KUALA LUMPUR: Tanco Holdings Bhd plans to sell and lease back some of its resort properties at Palm Springs Resort City, Port Dickson, as part of its strategy of returning to profitability, said its executive director Datuk Lynne Tan. Tan said the scheme could be extended to the company’s future resort projects. “We are looking to start with Duta Grand resort suite at our Palm Springs Resorts City in March, and probably the spa village there next,” she said. Tan said the scheme would be attractive to investors cum holidaymakers, as Malaysian properties were among the cheapest in the region and such schemes were common in some countries. “There is a lot of interest from individual Koreans as their government has allowed them to remit up to US$3 million (RM9.8 million) per family for overseas investment,” she added. She said under the scheme, Tanco would undertake to maintain the properties that it leased back for a cut of the rental. This would make maintenance of the properties more manageable, while ensuring the properties would not depreciate. Read more
(The Edge 15-2-2008)
