TSR Capital in JV to develop RM3.25bil resort township in Langkawi


At the Beacon Langkawi development MoU signing ceremony: (seated from left) Back Joo Sun from Global Venture Holdings, Terusan Al-Maju chief executive officer Kolonel Ab Halim Awang and TSR Capital executive director Tengku Ab Hadi Tengku Mustafa.

KUALA LUMPUR: TSR Capital Bhd will develop a resort township with a projected gross development value of RM3.25bil in Langkawi jointly with the landowner, Terusan Al-Maju Sdn Bhd, and US-based Globe Venture Holdings Inc.

The construction and property development company said in a statement that it had inked a memorandum of understanding (MoU) with the two firms on 76 acres of super prime land fronting the Blue Andaman Sea.

The Beacon Langkawi development, located next to St Regis Langkawi, was set to become a first class tourist destination and attraction, TSR Capital said. The international resort township will be a family centre for leisure and entertainment in collaboration with well-known operator.

TSR Capital executive director Tengku Ab Hadi Tengku Mustafa said the company intended to develop Beacon Langkawi into a high-end mixed property development comprising residential, resorts & hotels, commercial and corporate buildings tailored for the tourism and services industry.

Terusan Al-Maju chief executive officer Kolonel Ab Halim Awang said: “As the land owner of the Beacon Langkawi development project, the company hopes that the project will improve the income of Langkawi by raising the standards of the facilities and services to meet the demands and requirements of luxury tourism.”

Terusan Al-Maju and TSR have agreed to share the assets and liabilities, development cost, profit and loss, and the rights and responsibilities in the proposed project on a 60:40 basis respectively.

The statement did not spell out Globe Venture Holdings’ role in the project. It is a global provider of institutional and private client wealth management solutions, including asset management, investment processing and investment operations.

The MOU exchange was witnessed by Kedah Mentri Besar Datuk Seri Ahmad Bashah Md Hanipah and TSR Capital deputy chairman Tan Sri Lim Kang Yew.

The MoU will remain in force for one year subject to such extension of time as may be mutually agreed on.


Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 0
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!
   

Next In Business News

U.S. consumer spending slows in February; inflation cooling
Wall St set to open higher as inflation data boosts softer Fed policy hopes
Aubrens maintains competitive edge
Ringgit ends higher against US dollar amid forex market volatility
RHB Bank, Boost Holdings to subscribe shares in Boost Bhd for RM100mil
Comintel bags RM168.3mil construction contract
Uzma wins RM70mil LNG supply contract
Maybank IBG renews MoU with Cambodian regulator to develop country’s securities industry
Public Mutual declares more than RM147mil distributions for 10 funds
FBM KLCI dips 2.02 points on final trading day of 1Q

Others Also Read