ALOR STAR, MALAYSIA: An exclusive RM800 million residential-cum-commercial centre will be set up in Tanjung Rhu in Langkawi soon.

A memorandum of understanding was recently signed between Coco International Ltd and AUF Properties Sdn Bhd to develop the centre on an eight-hectare site.

Coco International, an international investment company based in Ras Al Khaimah, the United Arab Emirates, will fund the project.

AUF Properties, a local company specialising in luxury property, will oversee the project's development.

Speaking after the MoU signing ceremony at Wisma Darulaman, Coco International director Donald Starkey said the joint venture was the company's first investment in Southeast Asia.

Tanjung Rhu was chosen because of its natural setting and because AUF Properties had submitted an economically as well as environmentally sustainable project, he said.

Also present were AUF Properties director Fazlan Azri Tajudin and state Housing, Local Government and Rural Development committee chairman Datuk Phahrolrazi Zawawi, who represented Menteri Besar Datuk Seri Azizan Abdul Razak.