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KUALA LUMPUR: Sepang Gold Coast Sdn Bhd (SGC) is optimistic of generating a revenue of between RM20 million and RM30 million from the operation of its Golden Palm Tree Resort.
The RM300 million resort, which will open for business in Bagan Lalang, Sepang, end-June, is 80% sold to European and Middle East buyers.
"We expect to chalk up a revenue of between RM20 million and RM30 million in the first six months to a year of operations.
"The work progress is in the final stage. About 90% is complete. We will hold a soft launch soon to give an opportunity to the public to view the resort, said SGC General Manager Francis Lee in an interview with Bernama recently.
Golden Palm Tree (GPT) water villa is the first phase out of the three-phased Sepang Gold Coast city development project, the longest paradise in Asia.
The coastal city development by SGC is a joint venture between Permodalan Negeri Selangor Berhad (PNSB) and Sepang Bay Sdn Bhd, a private investment holding company.
The GPT resort is made up of 393 water villas, built in the shape of a palm tree, stretching 1.2km into the Straits of Malacca.
Lee said buyers were guaranteed a seven per cent return on the net purchase price per annum for seven years.
"At the beginning, SGC is looking at a 30% to 35% occupancy rate. Overall, we expect an annual increase of between five and 10% with locals and Singaporeans making up 50% of the patrons to the resort," he said.
The second phase of the Sepang Gold Coast project called Escapade will consist of activity areas, restaurants and clubs that will kick off for construction next month and be completed by end-September.
Meanwhile, work on the third phase of the sea tropics project resort, costing RM300 million, will begin in September.
Lee said it was very challenging to promote a place like Bagan Lalang as it was not well-known even among Malaysians.
"So, we are putting a lot of effort to promote the resort through local and foreign travel agents besides travelling to other countries to participate in related events to establish the name," he said.
Although SGC was still new and in the process of penetrating the market for recognition, Lee was confident the entire project when completed in 2012, would be another landmark for Malaysia after the Petronas Twin Towers.
"Bagan Lalang is a quiet place but it will develop rapidly as the momentum pick ups once the GPT resort is open.
"Although the GPT resort caters for the high-end market we are confident this project will be a great success for SGC and Malaysia," he reiterated. -- Bernama
