Petaling Jaya, April 14: Property developer Stellar World Sdn Bhd has launched the first serviced suites project at The Gateways integrated development in Perak last Saturday (April 15).
Located at Pengkalan Hulu, Perak along the main international Malaysia-Thailand border crossing that connects to Thailand’s southernmost town of Betong, the 151-acre The Gateways is a significant tourism-centric integrated development within the country’s northern development corridor. This project is being developed by Selangor-based Stellar World and Pak Chun Group.
“There will be a total of 144 serviced suite units with built-ups ranging from 344 sq ft to 459 sq ft. Prices start from RM198,000,” Stellar World executive director Steve How told TheEdgeProperty.com. How noted that the leasehold project will be managed like a hotel targeting tourists and business travellers from Malaysia, Thailand and Indonesia. It is in talks with Sherwood Hotel Management Sdn Bhd to manage the serviced suites.
The first phase of The Gateways comprises the serviced suites, 80 retail units and a duty free shopping mall, all on a 7.8-acre site. The first phase has an estimated gross development value (GDV) of RM70 million.
“Our construction for the commercial component of phase 1 is now about 70% to 75% complete while the piling for the serviced suites have been completed,” said How.
“We were working with the Perak Economic Planning Unit (UPEN) to get our project recognised in the Indonesia-Malaysia-Thailand Growth Triangle (IMT-GT) Implementation Blue Print for 2017-2021. Just last month our representative from UPEN Perak visited Bangkok and lobbied on our behalf so that the governments and the individual businesses of Indonesia, Malaysia and Thailand play a role with us in developing The Gateways. And we have gotten the approval,” How added.
How noted that as part of its marketing strategy, it plans to unveil the serviced suites in conjunction with the Songkran water festival this weekend in Sungai Buloh, Selangor.
“Songkran is supposed to be a prosperous and fun festival in Thailand. At the Gateways the project is not only about GDV and how it will benefit the economies of Malaysia and Thailand. It is also about blending the cultures and allowing people to create and share new and memorable experiences. So we thought of using the Songkran festival to show that we can share the Thai culture with Malaysia which is what we will do when The Gateways is developed.
“We are developing it as a new travel destination for Malaysia and Thailand,” said How.
On the market outlook, How said banks are still cautious and prudent in extending loans and this will prolong the slowdown in the property sector.
“However, we believe people and the banks are always looking for opportunities including properties in mature locations as well as good projects in potential growth areas.
“As long as the market is not too heavy in supply, there will still be plenty of opportunities for property buyers and investors,” said How.