PETALING JAYA: Agacia Land Sdn Bhd is transforming 100 acres (40.468ha) of ex-tin mining land in Kampar, Perak into a RM1.8 billion tourist attraction and education hub called Bandar Agacia.

Its president and chief executive officer Datuk Michael Lim launched the third phase of Bandar Agacia on Saturday called Champs-Élysées, a RM151 million mixed-use development on 1.5 acres of land in Bandar Agacia.

Champs-Élysées comprises a 24-storey tower with 629 fully furnished serviced suites and a 30,000 sq ft commercial area.

Inspired by the famous Avenue des Champs-Élysées in Paris, France, the tower will boast Gothic architecture. Studio suites are priced at RM206,600 upwards, 2-bedroom suites at RM400,000 and the penthouse at RM2.9 million.

Some 160 units of the tower are reserved for a hotel to be operated by Agacia Hotels & Resorts Sdn Bhd, while the commercial space is reserved for Agacia College, which will be run by Agacia Education Group Sdn Bhd.

To boost tourism in the area, Agacia Land has also included a “castle” on a one-acre plot next to the Champs-Élysées tower. The Agacia Castle is an extension of the Champs Élysées hotel and will have three suites.

Lim said more than half of the total units in Champs-Élysées have been sold, and is confident the project has unique selling points that will enable it to do well in a soft property market.

“While other developers in Kampar cater for the majority student population with low- to medium-end products, Agacia Land is the first to bring in high-end developments. — theedgeproperty.com

This article first appeared in The Edge Financial Daily, on June 15, 2015.