PROPERTY developer MK Land Holdings Bhd, which will launch its latest project in Langkawi called Ombak Villa Suites, is targeting about an eight per cent increase in revenue for its hospitality arm this year.
Last year, its hotels and resorts generated RM16.5 million in revenue, said group general mana-ger (hotels and resorts), Azahar Ahmad, at a media briefing, here, on Tuesday.
Ombak Villa Suites, developed on a four-hectare site, is part of the 27.2ha of land that MK Land owns in Langkawi, where its larger Langkawi Lagoon Resorts also operates.
Azahar said the RM48 million project, financed by internally generated funds and bank loans, will be officially launched by former prime minister Tun Dr Mahathir Mohamad on September 30.
The launching event will also be attended by Kedah Mentri Besar Datuk Mukhriz Mahathir and Kuala Lumpur-based foreign ambassadors to Malaysia.
Ombak Villa Suites comprises 79 all-suite units housed in eight blocks of buildings that front the Andaman Sea.
Azahar is confident of Ombak Villa Suites' success and its contribution to group earnings.
This is based on the Langkawi Lagoon Resorts that has a large following and fan base in the Middle East, who visit the is-land off the state of Kedah for holidays.
Azahar said only one-third of the 27.2ha land has been developed so far and the remaining two-thirds is open for consideration for new projects.
However, he quickly added that the company is in no rush and is taking its time in weighing any further developments as it stu-dies the viability of future lei-sure projects as well as the cost, funding and cash-flow fac-tors.
Traditionally, the property sector contributes up to 95 per cent to MK Land's revenue annually, with the hotels and resorts division making up the balance.