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Monday, April 26, 2010

Aptec project civil work to start this year

Property firm, Malaysia Pacific Corporation Bhd (MPCorp), plans to start the civil work of the Asia Pacific Trade and Expo City (APTEC) in Iskandar Malaysia this year.

The combined cost of the project, including Nusa Paradis and factory outlets is expected to cost RM2.6 billion.

"We have the masterplan and are waiting for some special incentives from the Iskandar Regional Development Authority (IRDA). We hope to be granted soon," its president and chief executive officer Datuk Bill C.P. Ch'ng told reporters at the National Chamber of Commerce and Industry of Malaysia forum titled "A Strong China: Its Implications and Challenges" in Kuala Lumpur today.

APTEC, billed as the largest trade exposition and distribution centre in the region is located within its flagship Lakehill Resort City. It will comprise a trade and expo centre, shopping mall, office towers, hotels and a halal centre.

The entire project -- APTEC and LakeHill Resort City -- is expected to cost RM4.5 billion and has an estimated gross development value of between RM6.5 billion and RM8 billion.

Covering three million sq ft of exhibition space, APTEC will have the widest selection of products from China and the Asian region, with the state-of-the-art facilities and infrastructures in a one-stop sourcing and trading centre.

APTEC will serve as a catalyst in the development of Iskandar Malaysia into a regional and distribution hub, targeting Asia-Pacific's population of 800 million.

"We are also negotiating with various potential joint-venture partners as we want to look for people with the expertise to operate APTEC. We need various expertise as it is an international trade centre," Ch'ng said.

APTEC, he said, would showcase a wide variety of mass consumer products such as garments, souvenirs and high-tech electronic goods from China, India and Asean countries, at competitive prices and comparable quality options for buyers.

Ch'ng said Asean was a good alternative market as the world was also looking at China and Asia to kick start the global recovery.

"In terms of affordability, it will still be the Asia and China because by tradition and culture, we tend to save more money and spend," he said.

APTEC will also have an impact on the economy as the expo centre will serve as a direct source from suppliers and factories, Ch'ng said, adding that it will have an enormous economic spin-offs.

"You will get the price directly from the source and there is no middlemen and agents. The cost will then can be brought down which will help contain inflation and reduce the cost of living," he added.

APTEC and LakeHill Resort City are developed by LakeHill Resort Development Sdn Bhd, a joint venture between MPCorp and Amanahraya Development Sdn Bhd, which holds 22 per cent.

By Bernama

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