Melaka Gateway secures 5 foreign investors

MALACCA (Feb 10, 2014): KAJ Development Sdn Bhd (KAJD), the master developer of Melaka Gateway, has secured five international investors for the RM40 billion project which was launched by the prime minister last Friday.
Its CEO Datuk Michelle Ong said the 609-acre project, which will be completed in 2025, has attracted investors from China, Singapore, the United Arab Emirates (UAE), the UK, Italy, the US and Korea.
Last Friday, the master developer signed memorandums of understanding with five international companies, namely, TRE Development Pte Ltd from Singapore, Skyye Group Pte Ltd from Italy, Rinani International Aero Marine which is a Korean-Malaysian joint venture (JV), Kasen International from China and Royal Caribbean Cruise from the US.
Ong said Kasen International is the project's first international investor and will be developing hotels and condominiums with a projected gross development value (GDV) of RM1.9 billion while TRE Development has acquired six acres of land for RM88 million.
Meanwhile, Skyye Group will bring in 200 branded goods and Royal Caribbean Cruise will jointly develop the cruise jetty with KAJD.
"About 40% (of the project) will be foreign investors while 26% to 30% will be done by us and the balance through JVs," Ong said, adding that the value of the foreign investments secured will be revealed at a later date.
KAJD chief operations officer Gavin Lau said it is in negotiations with several theme park operators from Australia and the US for the 60-acre theme park while some investors from UAE are interested in its Gateway Beacon Tower project, a 288-metre tower comprising a seven-star hotel and condominiums.