KHAZANAH Nasional Bhd's resorts and hotels invest-ment arm Destination Resorts and Hotels Sdn Bhd (DRH) expects Phase One of its Desaru Coast project in Johor to generate a gross development value of RM5 billion.
The first phase is expected to be completed in 2015, Desaru Development Holdings One Sdn Bhd (DH1) chief executive Muhd Firdaus Azharuddin said.
The project, located on a 728.43ha site, is being developed by DH1 and is currently one tenth complete, Muhd Firdaus added.
Phase One will feature four components - Datai Langkawi, Sheraton Resort and Plantation Hotel, the Riverwalk (retail, food and beverage entertainment waterfront lifestyle village) and a hospitality, tourism and culinary school.
"Two water theme parks - Ocean Quest and Ocean Splash, which are in partnership with Themed Attractions and Resorts Sdn Bhd, will also be part of the phase, together with a convention centre, two golf courses as well as prime golf residences developed by UEM Land Holdings Bhd.
DH1 is the vehicle of Desaru Development Corp, a joint-venture between Bagan Cerah Sdn Bhd and Perbadanan Darul Takzim with a shareholding of 70:30 per cent respectively.
Desaru Coast, which spans over 1578.27ha along a 17km beachfront, is strategically located on the east coast of Johor and offers ease of connectivity to Singapore and Indonesia via air, land or sea.
Muhd Firdaus said the luxury destination resort will be developed in three phases. Phase 2 and phase 3 of the development are still being discussed.
Meanwhile, DRH managing director Mohd Nadziruddin Mohd Basri said Desaru Coast is expected to attract one million visitors per annum and create over 3,500 employment within the first five years.
He added that the region's first integrated luxury destination will not only complement other developments in Johor, but also stimulate various developments of trade and homegrown businesses and new townships.
"The resort will set new standards in the industry with the objective to boost tourist arrivals, extend the length of their stay and eventually increase tourist receipts," he said.
Mohd Nadziruddin said RM600 million was obtained from Malayan Banking Bhd to part-finance Phase One of the project. Khazanah will also put in a seed capital for the development.
"On each level of the project, there are joint-venture companies and subsidiaries. There will be bank borrowings as well," he added.
By Bilqis Bahari
The first phase is expected to be completed in 2015, Desaru Development Holdings One Sdn Bhd (DH1) chief executive Muhd Firdaus Azharuddin said.
The project, located on a 728.43ha site, is being developed by DH1 and is currently one tenth complete, Muhd Firdaus added.
Phase One will feature four components - Datai Langkawi, Sheraton Resort and Plantation Hotel, the Riverwalk (retail, food and beverage entertainment waterfront lifestyle village) and a hospitality, tourism and culinary school.
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DH1 is the vehicle of Desaru Development Corp, a joint-venture between Bagan Cerah Sdn Bhd and Perbadanan Darul Takzim with a shareholding of 70:30 per cent respectively.
Desaru Coast, which spans over 1578.27ha along a 17km beachfront, is strategically located on the east coast of Johor and offers ease of connectivity to Singapore and Indonesia via air, land or sea.
Muhd Firdaus said the luxury destination resort will be developed in three phases. Phase 2 and phase 3 of the development are still being discussed.
Meanwhile, DRH managing director Mohd Nadziruddin Mohd Basri said Desaru Coast is expected to attract one million visitors per annum and create over 3,500 employment within the first five years.
He added that the region's first integrated luxury destination will not only complement other developments in Johor, but also stimulate various developments of trade and homegrown businesses and new townships.
"The resort will set new standards in the industry with the objective to boost tourist arrivals, extend the length of their stay and eventually increase tourist receipts," he said.
Mohd Nadziruddin said RM600 million was obtained from Malayan Banking Bhd to part-finance Phase One of the project. Khazanah will also put in a seed capital for the development.
"On each level of the project, there are joint-venture companies and subsidiaries. There will be bank borrowings as well," he added.
By Bilqis Bahari
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