TSR Capital, two others to jointly develop RM3.25b resort in Langkawi

PETALING JAYA: TSR Capital Bhd, landowner Terusan Al-Maju Sdn Bhd and US-based Globe Venture Holdings Inc have signed a memorandum of understanding (MoU) to jointly develop about 76 acres of land fronting Blue Andaman Sea on Langkawi Island into a resort with a gross development value of RM3.25 billion.
Located just beside St Regis Langkawi, the high-end development named Beacon Langkawi will consist of resorts and hotels, and residential and commercial buildings tailored to tourism and related industries.
Globe Venture intends to participate and invest in the Beacon Langkawi development with its investment funds, should the design, construction and management of parts of the mixed development be acceptable to it.
The MoU exchange was witnessed by Kedah Mentri Besar Datuk Seri Ahmad Bashah Md Hanipah and TSR Capital deputy chairman Tan Sri Lim Kang Yew.
TSR said Beacon Langkawi is designed to meet the promotion of high-end tourism in the Langkawi Tourism Blueprint 2.0, a five-year (2016-2020) master plan by the Langkawi Development Authority to propel the island into a world-class destination.