TIMESHARE ASIA / MALAYSIA

Source: SWVB

March 20, 1999
The tie-up between Sara Worldwide Vacations Bhd (SWVB) and Interval International Singapore Pte Ltd has placed Sarawak on the map of international vacation ownership, more commonly known as timeshare, said SWVB chief executive officer Kevin Chong.

Mr. Chong said Interval International is a world-class holiday exchange network and a support system for the vacation ownership industry worldwide.

For more than two decades, it has been both a leader and pioneer.

He further stated through SWVB's affiliation with Interval International, tourists and members of other vacation clubs from over 85 countries and 4,500 member-resorts worldwide could have instant access to what Sarawak offers. SWVB--the operator of Malaysia's premier vacation club on points, Club Asia International-- Sarawak was already on the world timeshare map.

"Although Asian and Asia-Pacific residents account for most vacation ownership sales in Asia today, most exchange visitors to the region come from the United States and Europe," Chong said. "This will not only put
Sarawak more securely on the world tourism map but will also lock-in long-term and repeat business."

He said that Interval International served one million members, providing increasingly sophisticated delivery of holiday exchange and travel services and consumer discount programmes.

Its current ownership structure is the first business venture in the industry to combine global hospitality and travel resources through a business-management group. The company's ownership includes Willis Stein & Partners L.P. (a Chicago-based investment partnership), an Interval management team and a consortium comprising minority, non-controlling investors such as Carson Companies Inc, Hyatt Vacation Ownership Inc and Marriott Ownership Resorts Inc.

SWVB, a subsidiary of Sarawak State Economic Development Corp, and Interval International jointly hosted a membership gathering in Kuching last Sunday. This first-of-its-kind event was to provide Club Asia International members with the latest information on Interval International's exchange programme.

Chong said the vacation ownership industry would extract maximum mileage from existing tourism-related assets that Sarawak possessed. "With an annual sales of about RM40mil and a projected yearly growth of 20% in Malaysia, vacation ownership is poised to be a major contributor to the overall growth of the country's tourism industry in the very near future," he said.

Chong said that for Club Asia International, accommodation costs were locked-in for the next 48 years, thus enabling members to save up to 80% of accommodation costs worldwide. "This is particularly true as members are vacationing at today's prices which hedges against inflation," he explained.

Sarawak, one of the 13 states of Malaysia, lies between latitudes of 0°50' and 5°N and longitudes of 190°36' and 115°40'E on the island of Borneo. Sarawak is the largest state in Malaysia, an outback of sheer beauty rich in resources such as pepper, cocoa, palm oil, timber and oil. With an area of 124,450 sq. km, it is a region of endless fascination, possessing the largest cave chamber in the world, verdant jungles, unique fauna and flora, white beaches, and remote islands. Its population of 1.5 million people is as rich and varied as the land.