KUALA LUMPUR (Dec 11): Hotel owner and operator Impiana Hotels Bhd plans to develop a resort on Tioman Island with an estimated gross development cost of RM40 million.

Wholly-owned subsidiary Impiana Tioman Villas & Residences Sdn Bhd (ITVR) today inked conditional agreements to acquire five contiguous parcels of freehold land totalling 5.09 hectares, where it would build the resort, from Impiana Hotels’ executive chairman and major shareholder Datuk Seri Ismail @ Farouk Abdullah for RM7.5 million.