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Thursday, July 12, 2012

New landmark for Klang

PORT KLANG Authority (PKA) and Lagenda Erajuta Sdn Bhd formed a joint venture to give Klang a new landmark by developing a RM500 million 1Gateway project in the royal town.

Chairman Datuk Dr Teh Kim Poo said the project will be on a piece of 6.47ha of land in Taman Datuk Abdul Hamid along Persiaran Raja Muda Musa. It is expected that the project will be completed within five years.

The commercial project will consist of two internationally branded hotels, office towers, Cineplex and shopping mall, he said.

"Once completed, it will be a landmark in Klang," he told reporters at a press conference here, yesterday while adding that the site preparation work has already commenced.

Official consent was received from the Public Private Partnership Unit of the Prime Minister Department. The landowner of the project is PKA.

Initially, the land was a joint-venture project between PKA and Dermaga Suasa Sdn Bhd (DSSB) in 1995 and was called Intania project. However, it was stopped due to the 1997 financial crisis and was abandoned.

Teh said as part of the joint venture agreement, Lagenda Erajuta have to pay PKA a guaranteed minimum amount of RM45 million for the cost of the land which belongs to PKA.

Meanwhile, Lagenda Erajuta executive director, Datuk Lim Thiam Huat said in a press statement that the 1Gateway project will be a stylish top class commercial centre with high capital appreciation and rental yield.

He said the area along Persiaran Raja Muda Musa has great potential to become the most lively business and social lifestyle enclave in Klang.

He added that 1Gateway being the first lifestyle street mall in Klang will certainly bring back the younger Klang generation.

"We are excited for this new impressive development that is prominently located. We are certain that it will bring about a new era of prosperity into the area, thus rejuvenating an area long neglected despite its real estate value potential," he said.

Lagenda Erajuta Sdn Bhd is a subsidiary of Sagajuta (Sabah) Sdn Bhd. Sagajuta is Sabah's leading developer of the iconic 1Borneo hypermall, 1Sulaiman, Kingfisher Ujana and Warisan Square in Kota Kinabalu, Sabah.

By Business Times

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