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roperty developer MNC Land, owned by tycoon Hary Tanoesoedibjo, is set to develop a resort with golf courses in Sukabumi, West Java.

The mega project might cost the company around US$2 billion to $3 billion in long-term investment, he told reporters on Tuesday evening.

Hary '€” CEO for diversified holding company the MNC Group '€” said that his property business line would commence construction of the Lido resort and golf course project next month.

The company would use the investment to turn 2,000 hectares of land into four and five-star hotels, villas, a theme park and other supporting infrastructure for the leisure business in around 20 to 30 years.

MNC Land'€™s annual report also stated that the area would include a convention hotel, a ballroom with a capacity of 10,000 to 20,000 people, a wellness village and two international-standard golf courses.

Initially, the project would need around $400 million to finance the construction of the first phase of the resort, which is expected to start commercial operations in 2016.

'€œWe are working alone on the project,'€ Hary said, adding that he had opened up the possibility for other strategic partners to join the decades-long project.

The MNC Group acquired Lido Resort in a Rp 1.4 trillion ($117.83 million) deal in July last year from British Virgin Islands-based Charlton Group Holdings Ltd.

Bakrieland Development, part of the business conglomerate Bakrie Group, formerly owned shares in Lido Resort.

Bakrieland let go of its shares in Lido Resort '€” which also includes the resort'€™s assets PT Lido Nirwana Parahyangan, PT Lido Golf Prima and PT Lido Sarana Prima '€” to PT Zulam Alinda Sejahtera, before the latter issued exchangeable and convertible bonds through Charlton.

Besides Lido, MNC also concluded the acquisition of Bali Nirwana Resort, the company behind a tourism complex in Tanah Lot, Bali, late last year.

Bali Nirwana Resort was also previously part of Bakrieland, which is owned by politically wired tycoon Aburizal Bakrie, who is now Hary'€™s confidante in supporting presidential candidate Prabowo Subianto.

The company spent around Rp 1 trillion on acquiring the Bali resort. The funds for both the resort and the Lido resort were both sourced from rights issues.

Besides the multibillion dollar project, MNC Land has also announced another development project, a 3,000-hectare township in Tangerang, Banten.

The company says it has acquired the land for the upcoming township, which it says will be similar to BSD City in Serpong, Banten, built by major developer Bumi Serpong Damai (BSD).

Hary refused to provide any further details on the project.

MNC Land saw its revenue double to Rp 185.75 billion in the first quarter of the year, compared to Rp 87.3 billion in the same period of last year.

Its profit more than tripled to Rp 61.32 billion in the first three months of the year, from Rp 17.39 billion in the same period last year.

The surge in revenue was supported by the company'€™s growing resort business, which contributed nearly 80 percent to the company'€™s total revenue, or Rp 148.46 billion.

The first-quarter revenue from MNC Land'€™s resort business rose significantly compared to Rp 57.63 billion in the same period last year, the growth of which was mostly driven by the acquired resorts.