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Saturday, July 21, 2012

Sepang GoldCoast enters JV with Chinese firm

SHAH ALAM: Sepang GoldCoast Sdn Bhd has signed a memorandum of understanding (MoU) with China-based Zhejiang Zhongxia Investment Co Ltd for the joint development of a new project in Sepang Gold Coast.

Sepang GoldCoast Sdn Bhd is a joint-venture company between Permodalan Negeri Selangor Bhd (PNSB) and Sepang Bay Sdn Bhd.

PNSB is the Selangor state investment arm while Sepang Bay is the Malaysian property arm of the Istana Group, a major property developer in Indonesia.

Sepang Gold Coast is an international holiday resort in Sepang.

Zhejiang Zhongxia Investment, based in Shanghai, is engaged in investment and development of leisure and commercial real estate, biotechnology and cultural artifacts.

Zhejiang Zhongxia Investment executive director Xu Yong said the company would be involved in the construction and marketing of the new project in Sepang Gold Coast, comprising residential, hotel and commercial units with a gross development value of about RM1bil.

“The planned construction of about 200,000 sq m is targeted to commence next year,” he told a media briefing after the MoU signing yesterday.

Xu said that construction covering a total area of 47ha was expected to be completed within five to six years.“We are looking at Asian investors or buyers for the project,” he added.

Sepang GoldCoast executive vice-president Wong Mun Chong said: “We are now finalising the master plan for the whole 2,023ha.”

By Bernama

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