- Published on Friday, 11 October 2013 21:19
JOHOR BAHARU: Johor-based property developer, Austin Heights Sdn Bhd (AHSB), is banking on its RM100 million Austin Heights Water Theme Park here to further drive the value of its surrounding properties.
Its managing director Datuk Ir Steve Chong Yoon On said construction of the 4.85 hectare (12 acre) water theme park is 50 per cent complete and slated to open by the end of next year.
"As the facility increases the popularity of the area, our properties are much in demand," he told Bernama in an interview here, Friday.
According to Chong, the value of AHSB's properties surrounding the water theme park has increased between 10 to 15 per cent since the announcement on the construction of the attraction.
The Austin Heights Water Theme Park is located within AHSB's Austin Heights 2 property development.
The developer has roped in renowned theme park designer, Sim Leisure Consultant, to design the Austin Heights Water Theme Park, which will have 12 outdoor attractions, besides other indoor games.
Being a medium-sized water theme park, and designed more to cater to the needs of residents and the community, the developer projects the number of visitors to it to reach a modest 300,000 in the first year.
"We feel the theme park might even suffer a loss in its first year of operation.
"Nevertheless, the main objective is not at making money from it, but more at providing facilities for the residents and community," he added.
On AHSB's future property developments, the company he said, is concentrating on developing the more than 80.94 hectares (200 acres) of land it owns under the Austin Heights 2 township development.
The landbank has a development value of RM3.5 billion and will keep AHSB busy for another eight years.
"We are not looking for more land is Iskandar Malaysia as we have enough. But if opportunities arise and the price is right, we will consider," Chong said.
- Mohd Haikal Mohd Isa/BERNAMA