KUALA LUMPUR: High-end property developer Sanctuary Lakes Global Group (SLGG) is planing to develop a high-end seafront residential development in Kuching, Sarawak, the company's second in the East Malaysian city.
SLGG director Leo Tan said currently the company is in talks with several potential partners in finding a strategic masterplan for the development.
While there was no timeline given, it was made to understand that the development will comprise of resort-style low-rise residential and will be situated on the coastal area of the city.
"The potential in Sarawak is huge. The country is on an equal footing with Peninsular Malaysia with direct air connectivity to China and some big Asian cities.
"I think the population there is going to expand in the coming years and investors could not go wrong if they invest in properties there," Leo told The New Straits Times.
SLGG already had its footprint in East Malaysia back in 1990, having completed Kasuma Resort, a lakeside residential project in Kuching.
The 128 acres Kasuma Resort, a joint-venture with the Sarawak government's Land Custody and Development Authority, comprises 94 luxury villas, 288 luxury condominiums, a clubhouse and a restaurant complex, mostly with direct 23 acre lake frontage.
The project, which had a gross development value (GDV) of RM190 million, which was launched in 1995 and completed in 2004 was fully taken up.
Touching on projects in China, SLGG has several development projects in Sichuan province, one namely Sanctuary Xian Hai Villas, which currently ongoing, encompassing about 41 acres of landbank.
"We are looking at a multi-generational development there, all landed properties, comprising terrace houses, semi-detached and bungalows.
"We have completed the first 36 villas out of a total 158 villas, and we are moving into the townhouses and terrace house which are part of the development,” Leo said.
Sanctuary Xian Hai Villas has a gross development value (GDV) of US$100 million and the project offers varying types of Spanish-style villas as detached and linked units.
Developed over 5 phases, it is targeted to be completed in between six and eight years.
In Kuala Lumpur, SLGG recently launched Santuari Park Pantai, a low-density freehold residential development on a 38-acre freehold plot in Kuala Lumpur.
The high-end current development comprises 150 units consisting of garden and courtyard villas, bungalow lots and low-rise apartments and complemented by a linear park.
The first phase – priced from RM3.8 million to RM8.8 million – will have seven garden villas and 13 courtyard villas which are targeted to be completed by June 2020.
"The phase one of this development is targeted to multi-generation families, as the units are quite large.
"The buyers are high income earners who are looking for a permanent place within the city," he said.
On corporate side, Leo brushed off the idea of listing in Bursa Malaysia as emphasised that the company is doing quite well being a private entity.
"So far, from the group strategy, I have not heard any discussions of listing in the stock exchange, but as a private company, we are quite comfortable in handling our business, investments, projects and product offerings," he said.