The 10-year project, with a gross development value of at least RM600 million, comprises
houses worth US$3 million to US$5 million each and MKN will target mainly foreign
buyers
MKN Group Sdn Bhd aims to put its mixed development project on Pulau Banding, Perak,
on the map as an exclusive world-class luxury project.
The 10-year project, which has yet to be named as the proposed master plan, is pending
local authority approval, would have a gross development value of at least RM600
million, said Tan Sri Mustapha Kamal Abu Bakar, who controls MKN.
The project, which will be gated, would have 45 homes with each unit sprawled over
1.6 to 2.4 hectares.
According to Mustapha Kamal, the houses will be worth US$3 million to US$5 million
(RM9.75 million to RM16.25 million) each and MKN will target mainly foreign buyers.
The project will also have two five-star boutique resorts operating under international
brands, 35.2ha for eco-tourism activities and a rest and recreation centre.
"MKN will minimise the felling and cutting of trees through professional planning
during the development process. FRIM has done its audit on the island and we will
adhere to all guidelines in environmental conservation and sustainability," Mustapha
Kamal told Business Times during a site visit to the island recently.
He said the development was expensive because the properties will all be sited and
positioned according to the natural ground terrain and alignment. This means the
environment, consisting of endemic tree, exotic and endangered species, will not
be destroyed.
Pulau Banding, covering an area of 250.4ha, is located 330km north of Kuala Lumpur
and is situated on Temengor Lake. It is at the heart of the 130 million-year-old
Belum-Temengor rainforest complex.
The rainforest complex comprises the Royal Belum State Park, the Gerik Forest Reserve
and the Temengor forest reserve.
MKN's parent, the Emkay Group, had bought some 117.6ha from Fima Group for RM15.8
million in August last year, including the 27-room Banding Island Resort.
More than 120ha was awarded to Emkay by the Perak state government to transform
the island into an eco-tourism destination.