Tasweek to manage top Malaysia villas
Dubai, September 25, 2012
Abu Dhabi-based Tasweek Real Estate Development and Marketing, has announced that it has entered into a joint venture with Casabrina Vacation Villas in Malaysia to develop, own, operate and market the luxury resort’s properties.
The deal is part of Tasweek’s recently completed $250 million property portfolio and reflects the company’s investment focus on Malaysia’s thriving tourism industry, a statement from the company said.
Under the terms of the venture, Tasweek will market nine boutique Villa hotels under a Shariah-compliant scheme. The villas are spread over 30 acres of hillside land surrounded by a 130-million-year-old virgin rain forest under an hour’s drive from the Patronas Twin Towers in Kuala Lumpur.
Each villa offers investors a unique design complete with approved building plans and occupies between 1 and 3 acres of freehold hillside land with no restrictions on foreign ownership.
Tasweek will also offer special promotion packages to GCC tourists interested in availing of the superior facilities and amenities of Casabrina Vacation Villas. Upon completion, the complex will comprise 11 exclusive 6- and 8-bedroom suites at the foothills of Bukit Frasier in Pahang, the largest state in West Malaysia.
Aside from infusing its own capital to its Malaysian investment, Tasweek has also secured long-term and highly competitive mortgage facilities from a reputable Malaysian financial institution, the statement said.
Designed to blend seamlessly with the contours of the hillside and the flora and fauna of its natural surroundings, the 6-star Casabrina Vacation Villas is complemented by nearby golf courses, waterfalls, rivers, forest walks, in-villa spa suites and wellness facilities.
Adventure packages are also available, including casual river walks, whitewater rafting, jungle trekking, night safaris, lakeside fishing, paint ball war games and helicopter rides above lush settings, it said. The villas were designed by the award-winning contemporary Balinese architect AA Yoka Sara.
“Our venture with Casabrina Vacation Villas enables us to have a direct hand in overseeing and promoting this captivating Malaysian development. Interest among Middle Eastern buyers is quite high, which is why we decided to have a greater stake in the villas. We also expect to gain broader insights on the mechanics of the booming Malaysian real estate sector by becoming a more active domestic market player,” said Masood Al Awar, CEO of Tasweek.
Tasweek’s new property portfolio is expected to generate an annual investment yield of 5 to 7 per cent. – TradeArabia News Service