Photo shows the masterplan for Perdana Quay. Hassan says Tradewinds will focus on developing infrastructure of Perdana Quay, in the next two years, starting with The Burau Langkawi Luxury Resort set to kick-start in mid-2014.
LANGKAWI: Tradewinds Corp Bhd (Tradewinds) has commenced its luxury integrated mixed development project, Perdana Quay here, with a gross development value (GDV) of RM4 billion.
It is slated for completion within the next 10 to 12 years.
Group chief executive officer Shaharul Farez Hassan said the group would focus on developing infrastructure in the next two years before embarking on full scale development.
“The development is costing us RM2 billion and we will fund it through equity and debt financing with banks. In some cases, we may have specialist investors, with the theme park being the best example,” he told a media briefing prior to the unveiling of the Perdana Quay masterplan and groundbreaking ceremony.
However, he ruled out the possibility of relisting the company on Bursa Malaysia for funding purposes.
The whole project involves the development of about 97.12 hectares of land in Pantai Kok-Teluk Burau on the northwest of Langkawi and will be developed in six phases.
The development will become a new, high-end destination that contrasts with mid market and budget focused areas, such as Pantai Cenang and Kuah Town.
The property will be developed into five distinct components, including waterfront holiday villas, lakes homes and other luxury residential properties.
Farez said the whole development is aimed at tourists from fast-growing Asian countries like China, Singapore and the Middle East.
The Burau Langkawi Luxury Resort, will kick-off the development of Perdana Quay in mid-2014 with the construction of 245 deluxe rooms and 60 luxury villas, including 26 ultra-luxury villas on the connecting island, Pulau Anak Burau.
Revenue stream from the whole development is expected to start coming in after The Burau becomes operational in 2018.
Perdana Quay will be developed in six phases commencing with The Burau Nelayan, Nelayan precinct, Lifestyle precinct and expansion of the marina to about 2.83 hectares (seven acres).
Asked if Tradewinds Corp is in talks with foreign investors on the Perdana Quay development, Farez said the group had been approached by a number of interested foreign parties to participate in the project.
“It is still very preliminary. We are very much focused on the components that we are well versed with, and think that everything will take care of itself, after we put in the selection of critical attractions in the locations,” he added.
Meanwhile, Farez said the Crown Plaza Mutiara Hotel in Kuala Lumpur is undergoing demolition, and this is expected to be completed by the middle of this year.
“On (the redevelopment of) Menara Tun Razak, we will be making an announcement on the details very shortly,” he added.
The unveiling of the Perdana Quay masterplan and groundbreaking ceremony was officiated by Prime Minister Datuk Seri Najib Tun Razak.
The ceremony was also attended by former Prime Minister Tun Dr Mahathir Mohamad, Kedah Menteri Besar Datuk Seri Mukhriz Tun Dr Mahathir, Tan Sri Syed Mokhtar Al-Bukhary and Tradewinds International Sdn Bhd Chairman, Mohamed Ali Rashed Alabbar. — Bernama
Tradewinds commences Perdana Quay mixed development venture in Langkawi
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