Banyan Tree holiday homes in Bintan
BANYAN Tree Holdings is working on a new property development in Bintan, in a move that is in line with plans to revive its development arm.
The resort operator will launch Laguna Shores Bintan at the Hilton Singapore Hotel this weekend.
This is to be part of a collection of lower-priced holiday-home projects into which the group is venturing. Banyan Tree said that the prices of one- and two-bedroom units will start at $180,000. The smallest one-bedders are 441 sq ft in size, and the largest two-bedroom units, 786 sq ft.
The development, slated for completion in 2016, will be located within the integrated resort of Laguna Bintan, giving owners access to the restaurants and spas at Banyan Tree Bintan, Angsana Bintan, as well as the 18-hole Laguna Bintan Golf Club.
Banyan Tree has holiday-home projects under the Banyan Tree and Angsana names.
Laguna Shores Bintan will be managed under the third brand in the group's portfolio. The Laguna Shores brand will focus on developing holiday homes at a lower price point than under the Banyan Tree and Angsana brands.
Laguna Shores Bintan is the second project under the brand. The first, Laguna Shores Phuket, was launched in December 2012; some 150 of the 334 units there have been sold.
Mr Ho Kwon Ping, executive chairman of Banyan Tree, said: "Laguna Shores Bintan gives Singapore-based investors the opportunity to own an attractively priced beach holiday home backed by the Banyan Tree Group... We foresee great investment potential because of its easy access from Singapore."
Bintan is 55 minutes from Singapore.
For the first nine months of its fiscal year ended Sept 30, Banyan Tree's net profit was 47 per cent higher than a year ago at $14.5 million. Revenue rose 7 per cent to $258.2 million.