The redevelopment of Sanctuary Cove, a luxury resort located along Australia's world famous Gold Coast, is shaping up nicely since its takeover by Malaysia's Mulpha International Bhd (MIB) in 2002. Mulpha Australia Ltd, a wholly owned subsidiary of MIB, had beaten off bids by two large Australian firms for the 474 ha mixed development land incorporating residential and tourist elements, with its offer of A$208mil which was the highest.

Sanctuary Cove includes two golf courses (including Australia's only Arnold Palmer signature course), a waterfront-shopping precinct, 300-boat marina, fitness and recreation facilities, the 247-room five-star Hyatt Regency hotel and a country club, which make up the integrated resort development. There are a total of 1,390 bungalow lots (ranging from 6,000 sq ft to 10,000 sq ft). About 290 lots were developed under phase one, with the rest being built under phase two.

Mulpha Australia managing director Alan Jones said the objective of turning the luxury resort into Australia's premier integrated residential community was proceeding smoothly. "Everything is in pristine condition at the resort ... the greenery, roads and parks. This place is about lifestyle. The main purpose of Mulpha's acquisition of Sanctuary Cove was to undertake property development and there is enough land bank for further development," he said.

"Sanctuary Cove is also protected by the Australian Government, via the Sanctuary Cove Act, which governs whatever happens here," he added in an interview at the Sanctuary Cove site office in Brisbane. Fourteen new wide waterfront home-sites, ranging in size from 780 sq m to 906 sq m, have been released under phase two, at the heart of the cove's latest island precinct.

Sanctuary Cove started 2004 with the limited release of new wide waterfront home-sites and other new products. The latest homes to be released at The Hillside Terraces are priced from A$475,000 and range in size up to 218 sq m.

On Mulpha Australia's overall performance, Jones said the pre-tax earnings this year was projected at A$65mil, compared to 2003's A$40mil. It also developed the 377 ha Norwest Business Park, one of Australia's largest state-of-the-art commercial hubs in the heart of Sydney's thriving Hills District. It also owns Bimbadgen Estate, overlooking the vast Hunter Valley, which is a premium wine-producing area. Bimbadgen Estate vineyards have been producing high quality grapes for over 30 years.

Mulpha Australia also owns the three-star Novotel Century hotel in Sydney, and operates a 50-year concession for the underground car park facility (1,100 lots in a 12-storeys built underground) in the city's most famous building, the Sydney Opera House. It operates another parking facility next to the city's largest cathedral, the St Mary Cathedral.

The firm's projects in Australia is said to have made it one of the largest Malaysian-owned real estate investment and development groups in the country. Recently, Mulpha Australia completed the acquisition of Australian hotel owner, Principal Financial Group Investments (Aust) Pty Ltd (PFG), for A$226.5mil, making it the firm's second major asset acquisition in Australia since its purchase of Sanctuary Cove.

The deal makes Mulpha the new owners of Hayman Island off Queensland, InterContinental Sydney, Sheraton Brisbane and the Melbourne Airport Hilton. Mulpha executive chairman Lee Seng Huang said that with the latest acquisitions, the value of the firm's total assets in Australia had increased to about A$1.2bil, from about A$800mil last year.