Executives from a Far East development company will fly into Bermuda this month to present plans for redeveloping the closed Club Med property in St.

George's.

Aman Capital, a subsidiary of Selangor Properties Berhad, which is based in Kuala Lumpur, Malaysia, was given a 90 day exclusivity agreement with Government to draw up a master plan in December.

Tourism Minister David Allen told MPs in December that the company planned to demolish most if not all of the complex, which has been closed for 12 years.

Mr. Allen told The Royal Gazette the company was expected on the Island shortly to present its plans for the East End property.

"We are expecting Aman Capital back in the next few weeks. They are ready to present their development plan within the bounds of the agreement in principle,'' he said.

"Their principals are flying in from the US and the Middle East. They had until the end of February exclusivity period so they are ahead of the exclusivity deadline and we are waiting for them with great anticipation.'' The exclusivity agreement allows the developers to apply for capital development breaks under Government's Hotel Concessions Act 2000.

Government, as landlord of the site, negotiated the agreement.

Mr. Allen said the new resort would include a "substantial tourism component and development will be sympathetic to the nature and ambience of St. George's Parish, and in keeping with St. George's designation by UNESCO as a World Heritage Site.''