by TMR / pic credit: impianacherating.com.my

IMPIANA Hotels Bhd will be commencing the development of Impiana Resort & Residences Cherating with a total gross development value RM380 million.

In a statement today the group said the new project is developed on a 30-acre beach front land.

Impiana Cherating will be developed in 3 phases, targeted to be completed by 2023.

“The demand has been encouraging that the entire Phase 1, with an estimated GDV of RM154.4 million, has already been taken up by 2 parties.

“Silver Max Asia Pacific Labuan Limited has made an en bloc purchase of 126 units while the remaining 18 units with 8 exclusive villas have also been fully taken up by another en bloc purchaser,” Impiana said.

The projects phase 2 and 3 in turn will be a joint development between Artha Global Sdn Bhd and Impiana.

The combined total GDV of phase 2 and 3 is estimated to be a whopping RM225 million. Upon completion of the development, Impiana will be managing the development which will then provide the Group with stable recurring income.

Impiana’s Executive Chairman, Datuk Seri Ismail @Farouk Abdullah said that the group the en bloc sales of phase 1 sends a strong signal to the market that tourism is still evergreen.

“Phase 2 and 3 will be larger. We are optimistic that the take up rate will be promising as reflected in phase 1. Impiana Cherating is strategically located at the beach front with many existing and upcoming amenities in the area. Impiana will deliver the project within the stipulated time,” said Ismail.