Private Island in Terengganu for sale

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This article first appeared in the New Straits Times on August 13, Saturday, 2005.

I think it has been bought by Datuk Michelle Yeoh's beau, the FI boss Jean Todt

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.Private island in Terengganu for sale


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New Straits Times, Aug 13, 2005

A PRIVATE island located just seven minutes off the coast of Kuala Terengganu, which currently accommodates a resort and spa is being offered for sale by open tender at an indicative value of RM20 million. An 8.5-acre leasehold island with an unexpired term of about 66 years, Gem Island is currently owned and operated by the Gem Island Resort Sdn Bhd. The environment is relatively pristine, with the only development there featuring 45 brand new water villas, a wellness spa, restaurant, licensed bar, souvenir shop and a conference room lining the island's west coast and blending discretely into its natural settings.
"One of the most attractive facilities on the island is the seawaters wimming pool located on the waterfront, with the clear blue waters of the South China Sea rolling in," said Previndran Singhe, chief executive
officer of Zerin Properties, which is handling the tender exercise. With lush green forests as a backdrop, clear blue waters teeming with marine life which is ideal for snorkelling and diving, the island is truly a dream holiday destination, he said.
Another plus point is that Gem Island is located within Terengganu's Marine Conservation Park and part of it has been gazetted by the State as a turtle conservation sanctuary.

"There are very few private islands for sale in this part of the world, especially pristine properties.

This is a once-in-a-blue moon opportunity," Previndran said.

Interested parties so far include owners of boutique assets and high nett-worth individuals.
He noted that there has been great interest in the Southeast Asian tourism market of late. A major move recently was the purchase of the iconic 117-year-old Raffles Hotel in Singapore and the Raffles Holdings
network of 41 hotels in 35 countries by private United States- based equity firm Colony Capital LCC for RM3.8 billion.

"This is the very first time foreign funds have strongly come into the region's hospitality sector, underlining its strong tourism growth," Previndran said.

The tender opens on Monday and the closing date for bids is Sept 12.

Tender documents are available at RM100 per set from Zerin Properties at Level 1, Block D, Damansara Office Complex, Jalan Dungun, Damansara Heights, 50490 Kuala Lumpur (tel: 03-2092 2008).

Zerin Properties is a Malaysian-based international real estate agent focusing on the regional hospitality and commercial markets.

Copyright 2005

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