The Palm, a development off the coast of UAE, is now an international icon. The trilogy of islands envisioned the Palm Jebel Ali, the Palm Jumeirah and the Palm Deira. It is the largest land reclamation project in the world. Basically, each settlement is being built in the shape of a date palm tree and consists of a trunk, a crown with fronds and is surrounded by a crescent island that acts as a breakwater. The islands were created to increase Dubai's tourism and to provide more beach frontage in Dubai. To me, it is the product of years of brute hauling of millions of tons of Persian Gulf sand and quarried rock.
Between the islands there will be luxury hotels, exclusive residential beach side villas and apartments, marinas, water theme parks, restaurants, shopping malls, sport facilities and health spas. Most investors/owners are foreigners with Britons making up the largest group.
Owners are gradually moving into Jumeirah, but the project is still far from completion. The target completion of this Arab extravaganza will be in 2015.
The Palm may be stale news now, but do you know that in Malaysia, there is also a palm shaped development? I am not bluffing. Ever heard of Sepang Goldcoast? Yes, Goldcoast in Sepang, not in Australia. To check it out, I went with my kids on a half day trip. Having worked for years in Sepang, as part of the team constructing the KLIA, I have no problem with directions to this part of the world.
The Sepang Goldcoast is being developed by SGC, a joint venture between Permodalan Negeri Selangor Berhad and Sepang Bay Sdn Bhd. It is an ambitious plan by SGC to turn the coastal line between Tanjung Sepat and Bagan Lalang into a largest coastal paradise in Asia, comprising various commercial and residential projects. The project has started to take shape with the 1st phase, comprising 361 Golden Palm Tree Water Villas, currently under construction and is scheduled to be completed by mid 2009.
The water villas are being built on stilts, about one kilometre from the shoreline.
These water villas are conceptualized as a palm-shaped eco-friendly resorts ranging from 520 - 2000 sq. ft. in size and priced from RM488,800 to RM2.19 million a unit. The water villas are based on a sale and leaseback basis where SGC will lease it back and turn the units into a resort which will be run by a Swiss hotel operator. According to the sales officer, investors can expect a guaranteed return of at least 8% for the first two years. 99% of the water villas has been sold with foreigners making up the largest portion.
After strolling along the beach, I was sceptical about this over-zealous development. A question I asked myself: will it be a tropical showcase or a major flop? Considering the murky water, the unappealing beach, the threat of Sumatra earthquake, the objection by the locals, the slow progress of the project, etc. I left without even registering for the next launch of their tropical cluster village.
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