Malaysian property developer Landmarks plans to develop a water resort city in Indonesia’s Bintan Island and intends to sink up to $3.5 billion of investment over the next 10 to 12 years in the island, says the project’s chief operating officer.
Landmarks, through Singapore-based unit Bintan Treasure Bay, plans to develop 338 hectares of land in Bintan into an integrated facility that will provide leisure facilities, residential, cultural and commercial real estate supported by international standards facilities. The resort will be called Treasure Bay, Pesona Lagoi Bintan.
Paul Leong, Treasure Bay’s COO, told the Jakarta Globe last week that he hoped the development would become “the region’s most iconic premier waterfront resort city” for travelers, investors and businesses in Southeast Asia.
“By master-planning an integrated leisure and urban township development which features a unique cut-through of unique tourism products, the resort will stimulate sustainable tourism and job creation in Bintan, and encourage consistent appreciation on local real estate values,” Leong said.
The first phase of development will kick off in the fourth quarter of 2014, in which Landmarks plans a $650 million development to turn 90 hectares of land into various resort facilities. It plans to build hotels, luxury villas, bars and restaurants.
Leong said the project would dramatically increase Bintan’s profile as a premier destination in the region, adding that Bintan’s close proximity to Singapore, the region’s financial hub, would allow the resort to tap a potential international audience.
“There is an unprecedented pool of wealth emerging across Asia,” said John Ballantyne, Treasure Bay’s technical adviser.
“Treasure Bay provides a strong investment opportunity for Asians wanting long-term value and appreciation potential on real estate. The wealth of Asian millionaires now surpasses Europe’s rich, and the booming economy is fueling the trend for second and even third homes. In China alone, middle-class and affluent consumers are expected to triple to 400 million by 2020. Treasure Bay is well placed to tap on this unprecedented Asian affluence as an integrated offering.”
Leong said the project was strategically situated near the existing Bandar Bintan Telani ferry terminal. Plans are also underway for a transport hub catering to seaplanes, leisure boats, ferries and cruise ships, he said.
The government also plans to develop an international airport in Bintan by 2015.(Jakarta Globe)