Concept of Vacation Ownership

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What is Vacation Ownership?

Vacation Ownership is a unique type of holiday ownership in which members have the right to use a holiday accommodation unit for a certain period every year over the tenure of the membership. Vacation ownership is based on a timesharing concept. For example, every time you fly on a commercial airliner, you are sharing time and cost with other passengers. You may not afford to buy an aircraft but it does not mean you cannot fly. Every time you stay in a hotel, or play a game of golf, you are sharing time and cost with others. You are simply paying for what you actually use.

Similarly, many people want a holiday home, but not all people can afford to purchase a whole unit of apartment for holidays. Vacation Ownership gives us access to luxurious holiday properties and facilities at a price we can afford.

History of Vacation Ownership

Vacation ownership was introduced in the late 1960s by enterprising Europeans, but it was popularized in the U.S. Prior to this, sole ownership of a second home for vacation was an extravagance many dreamed of, but few could realize. Vacation ownership presented an affordable alternative.

Rather than selling a year round resort condominium unit to one family, developers divided each unit into 52 one week intervals. Weeks were priced according to the size and occupancy of the unit, the resort location, the one-site facilities and amenities and seasonality during which specific week of ownership was scheduled.

Vacation ownership was an immediate attraction to consumers who wanted to secure years of home-like vacation accommodation for a fixed price. Vacation ownership acts as a hedge against inflation as you are paying today’s prices for your future holiday needs.

Advantages of Vacation Ownership Membership

  • Just a one time membership fee plus a small annual maintenance fee allows member to enjoy holidays year after year.
  • Avoid being herded around in hectic packaged tours. Members can choose a more leisurely paced holiday at many resorts.
  • It is a Hedge against Inflation as you are investing into tomorrow’s vacation at today’s prices
  • With the choice to exchange your entitlement with overseas resorts, no accommodation cost is required to be paid as it will avoid high cost in currency fluctuation.
  • You may also assign as a gift of your vacation entitlement to your family, friends or business associates
  • You can advance or accrue your vacation entitlement with a maximum of 14 nights entitlement per year
  • Effective 22 July 2011, the membership is no longer can be transferred due to expiration of Prospectus

The Reliability of Vacation Ownership in Malaysia

Malaysia is the only country in South East Asia with timesharing (vacation ownership) legislation. The timeshare regulations under Section 84 of the Companies Act 1965 were enforced with effect from 1st January 1993. The purpose of the timesharing legislation is to provide consumer protection, prevent unethical selling practices and give credibility to the timeshare industry in Malaysia.

Under Section 84 of the Companies Act (1965), only public companies are allowed to make public offering of interest. A trust deed must be submitted and approved by the Registry of Companies. A trustee must be appointed to act for the interest of the timeshare members. All sales closed must be accompanied by a Prospectus containing relevant scheme information.

As such, Legend Worldwide Holidays Bhd is the preferred timeshare operators that provide vacation ownership with reliability and security.

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