Greenfield hotel project a safe bet. Fajarbaru is projecting about RM70m GDV from the 3.5-acre land with sea frontage in Pulau Melaka it is acquiring for RM15m cash, comprising a 4-star hotel with about 300 rooms (RM50m) and some retail shops next to it (RM20m). Fajarbaru intends to hold the hotel as an investment property with a fixed return. This can be achieved via the wholesale of the hotel rooms to tour operators on a long-term basis. For the retail shops, Fajarbaru intends to sell them at a profit and use the cash flow generated to part finance the development of the hotel. Also, the construction of the hotel and retail shops will translate to construction work to Fajarbaru.
Fajarbaru Builder Group Berhad : Greenfield Hotel Project In Melaka A Safe Bet - 14/7/2010
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