Indonesia’s second richest person has added Margaret River’s Aravina Estate to a growing local leisure and hospitality portfolio.
Indonesia’s second richest person has added Margaret River’s Aravina Estate to a growing local leisure and hospitality portfolio.
Estimated to be worth more than $30 billion, Low Tuck Kwong, also known as TK Low, is the founder and majority shareholder in major Indonesian mining company Bayan Resources.
In Western Australia, Mr Low’s interests, through his Tengolf group, include ownership of golf courses such as The Cut, in Dawesville, and the Graham Marsh-designed Secret Harbour Golf Links.
Tengolf's first foray into the Margaret River region, Aravina Estate has an estimated 160,000 visitors a year to its hospitality and events operation, which includes two restaurants, function areas, a 300-tonne per annum capacity winery and a 1,000-keg per annum brewery, as well as significant gallery space. Business News revealed the sale in this story yesterday but the buyer was undisclosed.
It is understood the Aravina beverage operations are likely to be expanded under the new ownership and become part of the supply chain for Tengolf's broader hospitality operations.
Tengolf purchased the 67-hectare property, including a 30ha vineyard, extensive buildings and development approval for 22 luxury villas, for $14.7 million via a subsidiary called Tenhills Estate.
The Aravina Estates winery business, including stock, brands and goodwill, was acquired by another Tengolf group subsidiary, Tenhills Winery, for an undisclosed additional sum.
Vendor Steve Tobin, a resources contracting entrepreneur who sold 65 per cent of his Queensland-based Terrex Seismic to private equity group Allego six years ago, confirmed the deal settled on Friday.
Mr Tobin retained an 8ha neighbouring land holding, although he said it may be sold once a house being built on the property was completed.
He and his wife, Hayley, had settled back in Perth to allow their young family to attend school.
Tenhills Estate is controlled by Tengolf Land Holdings, the entity which acquired the 84ha Secret Harbour golf course for $4 million in 2020 and the 28ha Dawesville course for $4.4 million last year.
Tenhills Winery is controlled by Tengolf Group, which appears to own operational companies connected to group’s activities.
According to Australian Securities and Investments Commission records, both Tengolf companies share the same owners, including Mr Low and a Singaporean company Energy Resource Investments linked to him. Mr Low’s daughter Elaine is a director of both companies.
Perth-based Sam Lee is a director of both Tengolf companies and also has beneficial shareholdings.
Mr Lee and his son Mike are expected to become executive managers of the winery property.
Mr Tobin said there was significant room to expand Aravina's operations and to gain permission for more accommodation.
