by helios » Thu May 22, 2008 10:44 am
Bintan Resorts Attracts S$45 million in New Investments for Lagoi Bay Development
9 May 2008
PT Bintan Resorts Cakrawala and PT Buana Megawisatama, subsidiaries of Gallant Venture Limited, a company listed on the Singapore Stock Exchange today announced that it has sold close to 300,000 square metres of land in its Lagoi Bay development for approximately S$45 million for a variety of resort, hotel, private residential and retail projects in Bintan Resorts to date.
These investments from different groups of investors which range from property developers in the region to private individuals seeking to build their dream villas, are expected to add further buzz to the Bintan Resorts destination when completed and span across the three key components of the Lagoi Bay masterplan which comprise land for resort and hotel development; private residences; and a beach village featuring intimate boutique hotels, al fresco cafes, spas, beach bars, retail and recreational outlets.
Less than an hour from Singapore, Bintan's close proximity to Singapore puts it in a good position to tap into the 9 million leisure and business travellers visiting Singapore annually, which is expected to reach 17 million by 2015. The Lagoi Bay development was launched to cater to this growing market.
Among one of the new names to be featured in Bintan Resorts is Alila Hotels and Resorts, a leading niche player in high-end boutique hotels and resorts. With its collection of exclusive resorts in the Maldives, Bali, Thailand, Laos and Oman, Alila is set to occupy one of the prime resort sites in Lagoi Bay. The Group is expected to mark its foray into Bintan with the opening of a luxury boutique hotel in Lagoi Bay.
"Lagoi Bay's spectacular shoreline coupled with its growth potential arising from its strategic location from Singapore, makes it a natural choice for us when identifying the location for our next resort. With its well-maintained and comprehensive infrastructure and secure environment, we are confident that our project in Bintan will be well-received by our guests, said Mr Mark Edleson, President and CEO, Alila Hotels & Resorts.
BG Chin Chow Yoon, Vice-President Director, PT BRC commented, "We are certainly pleased to see many investors sharing and believing in our vision of developing a world-class resort destination. These new investments are a testimony to the potential of Bintan Resorts."
We will continue to make significant investments in infrastructure to complement our increasing developments in Bintan. Already in the pipeline are two new ferries due to be delivered in the first half of 2009, to further enhance the travelling experience for our visitors by reducing travel time and improving comfort levels.
Next is a planned tourist airport which is expected to approved by the authorities some time this year, to complement the long-haul capabilities of Singapore's Changi airport, allowing domestic and some regional tourists to fly directly into Bintan, added BG Chin.
To date, more than 10km of new construction and access roads through the Lagoi Bay development has been laid, and the first stage of infrastructure works for the first large-scale residential project has been substantially completed while new water, power, telecommunications and sewage lines will be progressively brought into the site.
Already home to brand name products and amenities such as Banyan Tree, Club Med and the award-winning Ria Bintan Gary Player golf course, Bintan Resorts has long been a popular destination with Singaporean and international visitors alike, with an average annual visitorship of about 330,000.
A new addition to these existing brands will be the Ritz Carlton Bintan which is slated to begin its operations in 2010.
The Lagoi Bay development is approximately 1,300 hectares in size and a 15-minute drive from the international ferry terminal. With land parcels ranging from 2,000 square metres to 30 hectares, there are investment opportunities for a variety of commercial and residential use.
All sites have close proximity to the beach and will have road access. The sites will also be fully served by power, potable water, telecommunications, sewer lines and solid waste collection.
>>> hence, we know why SembCorp has a 23.9% stake in this.
[Finance disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought regarding investing of any stocks/ funds and/or whatsoever. The author has no vested interest in the mentioned stock at the time of writing.