has commenced the development of Impiana Resort & Residences Cherating, which has a gross development value of RM380mil.In a statement, the hospitality operator said the GDV Is more than double that of its market capitalisation of about RM118mil.
Impiana Cherating will be situated on 30 acres of beach front land and feature luxurious furnished service suites and villas, as well as an international all-day dining restaurant, beachfront pool bar and restaurant, beachfront barbeque, lounge bar and spa.
The project will be developed in three phases, and is targeted for completion by 2023.
According to the group, demand has been encouraging with the entire Phase 1 with an estimated GDV of RM154.4mil has been taken up by two parties.
Silver Max Asia Pacific Labuan Ltd has made an en bloc purchase of 126 units while the remaining units with eight exclusive villas have gone to another en bloc purchaser.
Phases 2 and 3, with an estimated combined GDV of RM225mil, will be a joint development between Artha Global Sdn Bhd and Impiana.
Upon completion, Impiana will manage the development and provide the group with stable recurring income.
"We are very excited with the development of Impiana Cherating.
"We have kickstarted this project with the en bloc sales of phase 1 which sends a strong signal to the market that tourism is still evergreen," said Impiana executive chairman Datuk Seri Ismail @ Farouk Abdullah.
He added that the group is optimistic that the take-up rate of Phases 2 and 3 will be promising given the strong take-up in Phase 1.
"Impiana Cherating is strategically located at the beach front with many existing and upcoming amenities in the area.
"We would like to thank our partners and purchasers for their confidence. Impiana will deliver the project within the stipulated time," he said.