CEO confident of sell-out for The Vista project


  • Business
  • Saturday, 25 Jan 2003

Datuk Edward Ong posing with a model of The Vista Condominiums.

THE Vista at Sutera Harbour, a luxurious lifestyle condominium development, targeted at the corporate tourism market, is expected to be completely sold by the end of this year, said Sutera Harbour Resort president and chief executive officer Datuk Edward Ong. 

Part of the Sutera Harbour Resort development in Kota Kinabalu, the Vista condominiums are being offered with a 9% leaseback option of 7, 14 or 21 years as well as a cash reward equivalent to the investor's total cash payout over the lease-back period underwritten by Great Eastern Life Assurance (M) Bhd. 

“In this way, instead of merely buying one property, investors can buy more than one,” Ong said after the opening of Sutera Harbour Resort's lifestyle gallery in Kuala Lumpur yesterday. Since its launch in January last year, 35% of the units, worth RM100mil, have been sold. The remaining units are expected to bring in another RM550mil. 

Investors need only put down 20%, with the remaining cost available as a loan. Combined with the leaseback scheme of 9% fixed rental return for the leaseback period, and the cash payout, investors have a very good deal, Ong said, adding that buyers included investors from South Korea, Taiwan and Singapore. 

The Gallery in Bangsar, he said, would enable locals, as well as expatriates who frequent Bangsar, to get an actual feel of the resort through the scale models and numerous photographs of the various facilities as well as the beautiful surroundings of the resort. 

“I'm excited about this concept because with the gallery here we now have a one-stop centre for those who wish to plan trips, whether for themselves or their clients,” Ong said. “We expect there will be a shortfall in hotel rooms by 2005, and rather than continue building more hotel rooms we felt this concept would serve just as well.”  

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