Destination Resorts and Hotels Sdn Bhd (DRH) expects to generate RM5 billion in gross development value (GDV) from the first phase of its Desaru Coast project in Johor which is expected to be completed in 2015, according to The Business Times.
The project stands on a 728.43-ha site and its developer Desaru Development Holdings One Sdn Bhd (DH1) has already completed around ten percent of the development, said Muhd Firdaus Azharuddin, Chief Executive of DH1.
Phase One will feature the Plantation Hotel, Sheraton Resort, Datai Langkawi and the Riverwalk as well as a hospitality, tourism and culinary school. Ocean Splash and Ocean Quest theme parks along with two golf courses and a convention centre will also be part of the phase.
“The resort will set new standards in the industry with the objective to boost tourist arrivals, extend the length of their stay and eventually increase tourist receipts,” said Mohd Nadziruddin Mohd Basri, Managing Director of DRH.
The first phase will be financed partly through the RM600 million obtained from Malayan Banking Bhd and from a seed capital to be injected by Khazanah, said Mohd Nadziruddin.
“On each level of the project, there are joint-venture companies and subsidiaries. There will be bank borrowings as well,” he added.
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