Sonid signs MOU with Malaysian listed company Avillion Berhad for 'Port Dickson Real Estate Development'

Kosdaq-listed company Sonid announced on the 28th that it has signed an MOU (Memorandum of Understanding) to establish a joint venture (JV) with Malaysian listed company Avillion Berhad to promote a townhouse resort and golf course operation, as well as a high-end resort development project in the world-renowned resort area of Port Dickson.

The high-end resort to be built on approximately 20,000 pyeong of project land through this collaboration is expected to have a value of about $500 million (approximately 683 billion KRW) upon completion.

Avillion Berhad will provide the development land, while Sonid plans to contribute advanced real estate development expertise from Korea along with marketing and sales plans. The MOU includes detailed provisions such as ▲establishing a business framework for resort-style townhouse development on Avillion’s land ▲evaluating strategic partnership requirements ▲assessing commercial joint investment models.

Avillion Berhad will provide reasonable information and data regarding the real estate development process to Sonid, and Sonid will be responsible for all related regulations, permits, licenses, and environmental assessments necessary for the construction and operation of the townhouses.

Additionally, both companies plan to promote K-Entertainment fusion business in line with the development and spread of K-Culture and K-Entertainment culture. Sonid stated that Avillion Berhad’s currently operating resorts and hotels, as well as the newly planned high-end resort, will be designed and operated as complex cultural spaces combining shopping, dining, and entertainment. Active promotion and marketing through famous celebrities will also be conducted to attract domestic tourists.

Avillion Berhad provides services such as hotel and resort operations, real estate and resort development, and travel agency operations in Malaysia, Singapore, Indonesia, and Hong Kong, managing a chain of beach resorts and hotels with over 700 rooms.

Notable properties owned by Avillion Berhad include Avillion Port Dickson Resort, Avillion Admiral Cove Hotel, Avillion Cameron Highlands Hotel, and Avi Pangkor Beach Resort in Malaysia, as well as Avillion Villa Cinta Bali Resort in Indonesia.

In real estate business, Avillion is developing the Desa Impian township project, a 165-acre (667,731 m²) site in Johor state. It also owns seven development sites in Port Dickson and Langkawi.

CEO Fong Wai Leong said, “Malaysia, which is promoting the ‘My Second Home Program,’ actively attracts foreigners including Koreans to enjoy Malaysia’s nature such as beautiful beaches, golf courses, and the world’s oldest tropical rainforest,” adding, “I am very pleased to start this project with Sonid in Malaysia, which has excellent geographical conditions with a mild tropical climate year-round and no threats from natural disasters such as earthquakes or tsunamis.”

Sonid CEO Oh Jung-geon stated, “Our company is striving to pioneer new markets and create new business opportunities,” and added, “Through real estate development cooperation with global hotel and resort company Avillion Berhad, we aim for sustainable growth even amid uncertain global market conditions.”