Sinyi Realty Inc (信義房屋) on Wednesday said that it is tapping into the tourism sector by acquiring half of a Malaysian island for NT$980 million (US$31.6 million).
The nation’s only listed broker said in a statement that it had bought more than 600,000 ping (1.98km2) of land on Mengalum Island off the west coast of Malaysia’s Sabah state, due to its convenient location and natural tourism resources.
Mengalum covers 1.2 million ping, it said.
“Sinyi’s foray into the tourism industry might grow into a major earnings driver,” the statement said.
Tourist arrivals at Sabah totaled 3.88 million last year, higher than the average for Malaysia, the statement said, adding that tourist numbers had seen an average annual increase of 5.4 percent every year for the past decade.
Demand for resorts remains strong in Sabah because existing hotels are mostly located on Sabah proper, a 60 minute boat ride from Mengalum, Sinyi said.
That explains why room occupancy and property prices at Sabah have been increasing, the company added.
Considered a must-see untouched destination for visitors to Sabah, Mengalum could prove a sound investment, as the number of global tourist arrivals rose 6 percent to 1.4 billion last year and might climb to 18 billion in 2030, the company said, citing data from the UN World Tourism Organization.
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