THE once quiet coastal town of Port Dickson is slowing turning into a dynamic and vibrant lifestyle leisure hub, owing to rapid development of the RM1.5 billion PD Waterfront project.
When TSR Capital Bhd first started the project, it had never expected it to be a preferred leisure and tourism destination.
"We never expected that it could attract the attention of foreign food and beverages chains such as Starbucks Coffee and McDonald's.
"People like the ambience and picturesque scenery here. The spillover effect of PD Waterfront is definitely beyond our expectation," said Datuk Wan Abdul Razak, TSR's executive director-cum-chief operating officer.
TSR's PD Waterfront flagship integrated development project, which started in 2011, is expected to be completed within nine years.
Spanning across 40ha, the project entails commercial units, a waterfront plaza, residential blocks, condotel (a cross between a condominium and a hotel), a college, water chalets, as well as a wellness and convention centre.
TSR has completed the RM150 million first-phase development that features 25 units of waterfront shops and 64 units of three- to four-storey shop offices.
TSR group accountant Ng Kim Keong said the company targets to launch projects with RM100 million to RM150 million in gross development value (GDV) per annum over the next eight to 10 years.
"This generates not only yearly profit but also provides long-term recurring income and value appreciation, as we do keep some units for investment purposes," he said.
The Phase One commercial unit development has generated RM2 million to RM3 million in annual rental income for TSR. Although the area was reclaimed more than 20 years ago, it had been abandoned due to economic slowdowns in 1987 and 1997.
TSR currently has a RM115 million D'Wharf Residence serviced apartment project in the pipeline.
"We launched the project in September and the response has been favourable. We have hit about 80 per cent sales so far," Ng said.
D'Wharf Residence comprises two building blocks with 227 residential units, of which the 27 studio units have been fully taken up and there are 200 interested buyers in the waiting list. The selling prices range from RM160,000 to RM1.14 million.
TSR will be launching the condotel project by the middle of next year. Unlike the previous domestic-focused marketing approach, the company is planning to market the condotel abroad.