Malaysian tycoon enters S’pore luxury homes market
Posted on November 26, 2007
Filed Under Town House
MALAYSIAN tycoon Francis Yeoh, who helms YTL Group, one of Malaysia’s largest listed companies, is intent on an aggressive expansion in Asia - starting in Singapore. The Republic is the target of the first part of his grand plan to build a series of world-class marinas and residential clusters in coastal areas around Asia.
He wants Asia to be known as the ‘Mediterranean and Caribbean of the East’.
“Real estate has not seen its full glory yet in Asia. Wealthy Asians are still paying a lot for not very good homes in the West, when they should be able to find beautiful homes in the East,” Tan Sri Dr Yeoh said in an interview with The Straits Times.
To address this, YTL is now focused on gaining entry into the top tier of Asia’s property markets, starting with Singapore, he said. YTL, with a combined market worth of about RM28.5 billion (S$12.2 billion), is a conglomerate that spans the construction, property, hotel and utilities industries. It recently teamed up with Malaysian developer LP Worlds to form a joint venture, Genesis-Alliance, which owns two projects at Sentosa Cove.
Genesis-Alliance, in which YTL holds a majority stake, was awarded the 145,442 sq ft, man-made Sandy Island in March for $89.7 million, after it bagged the Lakefront in the northern part of Sentosa Cove for the bargain price of $50.2 million in September last year.
Sentosa will be an important ‘mid-point’ for yachts cruising in Asia in the future, said Dr Yeoh. Hence, the need for a presence in the Republic.
(Source: sgpropertypress.wordpress.com/The Straits Times, 26 Nov 2007)
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