KUALA LUMPUR: Impiana Hotels Bhd will be commencing the development of Impiana Resort & Residences Cherating with a total gross development value (GDV) of approximately RM380 million.
In a statement today, the company said the GDV is more than double Impiana’s market capitalisation of approximately RM118 million.
Sitting on a 30-acre beachfront land, Impiana Cherating will be developed in three phases, targeted to be completed by 2023.
“The demand has been so encouraging that the entire Phase 1, with an estimated GDV of RM154.4 million, has already been taken up by two parties.
“Silver Max Asia Pacific Labuan Ltd has made an en bloc purchase of 126 units while the remaining 18 units with eight exclusive villas have also been fully taken up by another en bloc purchaser,” it said.
In turn, Impiana said Phase 2 and 3 would be a joint development between Artha Global Sdn Bhd and Impiana.
The combined total GDV of Phase 2 and 3 is estimated to be a whopping RM225 million.
“Upon completion of the development, Impiana will be managing the development, which will then provide the company with stable recurring income,” it said.
Impiana executive chairman Datuk Seri Ismail @ Farouk Abdullah said the company had kickstarted this project with the en bloc sales of Phase 1, which sends a strong signal to the market that tourism is still evergreen.
“Our plans are forward-looking, and we will press on to ensure we will continue to grow despite facing this pandemic. Phase 2 and 3 will be more extensive.
“We are optimistic that the take up rate will be promising as reflected in Phase 1.
“Impiana Cherating is strategically located at the beachfront with many existing and upcoming amenities in the area,” he said.
Source: New Straits Times
