SABAH - Karambunai sees better days ahead

Theegdgedaily.com, 01-11-2006

Karambunai Corp Bhd is optimistic of generating stronger earnings and cash flow in the coming years in anticipation of increasing take-up at its Nexus Resort Karambunai and Nexus Residence Karambunai from the continuous growth in the Sabah tourism industry.

Its chairman Datuk Seri Panglima Abdul Kadir Sheikh Fadzir said tourist arrivals in Sabah had increased by 26% for the first half of the year, compared with the previous corresponding period.

He said the Sabah Tourism Board expected tourist arrivals at the state to increase to four million by 2010 from 1.8 million in 2005.

Karambunai president and chief executive officer Tan Sri Dr Chen Lip Keong said the occupancy rate at Nexus Resort averaged at 80%, while the average room rate had increased to about RM280 from RM170 previously.

He said 119 units of the 125 villas in the first phase of its Nexus Residence project, and priced at an average RM1 million had been taken up, and it would launch another 118 units in London next week, targeting the foreign buyers.

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