Tanco eyes RM140mil sales from new suites

KUALA LUMPUR: Property developer Tanco Holdings Bhd aims to achieve RM140mil sales for the serviced suites at its water theme park Splash Park in Port Dickson, Negri Sembilan.

Group managing director Andrew Tan Jun Suan said to-date the company had secured sales of about RM90mil for the project.

“The serviced suite is under the first phase of Splash Park comprising two blocks with a gross development value of RM300mil,” he told reporters after the company’s AGM.

He said the company had completed the ground works for the first phase and had started works on the sub-structure this month, and the project was slated for completion in 27 months.

Tan said Tanco was also targeting foreign buyers as the company was granted a special exemption by the state government for resort/hotel-based property which do not compete with standard property for the locals.

“We believe investment for leisure-based property are structured to be more stable and will yield better revenues,” he said.

Splash Park, spread over 9.2 ha, will also feature the largest Play Ship in Malaysia, a hotel and an 18-hole golf course.

He said the company was also in the planning stage to develop its land bank in Kuantan, Pahang, and Terengganu into similar resort/hotel projects.

On the property outlook next year, Tan said the market would likely be driven by sentiments and policies, although the underlying fundamentals of the country’s economy remained strong.

“We will be taking a conservative step by being in a flexible position and keep a close tab on the property market due to the current economic environment. — Bernama