In Malaysia, our subsidiary Cabaran Ultima is the project manager of an estimated $262 million five star hotel being built on approximately 6 plus acres in Genting Highlands.
Genting is a hill resort one hour from Kuala Lumpur that boasts many attractions including a casino and is home to the 20th Century Fox World theme park slated to open in 2017. The site is within walking distance to the theme park and casino.
We own 10% of the hotel project through our investment in a Malaysian company called Brilliant Hallmark with recourse to the land assets through a Tag Along Agreement in the event of non-performance.
HBA Architecture, the hotel’s master planner and designer, have a prestigious design resume that includes numerous developments such as the Hilton Hanoi Opera Hotel Refurbishment in Vietnam, Marrisle Boutique Leisure Resort and Club Med Gongshan Island Resort, both located in China. They have been tasked with synthesizing concepts such as sanctuary, water, light, futuristic, aviary, birds and gold.
The premier destination is expected to be about 1,861,000 square feet and will consist of a large conference facility, residential suites, five star premium suites, four star hotel, and retail public areas. We expect to submit the final plans for the hotel to the zoning authorities in Malaysia by the end of this year with approvals expected in three to five months.
The milestones for the build out are as follows: 1) finalization of the architectural concept and drawings, 2) submission of plans to the authorities for approval, 3) securing debt financing, and 4) choosing a construction company to execute the plans.