Luxury villas and a boutique hotel worth RM1 billion are being planned by property developer Petaling Tin Bhd. The proposed project site is located on the Karambunai Peninsular, some 30km east of Kota Kinabalu in Sabah.

The company deems its largest asset - 524ha of land in Karambunai, now ready for development. The land was acquired for around RM190 million in 1998. The first phase of the development will be launched this year.

Chief executive officer Leong Choong Wah said, “The villas, with large build-ups, will be an international product and we are targeting foreign buyers. Karambunai Corp Berhad (KCB) is building Nexus Residences Karambunai within close proximity and it will certainly boost sales and prices of new products here.”

RM100 million worth of properties in Taman Desa Bukit Indah and Taman Kelab Ukay is set to be launched by Petaling Tin, where it holds 81ha and 11ha respectively. The company also hopes to launch 126 units of terrace houses in Sungai Buloh worth RM26 million by the third quarter of 2008.

According to Leong, after getting the state government’s approval, RM66 million worth of new properties will be launched in Taman Kelab Ukay. He added that the strategy is to unlock value for a profit margin to build a new corporate office on a 0.83hectare site in Section 19, PJ.

Petaling Tin aims to redevelop the existing four-storey office block into a high-rise Grade-A commercial office tower with minimal retail lots for more than RM100 million, while leasing half the units for investment. This plan is pending the decision by the local authorities to rezone Section 19 and Selangor state government’s new guidelines.