Mines Resort City

From Wikipedia, the free encyclopedia

Mines Resort City is a famous resort city in Malaysia, located south of the federal district of Kuala Lumpur in Seri Kembangan, Selangor. Once the world's largest open cast tin mine,[1] the Mines now consists of apartment buildings, shopping centres, hotels, business complexes and parks connected by an artificial canal.

1 History
2 Trivia
3 Links
4 References

[edit] History

THE Mines City was formerly a site of the Hong Fatt Mines, which was the largest open cast tin mine in the world, covering 1,300 acres (including the lakes).

On March 30, 1988, the Government of Malaysia alienated the land to Country Heights Holdings Bhd (CHHB) for recreational and tourist related developments. The land was alienated for RM50mil, which equates to about RM1 psf.

To ensure that market-driven components were developed, CHHB appointed an international planner from Australia to create a rejuvenation-based master plan, focusing on vegetation and landscaping of the mines.

In line with this objective, the first component to be developed was the golf course ensuring that vast tracts of land were rehabilitated to greens. With the vision and foresight of CHHB and the main aim of promoting tourism and becoming a destination in itself, the focus for the overall development was also on MICE (meetings, incentives, convention and exhibition) and an exhibition centre was also developed and completed in 1997.

To complement the tourism theme, an iconic five-star hotel, Palace of the Golden Horses with a distinctive architectural design and The Mines Beach Resort and Spa with a man-made beach and swimming lagoon were built. Other components of development completed to date within the Mines Resort City are the Mines Shopping Fair and a theme park named the Mines Wonderland.

Dubbed the Seven Wonders of Malaysia, the Mines Resort City comprises the following: The Mines Wonderland, The Mines Resort & Golf Club, The Mines Shopping Fair, The Mines Waterfront Business Park, The Palace Beach Resort & Spa, The Malaysia International Exhibition & Convention Centre (MIECC) and The Palace of the Golden Horses.

Offices at the Mines Waterfront Business Park were developed to provide business accommodation within a scenic and conducive working environment with the fabulous view of the lake. An ongoing development is the five-star Heritage Serviced Residence, which is themed with Peranakan culture heritage throughout.

With the exception of one of the office blocks within the Mines Waterfront, all components of development are retained by the developer to ensure control and management of the components. To complement the investment-type properties, the developer created a premier residential project, which was unique at the time of development, called the North Lake. The bungalow plots within this premier development launched in 1989/90 during the recession, were initially sold at RM10 psf. Today, prices of RM250 psf are achievable which equates to an annual growth of about 21%.

The bungalow plots are designed around the golf course with a limited number of only 200 plots. The graph shows the capital appreciation enjoyed by this development over the last 17 years.

The developer’s philosophy is creating value to the customer through continuous enhancement, beautification and maintenance to ensure continued sustainability and capital appreciation.

In 2003, the second component, the South Lakes, was launched with initial sale prices of RM90 psf, which have now escalated to RM140 to RM150 psf in today’s market.

Another successful component is the serviced apartment development comprising 900 units within 5 blocks designed in a unique setting with a water canal and attractive rooftops. These were initially sold at RM280 psf appreciating to RM430 psf and currently being sold at RM700 psf on a fully furnished basis.

These achieved sales prices are unheard of in the locality and due to the market positioning, branding and potential value enhancement, these projects have attracted purchasers who believe in the development. The development’s success is also a result of its good accessibility.

To date, after nearly 20 years of development, 70% of the total area has been developed and because the developer is conscious of supply and demand factors, every single component is thoroughly thought out and planned prior to implementation. JLW has provided advisory services to the developer to ensure that the components of development planned are well received by the market and drive sustainable growth, which investors are benefiting from.

From tin mine to gold mine, The Mines Resort City is one of the main tourist attractions in the country and the developer is now reaping the benefits from proper planning, vision and effective implementation, as original land values have escalated from RM1 psf to in excess of RM300 psf.