates is a member of HD Concepts Consolidated Sdn Bhd group of companies. Riverbank Suites, Merdeka Plaza and the New Kuching Courts in Sarawak are among the developer's previous projects.
By Business Times
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