PULAI Springs Bhd is projecting more than RM60mil sales from Maharani Ayu, its first mixed property development project in Muar district, to be launched this month.
Managing director Datuk Chua Jui Leng said the development on a 10ha site along Muar River, would be one of the largest projects in the district.
“We are projecting RM63mil in sales from the project which will be completed in two to three years,” he told StarBiz after the company AGM recently.
Chua said the project would be the first riverside resort development in Johor to capitalise on the river frontage and also the first gated community in Muar.
He said other unique features included a 1.61ha water park, the largest of its kind in Muar, and a boat jetty for leisure activities.
Chua said the project would consist of 20 bungalow lots, 12 double-storey shops, 152 courtyard homes, 31 double-storey terrace houses, 12 semi-detached houses and 184 affordable homes.
He said the company was targeting a “very niche market” as all the properties came under the high-end category.
“We are confident the project will receive good response, especially from Muar folks due to its prestigious status,” said Chua.
On the company's beach resort Pulai Desaru Beach, he said the resort had received bookings from 2,500 Scandinavian tourists from July through September this year.
Chua said the marketing team managed to sign up the Scandinavian tourists to stay at the resort during the Arabian Travel Mart in Dubai in May 2005.
He said its Singapore sales office and Japanese agents had helped raised the resort's average occupancy from less than 30% to almost 50% since the company acquired the property less than a year ago.
Chua said half the visitors were Singaporeans, about 40% were locals and the remaining were foreigners, mostly Japanese.
For the financial year ended Dec 31, 2004, Pulai Springs registered RM50.52mil in turnover from RM45.39mil in 2003. Its pre-tax profit rose to RM3.19mil in 2004 against RM1.69mil recorded previously.