Landmarks Bhd & Canyon Ranch to stop development of Treasure Bay Bintan project

KUALA LUMPUR, Jan 8 — Property developer, Landmarks Bhd and Canyon Ranch, a US-based hospitality and spa resort company, have agreed not to move forward with the development of Treasure Bay Bintan waterfront resort city in Indonesia.

In a statement, Landmarks said the joint decision was based on the commercial interest of both parties and their respective strategic business directions.

“Both parties will instead be focusing their endeavors in projects slated for release in 2016,” it added.

It was reported that Landmarks Bhd had earlier planned to invest up to US$3.5 billion on the Treasure Bay Bintan project.

— BERNAMA