Hmm… I was at the seminar where there was a presentation on how attractive it is to buy land in Malaysia – especially in Langkawi. But… Langkawi is already pretty developed… and the presentation was done by a high-end property developer who is constructing luxury homes on Langkawi.
From Straits Times, September 23:
“Langkawi – island retreat now in vogue
HIGH-END LUXURY HOMES are in short supply on the island, so developers are snapping up sites in prime areas such as Bukit Malut, which offers fabulous ocean views.
LANGKAWI has just been quietly rebranded as ‘Langkawi GeoPark’ – after it was bestowed World GeoPark status by the United Nations body Unesco in June.
This means the archipelago of 99 islands in the Andaman Sea, about 30km off north-western Malaysia, has provided a plan for environmentally sustainable development.
The main island is already one of Malaysia’s hottest tourist spots with its white sand beaches set against lush, tropical jungle foliage and mountain peaks.
Despite this allure, there is a ‘massive undersupply’ of high- end residential accommodation, said Mr Rohan Cavaliero, a director of property developer 99 East Langkawi.
His company is one of the few developers currently building low-density luxury homes, which Mr Cavaliero expects to be snapped up quickly by well- heeled foreign investors.
The development, 99 East, is located on Bukit Malut and will offer 120 units in its first phase – mainly villas. The company is hoping to launch the units for sale by the end of the year, with prices starting at between RM600 and RM800 (S$262 and S$350) per sq ft (psf). The project has started construction.
Other projects under way on the island include a residential one for luxury villas called The Westin Residences by property developer Langkawi Island Resort, which is also behind The Westin Langkawi Resort & Spa.
Dubai-based developer Kingdom Hotel Investments, of the Four Seasons brand, is planning a similar project in Langkawi.
Mr K.K. Yap, of Rahim & Co, a sales associate of property consultancy Savills in Malaysia, said there is demand for high-quality, well-managed developments in Langkawi.
The island offers good road infrastructure and easy access to an international airport. These make it an ideal location, said Mr Yap, for tourists and investors alike.:”