LUMUT: Marina Island is a visionary development project located on the coast of Teluk Muroh by Marina Sanctuary Resort Sdn Bhd. Being built entirely on an island that was reclaimed in 2003, the new township has received great feedbacks from both local and international market despite the lack of ardent marketing. With impressive future development plans in the works, Marina Island is a holy ground for investment opportunities.
The island is the brainchild of Dato' Ding Poi Chung who has over 40 years of experience in the construction and development industry. After his successful reclamation project, Venice of Perak in Manjung, he aspired to take one step further by building a reclaimed island with affordable investment opportunities to cater to both Malaysian and international investors.
Spreading over 316 acres, the freehold development project is paving its way to becoming an iconic tourist destination. It is set to complement the highly-acclaimed Pangkor Island, rather than rival it. In fact, Marina Island provides a jetty that is gateway to the island whereby the new jetty reduces the boat journey to merely 10 minutes. Previously, tourists would have to take a 40-minute boat journey from the Lumut jetty to get to Pangkor Island.
There is minimal advertising for this project outside of Perak, but surprisingly foreign buyers have found their way to the developer's website. Within eight months of launching, Marina Island's gross development value (GDV) reached over RM65 million. According to Dato' Ding, the buyers are mostly Malaysians comprising a healthy mix of retirees, investors for rental properties and business operators coming from mid-market and high-market worth.
The magnetic pull to the island includes its future development projects that consist of a water theme park, a full fledged wellness spa hotel that offers a seawater heated pool and an outdoor mud pool, private berthing docks, a convention centre that can host 6000 guests and underwater hotel rooms that will be the first in South East Asia.
"Marina Island aspires to be a waterfront resort mixed development with tourism. It offers a relaxing environment where one can work, play and just enjoy the holiday," says Dato' Ding.
Lifestyle proves to be the highlight of this development. Khoo Jae Jun of Max Capital Realty says that the island markets itself as being a one stop solution for affordable lifestyle of waterfront living and relaxation.
Catering for people from all walks of life, including sailors, there is also a wet berthing and dry dock facilities at their marina that allows boat owners to do simple cleaning and maintenance repair works, with supply shops on site. Their priority is to provide convenience for boat lovers as evident with them having the only sealift in South East Asia that hauls up boats safely from the water.
Several phases of their properties have been primarily sold in the Perak market. Their serviced apartment project, Laguna 1, semi-detached and terrace houses along with Marina Avenue 1 shop lots enjoyed a good take up rate within first year of launch. According to Propwall, their latest serviced apartment development, Laguna 2, is also set for completion soon. Interestingly, Laguna 2 offers a 'ready tenant' scheme for the prospective investors. The scheme might be worthy as the developer has already secured an tenancy agreement with Best Western hotel who is known for their hospitality success.
Other residential properties that are set for launching soon also include waterfront villas with private backyard docking and the third phase of semi-detached houses.
As an investment, Marina Island offers a unique investment opportunity by creating a feasible and sustainable environment. Marina Sanctuary Resort Sdn Bhd recognises the importance of existing infrastructure to prospective buyers. Therefore, the developer had completed and started operating some of its facilities prior to selling its properties. Among them being the jetty to Pangkor Island, Jetty Complex, Marina Island hall, marina wet birthing and dry dock, car parks and bus park for for ferry passengers.
Consequently, the residential properties in Marina Island have been experiencing a significant capital appreciation within a short few years. A semi-detached waterfront home that was sold for approximately RM490,000 during its launch is currently going for RM1.2 million, with rental fetching up to RM8,500 per month. A one-bedroom apartment in Laguna 1 was sold for approximately RM163,000 a few years ago. Now, a similarly sized Laguna 2 unit is going for RM333,000 onwards.
Marina Island has a lot of room to grow and mature. As an investment, it offers a rare opportunity to Malaysians who are looking for worthy and affordable properties that do not discount on facilities and amenities. The 43 acres of man-made lagoon with a long stretch of white sand man-made beach that is currently underway is a sign of developer's dedication in making this island a success. Their determination may fulfil the vision of having world-class water-themed developments in the country.
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