Extract from The Star (16/3/2017)
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.