Kuala Lumpur (8 March 2012) – Jewel of Mabul Development Sdn Bhd, a Sabah-based hotel and resorts developer, unveiled it’s RM280 million Alorie Lepa Lepa, a 5-star overwater resort development on Mabul island off the southeast coast of Semporna, Sabah, which is a 15-minute boat ride away.
Tipped to be Sabah’s first high-value, up-market, eco-friendly resort development, this 80-acre water village is built on submerged flat land with a country lease obtained from the State government prior to the commencement of construction in the last quarter of 2011. This enables the developer to offer individual titles for the whole development with every chalet having a subsidiary title. Measuring 1.2 km from end-to-end, the Alorie Lepa Lepa consists of 87 pool villas with single, double and triple-bedroom units, which is open for sale and a honeymoon suite which will be retained by the owner, Jewel of Mabul Development Sdn Bhd. All units come with its own private pool and will be complemented with eco-friendly features.
The villas range in size from 2,200 sq ft to 5,500 sq ft and are priced from RM 2.8 million to RM 5.5 million. In a 50-year compulsory leaseback arrangement for investors (till 2067), Jewel of Mabul Managing Director Louise Lang mentioned that purchasers of the villas may look forward to a seven percent return on investment per annum for the first five years with a maximum 10% increase on the seven percent in the next five years bringing the projected figure to 7.7% for the sixth year onwards. Every five years, the conditions of the leaseback agreement will be reviewed until the end of the 50-year period.
With room rates starting at USD700++ per night inclusive of transfer to and from Semporna when it is fully operational by project manager Alorie Hospitality Sdn Bhd, response has been good with 40 out of the 87 units available for sale taken up mostly by Malaysians with an Australian, Singaporean and Egyptian investor taking a unit each. While Alorie Lepa Lepa is scheduled for completion by the first quarter of 2014, the whole development has been up for sale by private previews since August last year with a balanced targeted uptake by both Malaysians and non-Malaysians alike.