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KUALA LUMPUR (Sept 29): Regional hospitality operator Impiana Hotel Bhd will commence the development of Impiana Resort & Residences in Cherating (Impiana Cherating) (pictured), Kuantan, which carries a gross development value (GDV) of RM380 million.
In a media statement today, Impiana Hotel Bhd said the GDV of Impiana Cherating is more than double of the group’s market capitalisation of approximately RM118 million.
Sitting on a 30-acre beach front land, Impiana Cherating will be developed in three phases and is expected to be completed by 2023.
The development has seen strong interest as phase one (with an estimated GDV of RM154.4 million) has been purchased entirely - with 126 units purchased by Silver Max Asia Pacific Labuan Ltd while the remaining 18 units and eight villas were taken up by an unnamed buyer, according to Impiana Hotel.
Additionally, Impiana Hotel will join hands with Artha Global Sdn Bhd, a local company under Ar. Hud Abu Bakar, to develop phase two and three of Impiana Cherating which has an estimated GDV of RM225 million.
“Upon completion of the development, Impiana will be managing the development which will then provide the Group with stable recurring income,” said the statement.
Datuk Seri Ismail Farouk Abdullah, executive chairman of Impiana Hotel, is optimistic on the outlook for phases two and three based on the take-up performance of phase one.
“We are very excited with the development of Impiana Cherating. We have kick started 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 larger. We are optimistic that the take up rate will be promising as reflected in phase 1,” Ismail Farouk said.
Offering luxurious furnished serviced suites and villas, Impiana Resort & Residences Cherating which is sited on a 30-acre beach front land will feature an international all day dining restaurant, beachfront pool bar and restaurant, beachfront barbecue, lounge bar and spa.
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