PETALING JAYA: Little-known property developer Listari Marina (M) Sdn Bhd is building a mixed development at Klebang, Malacca with a gross development value of RM183mil and aimed at largely mainland Chinese buyers and Japanese investors seeking to invest in the country.
Speaking at a publicity event in Kuala Lumpur, its chief executive officer Datuk Seri Alex Teh Chee Teong said the project was part of its RM1.5bil mixed development project residential components, hotel, shopping mall and a water theme park that would be launched and developed in stages in the next 10 years.
“We have about over 200 acres of reclaimed land now, and the Eco Marine Park and Resorts will be beside the Klebang Beach, and near the Dataran 1 Malaysia launched by the Prime Minister,” he said at the ceremony to hand over a RM15mil investment pledge mock cheque to MAAKL Mutual Bhd.
He said the company was completing soon part of the theme park which features a water laser show, and according to him would be the largest in Asia.
In collaboration with MAAKL Mutual Bhd, the company will also offer purchasers free mutual fund units which equal to about 8% to 10% of the property purchase price and also free MAAKL Life Plus Insurance policy to eligible and qualified purchasers and investors.
Teh, who is also the director of London-listed Radiant Growth Investments Ltd said the listed company was planning to do a rights issue to raise more money to expand its business.
“We are planning to set up another waste to power plant in Vietnam. We are already building a power plant in Vietnam which is a joint venture with the Vietnamese government and funded by a US$36mil facility from the US export and import bank. We also aim to tender for another power plant in Shenzhen,” he said.
Teh said the company was also in discussion to acquire 15% stake in a 94,000ha in Cameroon for oil palm planting purposes.
“With our plans we may need to go and raise funds for the second time as the proceeds in our initial public offering is not sufficient,” he said.
Listed on the London stock exchange's Alternative Investment Market on Sept 20 last year, the company raised £6.3mil from its IPO.
By The Star
Showing posts with label Malacca. Show all posts
Showing posts with label Malacca. Show all posts
Friday, September 21, 2012
Monday, January 30, 2012
BSG Property to replicate Precinct 10's success in Malacca
GEORGE TOWN: Boon Siew Group's property arm BSG Property, is looking at replicating its new commercial property development project Precinct 10 in Penang down south at its Melaka Straits City project.
BSG Property's business development manager Koay Wei Loong said the proposed street mall comprising food and beverage offerings in Malacca is likely to be ready by the end of 2013 and the company has earmarked some RM40 million.
"The positive response we have received from tenants of Precinct 10 and customers since we opened in Penang has been encouraging and we see no reason why the same model cannot be successful in Malacca," he told Business Times.
Precinct 10 is located at Tanjung Tokong on Penang island and consists of 2-storey shop offices and F and B outlets.
Since its soft opening last month, the project has seen the entry of Burger King, Chez Weng, Winter Warmers, Old Town White Coffee, Sushi Zento and HSBC Bank as tenants.
"We are looking at potentially bringing in one more financial institution, an Italian food-dominated wine house, and a Chinese restaurant chain here," added Koay.
"With the surface parking offered to customers at Precinct 10, our plan is to enable the medium to upscale eateries transform this location into a Penang version of Bangsar in Kuala Lumpur."
Precinct 10 sits on a 1.7ha area and boasts a net lettable area of 47,000 sq ft.
BSG Property invested RM16 million in the project.
By Business Times
BSG Property's business development manager Koay Wei Loong said the proposed street mall comprising food and beverage offerings in Malacca is likely to be ready by the end of 2013 and the company has earmarked some RM40 million.
"The positive response we have received from tenants of Precinct 10 and customers since we opened in Penang has been encouraging and we see no reason why the same model cannot be successful in Malacca," he told Business Times.
Precinct 10 is located at Tanjung Tokong on Penang island and consists of 2-storey shop offices and F and B outlets.
Since its soft opening last month, the project has seen the entry of Burger King, Chez Weng, Winter Warmers, Old Town White Coffee, Sushi Zento and HSBC Bank as tenants.
"We are looking at potentially bringing in one more financial institution, an Italian food-dominated wine house, and a Chinese restaurant chain here," added Koay.
"With the surface parking offered to customers at Precinct 10, our plan is to enable the medium to upscale eateries transform this location into a Penang version of Bangsar in Kuala Lumpur."
Precinct 10 sits on a 1.7ha area and boasts a net lettable area of 47,000 sq ft.
BSG Property invested RM16 million in the project.
By Business Times
Monday, June 6, 2011
Complex to be completed in 2012
Mohd Ali showing the construction of the complex in Malacca during a visit recently.
MALACCA: Construction of the state’s recently revived Customs Immigration and Quarantine (CIQ) complex is expected to be fully completed by March next year.
Chief Minister Datuk Seri Mohd Ali Rustam said the government had strived hard to ensure the project was restored after the initial construction hit a snag due to technical hitches on the part of its previous contractor.
“We have commissioned a second contractor and up to now 38% of the project is completed and if all goes well, we could anticipate the RM73mil complex to be operational by mid-2012,” he said at a site tour recently.
Once completed, Mohd Ali added the complex could accommodate 15,000 visitors arriving from neighbouring countries on a monthly basis.
“This will certainly be a boost for Malacca in terms of the tourists arrivals,” he said.
The CIQ will complement the Batu Berendam International airport as a major gateway to the state and also to expedite the entry process for foreign tourists.
Mohd Ali said once the CIQ was completed, the state could also attract tourist boats from Singapore and Batam to enter the local waterway.
He added that frequency of the current ferry services from Bengkalis and Dumai in Indonesia could also be doubled with the new facility.
The increase, could turn the Malacca port as an optional hub for ferry services from neighbouring countries.
On another matter, Mohd Ali said the government hoped to introduce a tram car to ferry city folks to several selected destinations.
He said the tram service would help alleviate traffic congestions at the city-center while the monorail service was also expected to resume soon and would serve several populated areas here.
By The Star
Saturday, October 23, 2010
Sarner to invest RM62m in Malacca project
KUALA LUMPUR: Sarner IXL Sdn Bhd, which will invest a total of RM62.5mil in a major tourist attraction project in Malacca to be known as “Malacca Alive, History In a New Way”, is targeting to achieve 800,000 to 1 million visitors in the first 12 months of its operations.
Sarner president Mohd Nizar Mohd Najib said the first phase of Malacca Alive would be completed by April next year and the second and final phase slated for completion in 2012.
The Malacca Alive tourism project is located in Bandar Hilir which was declared a Unesco World Heritage Site.
Mohd Nizar said the crown jewel and focus of attraction of Malacca Alive would be Bahtera Merdeka, which offers visitors the experience of 5D, the first of its kind in Asia.
“Visitors will experience the birth of a nation, from the start of Malacca through the years of prosperity until the beginning of Malaysia, and the venue can also be used for other purposes including concerts,” he said at a press briefing yesterday.
Malacca Alive would also have a couple of museums such as the 4-D theatre Rakyat museum showcasing Malaysia’s natural history and a time travel museum which gives visitors the experience of going back in history. Moreover, there will be 50 retail outlets and outdoor warisan complex bistro as well.
Malacca Alive and the museums are build under the auspices of Perbadanan Muzium Melaka which is tasked to manage daily visitors at the tourist sites.
Mohd Nizar said phase one of Malacca Alive cost slightly over RM21mil, while phase two would cost RM41.4mil. The project would be financed via bank borrowings.
There will also be a grand tour of the place through various modes of transport.
By The Star
Sarner president Mohd Nizar Mohd Najib said the first phase of Malacca Alive would be completed by April next year and the second and final phase slated for completion in 2012.
The Malacca Alive tourism project is located in Bandar Hilir which was declared a Unesco World Heritage Site.
Mohd Nizar said the crown jewel and focus of attraction of Malacca Alive would be Bahtera Merdeka, which offers visitors the experience of 5D, the first of its kind in Asia.
“Visitors will experience the birth of a nation, from the start of Malacca through the years of prosperity until the beginning of Malaysia, and the venue can also be used for other purposes including concerts,” he said at a press briefing yesterday.
Malacca Alive would also have a couple of museums such as the 4-D theatre Rakyat museum showcasing Malaysia’s natural history and a time travel museum which gives visitors the experience of going back in history. Moreover, there will be 50 retail outlets and outdoor warisan complex bistro as well.
Malacca Alive and the museums are build under the auspices of Perbadanan Muzium Melaka which is tasked to manage daily visitors at the tourist sites.
Mohd Nizar said phase one of Malacca Alive cost slightly over RM21mil, while phase two would cost RM41.4mil. The project would be financed via bank borrowings.
There will also be a grand tour of the place through various modes of transport.
By The Star
Saturday, July 24, 2010
Malacca and Penang: History in abundance
The Malacca government has turned the once old and quiet Jonker Street into the now vibrant and ‘happening’ Jonker Walk.
The saying ‘Old is Gold’ certainly holds true for many things.
Among the things that appreciate over time are family relationships, friendships and the value of some tangible things like real estate.
Many so-called “city folks” in Kuala Lumpur and Petaling Jaya actually do not hail from the city; their hometowns are in other parts of the country.
Home is where the heart is and many of us have set up homes in places where we work, after settling down with our own family, and have children attending schools or colleges in the city.
With passing time and wisdom, we learn to appreciate our loved ones better.
And despite the “rat race” of city life, it is important to stay connected with our loved ones and old friends back in the kampung or in other places.
Likewise in the built environment, we can find many undiscovered gems around, which, in spite of their old physical exterior, are actually hidden treasures with strong history and many untold stories within their walls.
The first thing that comes to mind is the many pre-war houses and buildings that can be found in large numbers in the inner cities of Penang and Malacca.
Despite being old and dilapidated, many have the potential to be restored and given a new lease of life.
Some of the ways to reuse these buildings and “monetise” them include turning them into museums, heritage hotels, alfresco dining and restaurants specialising in local fares.
It is interesting to compare Penang and Malacca as they share many similar traits and history.
Both will benefit by learning from each other new ways to improve and manage their built and unbuilt environment.
Since my other half is a Malaccan, I must admit that I tend to compare my hometown, Penang’s George Town, with Malacca whenever I’m back for holidays or family events.
After all, both have been declared Unesco World Heritage Sites and have many interesting buildings and structures that are reminiscent of their rich history and heritage.
Penang and Malacca are both former Straits Settlement states with a long history of early settlers from various parts of the world converging there for trade.
And both are renowned for their Baba/Nyonya culture and heritage.
Being port states, both also have strong foreign connection and influence.
Penang was a bastion of trade for the English and the East India Company after it was founded by Captain Francis Light in 1786, while Malacca was a confluence of Portuguese, Dutch and English influence.
Those influences can still be clearly seen in the architecture of the buildings today.
It is evident that both Penang and Malacca have their own distinctive assets and attractions that have endeared them to many loyal visitors who throng the cities in droves whenever there is a long stretch of holidays.
This could be one of the reasons for the traffic-choked roads during the holiday season and major festivities.
It is common to find many outstation cars among the long lines of cars on the roads during such times.
To give a boost to their intrinsic value as natural tourist attractions, there is a need to improve the public transport system in the two heritage cities to ensure that the different modes of transport are well integrated and connected to each other.
Being on the radar screen of tourists is one thing, but it is equally important to ensure that visitors have convenient access to a good public transport network.
More should also be done to further boost the alluring old world charms of these cities while at the same time, revitalise the inner cities and keep them alive as living heritage.
To achieve this, the old and new attractions and facilities should co-exist and blend seamlessly with one another to make them relevant and refreshing to the people.
Malacca has made some interesting headway in this regard with many old buildings and “once quiet” historical enclaves being given a new lease of life.
One just needs to hop over to the happening and vibrant Jonker Walk, which comes alive every evening, teeming with traders and visitors.
Penangites can certainly take a leaf from their Malaccan counterparts to liven up George Town’s dilapidated inner city.
Deputy news editor Angie Ng is keeping her fingers crossed that the old and new charms of our cities will be the pride of our present and future generations.
By The Star (by Angie Ng)
Wednesday, June 9, 2010
6-star Malacca resort opens next week
MALACCA'S first six-star resort and spa will open its doors next week, following a RM140 million investment by timber group Sanbumi Holdings Bhd.
The Philea Resort & Spa, claimed to be Asia's largest log resort, is located on a 5.7ha site in Ayer Keroh, Malacca. It was designed by Symbios Design Associates Sdn Bhd.
Philea's general manager Ung Beng Huat said Philea is Sanbumi's maiden venture in the hospitality management industry. Sanbumi is also involved in the tourism industry
Speaking at the preview of the resort on Monday evening, he said a thorough study had been done for two years involving concept and other details before Philea's construction started in August 2008 and was completed in May this year.
The company plans to bring in tourists from Hong Kong, Taiwan and China via chartered flights four times a week.
Philea consists of 180 Pavillion Villas, 19 units of Philea Suites and two units of Royal Villas. Each villa is uniquely designed, complemented with pine-log walls and a host of amenities.
The resort will also have five in-house food and beverage outlets as well as a host of other facilities and services such as outdoor-landscaped swimming pool and a spa village which will be opening soon.
By Business Times
The Philea Resort & Spa, claimed to be Asia's largest log resort, is located on a 5.7ha site in Ayer Keroh, Malacca. It was designed by Symbios Design Associates Sdn Bhd.
Philea's general manager Ung Beng Huat said Philea is Sanbumi's maiden venture in the hospitality management industry. Sanbumi is also involved in the tourism industry
Speaking at the preview of the resort on Monday evening, he said a thorough study had been done for two years involving concept and other details before Philea's construction started in August 2008 and was completed in May this year.
The company plans to bring in tourists from Hong Kong, Taiwan and China via chartered flights four times a week.
Philea consists of 180 Pavillion Villas, 19 units of Philea Suites and two units of Royal Villas. Each villa is uniquely designed, complemented with pine-log walls and a host of amenities.
The resort will also have five in-house food and beverage outlets as well as a host of other facilities and services such as outdoor-landscaped swimming pool and a spa village which will be opening soon.
By Business Times
Tuesday, April 13, 2010
Developer confident of achieving RM300mil sales for suites
MALACCA: Hatten Group, which is responsible for the Dataran Pahlawan and Hatten Square projects, are confident of achieving RM300mil sales for its high-end Hatten Square suites.
Hatten Group’s chief executive officer Group Datuk Eric Tan said the company was targeting local investors based on the success of its first phase where more than 80% purchasers were Malaccans.
“With the launch of Phase 2, the company aims to generate RM300mil in sales,” he said, adding that the sky bridge between Hatten Square and Dataran Pahlawan shopping complex will be opened on July 2.
He added the project would help spur development of the Banda Hilir area into a foremost tourist centre.
Hatten’s latest project include the development of a 22-storey building which will house a four-star hotel with 750 suite rooms along with 200 retail units and 1,500 parking bays.
By The Star
Hatten Group’s chief executive officer Group Datuk Eric Tan said the company was targeting local investors based on the success of its first phase where more than 80% purchasers were Malaccans.
“With the launch of Phase 2, the company aims to generate RM300mil in sales,” he said, adding that the sky bridge between Hatten Square and Dataran Pahlawan shopping complex will be opened on July 2.
He added the project would help spur development of the Banda Hilir area into a foremost tourist centre.
Hatten’s latest project include the development of a 22-storey building which will house a four-star hotel with 750 suite rooms along with 200 retail units and 1,500 parking bays.
By The Star
Friday, February 5, 2010
RM500 million Aeon Melaka now open
MELAKA'S biggest shopping centre, the RM500 million AEON Bandaraya Melaka, opened its doors today.
The soft opening was officiated by Chief Minister Datuk Seri Mohd Ali Rustam.
The shopping complex, spread over approximately 126,162 sq m (1,358,000 sq ft), was originally scheduled for opening on Dec 17 last year. The opening was rescheduled due to a gas explosion mishap at its food court area, three days before the opening, which killed two workers and injured 20 others.
AEON Co (M) Bhd has since taken the necessary measures to upgrade work at the affected food court section and this is due for completion by next month.
"We are ready to commence business by providing shopping comfort and convenience," the company said a media statement.
Its Chairman, Datuk Abdullah Mohd Yusof, has targeted an annual turnover of between RM150 million to RM200 million for the shopping complex.
Meanwhile, Mohd Ali said AEON Bandaraya Melaka would help boost the number of tourists to the historical city, which recorded more than eight million visitors last year.
"With AEON Bandaraya, it is hoped visitors will spend more time, including their nights here, just to do shop," he added.
The complex has ample parking space with over 2,200 bays. Free parking is available from today until March 7.
By Bernama
The soft opening was officiated by Chief Minister Datuk Seri Mohd Ali Rustam.
The shopping complex, spread over approximately 126,162 sq m (1,358,000 sq ft), was originally scheduled for opening on Dec 17 last year. The opening was rescheduled due to a gas explosion mishap at its food court area, three days before the opening, which killed two workers and injured 20 others.
AEON Co (M) Bhd has since taken the necessary measures to upgrade work at the affected food court section and this is due for completion by next month.
"We are ready to commence business by providing shopping comfort and convenience," the company said a media statement.
Its Chairman, Datuk Abdullah Mohd Yusof, has targeted an annual turnover of between RM150 million to RM200 million for the shopping complex.
Meanwhile, Mohd Ali said AEON Bandaraya Melaka would help boost the number of tourists to the historical city, which recorded more than eight million visitors last year.
"With AEON Bandaraya, it is hoped visitors will spend more time, including their nights here, just to do shop," he added.
The complex has ample parking space with over 2,200 bays. Free parking is available from today until March 7.
By Bernama
Monday, December 21, 2009
Dubai firm keen to invest US$500m in Melaka
A company from Dubai, Golden Crescent Group, has expressed interest to invest US$500 million (about RM1.720 billion) in Melaka, Chief Minister Datuk Seri Mohd Ali Rustam said today.
"They showed interest to invest in the state after seeing the development in Melaka," he told reporters after opening the 34th general representative meeting of 4B Youth Movement in Ayer Keroh.
He said Golden Crescent was interested to invest in fields like hotel, manufacturing, recycling and building a specialist hospital.
Representatives from the company -- Dr Abdelrahman Mustafa Abdullah Al Jarrar, Mahomed Akbar Khan dan Dr Khalil A.H. Al Khalil -- met Ali earlier today.
During the meeting, Ali said, he had also suggested the company to invest in animation films in the state. A memorandum of understanding would soon by signed between Chief Minister Incorporated and the company, he added.
He said that among other factors that drew the interest of foreign investors to Melaka were the existence of various infrastructures, abundant skilled workforce, political stability and peace.
"They have visited tourist spots, industrial areas, factories producing high-tech products, higher learning institutions, ICT facilities, the Melaka Institute of Biotechnology and many other places. That's why they are interested to invest here," Ali said.
He said Melaka's foreign investment target for next year was RM3 billion while this year's achievement would be known by the end of December.
"Melaka has received a lot of investment in the tourism industry so I think the Malaysian Industrial Development Authority can also consider this as foreign direct investment besides the manufacturing sector," he said.
By Bernama
"They showed interest to invest in the state after seeing the development in Melaka," he told reporters after opening the 34th general representative meeting of 4B Youth Movement in Ayer Keroh.
He said Golden Crescent was interested to invest in fields like hotel, manufacturing, recycling and building a specialist hospital.
Representatives from the company -- Dr Abdelrahman Mustafa Abdullah Al Jarrar, Mahomed Akbar Khan dan Dr Khalil A.H. Al Khalil -- met Ali earlier today.
During the meeting, Ali said, he had also suggested the company to invest in animation films in the state. A memorandum of understanding would soon by signed between Chief Minister Incorporated and the company, he added.
He said that among other factors that drew the interest of foreign investors to Melaka were the existence of various infrastructures, abundant skilled workforce, political stability and peace.
"They have visited tourist spots, industrial areas, factories producing high-tech products, higher learning institutions, ICT facilities, the Melaka Institute of Biotechnology and many other places. That's why they are interested to invest here," Ali said.
He said Melaka's foreign investment target for next year was RM3 billion while this year's achievement would be known by the end of December.
"Melaka has received a lot of investment in the tourism industry so I think the Malaysian Industrial Development Authority can also consider this as foreign direct investment besides the manufacturing sector," he said.
By Bernama
Wednesday, July 29, 2009
Harp Soon to build integrated resort in Malacca
PRIVATELY-HELD construction and property firm Harp Soon Construction Bhd plans to develop a 8.72ha integrated resort in Malacca, with the help of Crystal Crown Hotel & Resort Group.
The resort, to be named Bayou Lagoon Park Resort, will be a mixed development comprising a hotel, retail centre, four blocks of service apartments, a water park, convention hall and a club house.
The resort will be developed in stages, with the completion of two of its serviced apartment blocks by early 2012.
The entire serviced apartment development has a gross development value of RM250 million.
The water park, which will be exclusive for guests and residents of the resort, will be ready by the time the apartments are up, and has a gross development value of RM8 million.
The convention hall, club house and hotel, meanwhile, are to developed later.
Bayou Lagoon Park Resort Sdn Bhd executive director Marco Seow said the development is the company's first foray into integrated resort development after developing residential and commercial developments in the Klang Valley for the last 30 years.
"This is why we brought in Crystal Crown, which has experience in the planning, development and management of hospitality project, as a consultant for the project," Seow said.
Crystal Crown and the manager of the resort, Bayou Lagoon Park Resort Sdn Bhd, entered into a distinctive partnership yesterday.
Under the pact, Bayou Lagoon will be a member of the Crystal Crown Group, allowing it to leverage on the established brand name as well as be accorded technical and feasibility advice on layout and hotel system solution.
By Business Times (by Presenna Nambiar)
The resort, to be named Bayou Lagoon Park Resort, will be a mixed development comprising a hotel, retail centre, four blocks of service apartments, a water park, convention hall and a club house.
The resort will be developed in stages, with the completion of two of its serviced apartment blocks by early 2012.
The entire serviced apartment development has a gross development value of RM250 million.
The water park, which will be exclusive for guests and residents of the resort, will be ready by the time the apartments are up, and has a gross development value of RM8 million.
The convention hall, club house and hotel, meanwhile, are to developed later.
Bayou Lagoon Park Resort Sdn Bhd executive director Marco Seow said the development is the company's first foray into integrated resort development after developing residential and commercial developments in the Klang Valley for the last 30 years.
"This is why we brought in Crystal Crown, which has experience in the planning, development and management of hospitality project, as a consultant for the project," Seow said.
Crystal Crown and the manager of the resort, Bayou Lagoon Park Resort Sdn Bhd, entered into a distinctive partnership yesterday.
Under the pact, Bayou Lagoon will be a member of the Crystal Crown Group, allowing it to leverage on the established brand name as well as be accorded technical and feasibility advice on layout and hotel system solution.
By Business Times (by Presenna Nambiar)
Monday, July 27, 2009
Golden Corporate Heritage’s RM1.2bil project in Malacca on track
KUALA LUMPUR: Golden Corporate Heritage Sdn Bhd’s RM1.2bil development to turn parts of Malacca into an Arab City by 2012 is progressing well, said managing director Hesham Fathi.
“The pillar structures are already completed on Pulau Melaka as we are planning for the grand opening by March,” he told StarBiz recently.
The company, a collaboration between Arab and local businessmen, is transforming parts of Malacca city, namely Pulau Melaka, Klebang and Kg Jawa, into an Arab City after the first proposal to build the project in Klang Valley fell through.
The state government has a 10% stake in the project through Chief Minister Inc (CMI).
“We feel that the proposed Arab City in Bukit Bintang was inappropriate because of the surroundings. When the Chief Minister of Malacca invited us to do the Arab City in that state, the approval was done in just five hours,” Hesham said.
When completed, the RM250mil Arab City project on Pulau Melaka, which is reclaimed land located off the Bandar Hilir coast, will have 240 lots offering products from the Arab world, including 10 restaurants specialising in authentic Middle Eastern cuisines and a museum with genuine Egyptian artefacts.
“We are not going to sell or lease these lots as we are going to operate them by ourselves. The completion of Arab City will create about 850 jobs for the locals,” Hesham said.
Meanwhile, piling works in Klebang will start in three months for the construction of an Arab healthcare city, according to Hesham. It was reported that the Klebang site, which covers about 4ha and investment of RM700mil, will also involve the construction of a five-star hotel, a water theme park, an aquarium and a floating restaurant.
For the Kg Jawa development, Hesham said the site would see an establishment of 12 Arabic restaurants and coffee shops from different Arabic cultures.
As the site is facing the Malacca river, it would be “tastefully” constructed with Andalusian-styled domes, he said.
“I would like to stress here that the perception of eliminating business people (currently operating) in Kg Jawa and their heritage buildings is not true. What we are going to do is to develop the area and build much better business bazaars for them. By this, we are helping them upgrade their living and income as we are bringing tourists from the Middle East to shop here,” he said.
It was reported that on April 2, Chief Minister Datuk Seri Mohd Ali Rustam visited Kg Jawa and agreed that the historical section of the village would be excluded from the Arab acquisition.
The state had initially intended to acquire the entire village comprising 84 lots and covering 6.34ha but agreed to scale down the project following protests by the MCA.
By The Star (by Edy Sarif)
“The pillar structures are already completed on Pulau Melaka as we are planning for the grand opening by March,” he told StarBiz recently.
The company, a collaboration between Arab and local businessmen, is transforming parts of Malacca city, namely Pulau Melaka, Klebang and Kg Jawa, into an Arab City after the first proposal to build the project in Klang Valley fell through.
The state government has a 10% stake in the project through Chief Minister Inc (CMI).
“We feel that the proposed Arab City in Bukit Bintang was inappropriate because of the surroundings. When the Chief Minister of Malacca invited us to do the Arab City in that state, the approval was done in just five hours,” Hesham said.
When completed, the RM250mil Arab City project on Pulau Melaka, which is reclaimed land located off the Bandar Hilir coast, will have 240 lots offering products from the Arab world, including 10 restaurants specialising in authentic Middle Eastern cuisines and a museum with genuine Egyptian artefacts.
“We are not going to sell or lease these lots as we are going to operate them by ourselves. The completion of Arab City will create about 850 jobs for the locals,” Hesham said.
Meanwhile, piling works in Klebang will start in three months for the construction of an Arab healthcare city, according to Hesham. It was reported that the Klebang site, which covers about 4ha and investment of RM700mil, will also involve the construction of a five-star hotel, a water theme park, an aquarium and a floating restaurant.
For the Kg Jawa development, Hesham said the site would see an establishment of 12 Arabic restaurants and coffee shops from different Arabic cultures.
As the site is facing the Malacca river, it would be “tastefully” constructed with Andalusian-styled domes, he said.
“I would like to stress here that the perception of eliminating business people (currently operating) in Kg Jawa and their heritage buildings is not true. What we are going to do is to develop the area and build much better business bazaars for them. By this, we are helping them upgrade their living and income as we are bringing tourists from the Middle East to shop here,” he said.
It was reported that on April 2, Chief Minister Datuk Seri Mohd Ali Rustam visited Kg Jawa and agreed that the historical section of the village would be excluded from the Arab acquisition.
The state had initially intended to acquire the entire village comprising 84 lots and covering 6.34ha but agreed to scale down the project following protests by the MCA.
By The Star (by Edy Sarif)
Friday, June 26, 2009
Oriental: Malacca waterfront project to be ready in 5 years
AUTO and plantation group Oriental Holdings Bhd said its proposed waterfront development in Malacca is due to be completed in about five years.
Business Times on Monday reported that OHB plans to open the 300-bedded Melaka Straits Medical Centre.
OHB is set to hold a controlling 51 per cent stake in the hospital.
Boon Siew Sdn Bhd, the controlling shareholder of OHB will hold another 20 per cent, followed by Bagan Specialist Centre with 29 per cent.
The reclamation project there is handled by Ultra Green Sdn Bhd, a construction and property development subsidiary of OHB.
Wong said OHB is hoping to fund the project with internal funds and the development value has not been finalised as yet.
"Our plan is to market the project in countries like Singapore and Australia where we have a marketing presence," he added.
By Business Times (by Marina Emmanuel)
The company's group managing director Datuk Wong Lum Kong said the company will try to fast-track the integrated project at Malacca's Klebang area with support from the state government.
"Apart from a RM200 million specialist hospital we intend to open there, commercial and residential units," he said after the company's annual shareholders' meeting in Penang.
Wong said reclamation works on the proposed waterfront project have almost been completed and the hospital, a nursing school and service apartments for families of overseas patients are slated for completion within two-and-half years.
"Apart from a RM200 million specialist hospital we intend to open there, commercial and residential units," he said after the company's annual shareholders' meeting in Penang.
Wong said reclamation works on the proposed waterfront project have almost been completed and the hospital, a nursing school and service apartments for families of overseas patients are slated for completion within two-and-half years.
Business Times on Monday reported that OHB plans to open the 300-bedded Melaka Straits Medical Centre.
OHB is set to hold a controlling 51 per cent stake in the hospital.
Boon Siew Sdn Bhd, the controlling shareholder of OHB will hold another 20 per cent, followed by Bagan Specialist Centre with 29 per cent.
The reclamation project there is handled by Ultra Green Sdn Bhd, a construction and property development subsidiary of OHB.
Wong said OHB is hoping to fund the project with internal funds and the development value has not been finalised as yet.
"Our plan is to market the project in countries like Singapore and Australia where we have a marketing presence," he added.
By Business Times (by Marina Emmanuel)
Wednesday, June 17, 2009
KYM to sign RM300m medical hub deal soon
The medical complex project in Malacca is expected to see KYM back in the black as early as next year, says KYM group managing director
Property developer KYM Holdings Bhd is expected to sign an agreement as early as next week to help build a RM300 million medical complex in Malacca, its group managing director Datuk Raymond Chong Thin Choy said.
"Construction of the medical hub should start by early next year," Chong told Business Times in an interview.
The federal government-funded project, under the Ministry of Health, will include construction of a state health administration centre, nursing institute and public health laboratory.
KYM, controlled by Datuk Lim Kheng Yew, will have 70 per cent stake, while its partner in the venture, Yayasan Melaka, a state government agency, will hold the remaining 30 per cent.
The project is expected to see KYM back in the black as early as next year, said Chong.
"We are targeting to break even in the financial year ending January 31 2010 and rake in sustainable profits from 2011 onwards."
KYM last reported a profit of RM28.7 million in 2006.
Its return to profitability and planned transformation from property developer to infrastructure player hinge largely on the sale of its landbank in Perak to Brazil's Vale SA, the world's biggest iron ore producer.
Completion of the multi-million-ringgit deal will help KYM degear itself, bringing its gearing ratio to as low as 0.41 time, or RM29.08 million, from the current 8.94 times, or RM209.73 million, while its net tangible asset is poised to rise to 89 sen a share from 29 sen.
The metal producer, which intends to pump in as much as RM9 billion into the Perak economy, has agreed to buy land in the silver state from KYM for RM101.9 million.
Vale also has an option to buy more land from KYM for RM93.7 million.
"It's truly a godsend," said Chong, adding that KYM is hoping to get as much as 10 per cent, or RM900 million worth, of the construction contracts on offer by Vale.
Securing RM900 million worth of jobs could help keep KYM busy for the next three years. Vale is expected to start developing the land as early as next year.
Chong also said that KYM in-tends to venture into quarrying in Perak to complement Vale's operational needs.
By Business Times (by Francis Fernandez)
Property developer KYM Holdings Bhd is expected to sign an agreement as early as next week to help build a RM300 million medical complex in Malacca, its group managing director Datuk Raymond Chong Thin Choy said.
"Construction of the medical hub should start by early next year," Chong told Business Times in an interview.
The federal government-funded project, under the Ministry of Health, will include construction of a state health administration centre, nursing institute and public health laboratory.
KYM, controlled by Datuk Lim Kheng Yew, will have 70 per cent stake, while its partner in the venture, Yayasan Melaka, a state government agency, will hold the remaining 30 per cent.
The project is expected to see KYM back in the black as early as next year, said Chong.
"We are targeting to break even in the financial year ending January 31 2010 and rake in sustainable profits from 2011 onwards."
KYM last reported a profit of RM28.7 million in 2006.
Its return to profitability and planned transformation from property developer to infrastructure player hinge largely on the sale of its landbank in Perak to Brazil's Vale SA, the world's biggest iron ore producer.
Completion of the multi-million-ringgit deal will help KYM degear itself, bringing its gearing ratio to as low as 0.41 time, or RM29.08 million, from the current 8.94 times, or RM209.73 million, while its net tangible asset is poised to rise to 89 sen a share from 29 sen.
The metal producer, which intends to pump in as much as RM9 billion into the Perak economy, has agreed to buy land in the silver state from KYM for RM101.9 million.
Vale also has an option to buy more land from KYM for RM93.7 million.
"It's truly a godsend," said Chong, adding that KYM is hoping to get as much as 10 per cent, or RM900 million worth, of the construction contracts on offer by Vale.
Securing RM900 million worth of jobs could help keep KYM busy for the next three years. Vale is expected to start developing the land as early as next year.
Chong also said that KYM in-tends to venture into quarrying in Perak to complement Vale's operational needs.
By Business Times (by Francis Fernandez)
Monday, April 20, 2009
Hatten plans Ginza-like district in Malacca
Hatten Group, a local property developer, plans to turn the Bandar Hilir area in Malacca into a commercial district the likes of Ginza, Tokyo's classiest commercial centre.
It is developing "Hatten Square", an upmarket commercial project located in the vicinity of Melaka Tengah and Melaka Raya. It features a four-star hotel with 260 rooms, 490 suites and 1,500 parking bays, and a mall with 200 retail units.
Construction has begun on the RM150 million project, with full completion scheduled for the third quarter of 2011. However, the 1,500 parking bays and the 200 retail units will be ready by December this year.
It is developing "Hatten Square", an upmarket commercial project located in the vicinity of Melaka Tengah and Melaka Raya. It features a four-star hotel with 260 rooms, 490 suites and 1,500 parking bays, and a mall with 200 retail units.
Construction has begun on the RM150 million project, with full completion scheduled for the third quarter of 2011. However, the 1,500 parking bays and the 200 retail units will be ready by December this year.
Hatten Group executive director Collin Tan said the successful completion of Phase 1 and 2 of Dataran Pahlawan, a new retail, entertainment and gourmet centre in Bandar Hilir, had resulted in the constitution of Hatten Group as a holding company for a group of companies with a unified vision to continue expanding in the area.
"To be located near Dataran Pahlawan Melaka Megamall and Mahkota Parade, the proposed shopping mall will carry exclusive luxury brands targeted at the upper- and middle-income group together with sidewalk cafes and alfresco dining.
"We hope that this new mall would turn this area into the 'Bukit Bintang' of Malacca," he said, referring to the famous shopping and entertainment strip in Kuala Lumpur.
Occupying 6.25ha , Hatten Square Suites & Shoppes will contain the hallmark of quality and innovation that buyers whom have long been associated with Hatten Group will recognise.
"Apart from the retail units, the 22-storey building will comprise 270 hotel rooms and 490 premier suites with common hotel facilities such as an extensively designed swimming pool, a spa, a gym, a ballroom and 1,500 parking bays built with the intention to cater to business travellers and families on vacation," he said.
Hatten Group plans to sell 40 per cent of the retail units at prices starting from RM180,000 per unit, and keep the rest as investment, implementing a similar development strategy practised in Dataran Pahlawan Megamall.
"Upon completion of the project, the value of the properties is expected to appreciate by 20 per cent per year," said Tan.
He added that Hatten Square will further complement the Bandar Hilir area by being the tallest building in Malacca, with good visibility of the historical city.
Other factors going for the proposed project are that the area has a ready population of 400,000 people and is easily accessible from Jalan Laksamana, Coastal Highway and Jalan Tun Razak (Lebuhraya AMJ).
"To ensure that all patrons to Malacca are able to enjoy and experience a comfortable and hassle-free shopping atmosphere, we are building a 17m wide air-conditioned two-tiered link bridge to connect the Square to Dataran Pahlawan Megamall and Mahkota Parade.
"This has been designed to add vibrancy and colour to the Bandar Hilir area, commonly known for its busloads of tourist arrival to the neighbouring historical sites and shopping malls," said Tan.
By Business Times (by Gomathy Ramasamy)
"To be located near Dataran Pahlawan Melaka Megamall and Mahkota Parade, the proposed shopping mall will carry exclusive luxury brands targeted at the upper- and middle-income group together with sidewalk cafes and alfresco dining.
"We hope that this new mall would turn this area into the 'Bukit Bintang' of Malacca," he said, referring to the famous shopping and entertainment strip in Kuala Lumpur.
Occupying 6.25ha , Hatten Square Suites & Shoppes will contain the hallmark of quality and innovation that buyers whom have long been associated with Hatten Group will recognise.
"Apart from the retail units, the 22-storey building will comprise 270 hotel rooms and 490 premier suites with common hotel facilities such as an extensively designed swimming pool, a spa, a gym, a ballroom and 1,500 parking bays built with the intention to cater to business travellers and families on vacation," he said.
Hatten Group plans to sell 40 per cent of the retail units at prices starting from RM180,000 per unit, and keep the rest as investment, implementing a similar development strategy practised in Dataran Pahlawan Megamall.
"Upon completion of the project, the value of the properties is expected to appreciate by 20 per cent per year," said Tan.
He added that Hatten Square will further complement the Bandar Hilir area by being the tallest building in Malacca, with good visibility of the historical city.
Other factors going for the proposed project are that the area has a ready population of 400,000 people and is easily accessible from Jalan Laksamana, Coastal Highway and Jalan Tun Razak (Lebuhraya AMJ).
"To ensure that all patrons to Malacca are able to enjoy and experience a comfortable and hassle-free shopping atmosphere, we are building a 17m wide air-conditioned two-tiered link bridge to connect the Square to Dataran Pahlawan Megamall and Mahkota Parade.
"This has been designed to add vibrancy and colour to the Bandar Hilir area, commonly known for its busloads of tourist arrival to the neighbouring historical sites and shopping malls," said Tan.
By Business Times (by Gomathy Ramasamy)
Tuesday, March 17, 2009
Casa del Rio Melaka apartments may be sold for RM20m in all
The 32 high-end apartment units in Casa del Rio Melaka, located along the Malacca river, may be sold for an estimated RM20 million collectively.
These apartments form part of the RM102 million Casa del Rio Melaka boutique hotel, mall and apartment project which will open in June 2010.
"The apartment units will measure between 1,134 sq ft and 2,109 sq," Tan Sri Syed Yusof Syed Nasir, group managing director of Casa del Rio (Malaysia) Sdn Bhd, the project developer told Business Times in an interview.
Set to be launched within the next two months, these two-bedroom and three-bedroom units are said to have received encouraging response.
Once they are sold, the buyer has the option of appointing Casa del Rio to manage for them.
The four-storey building will also have 64-bedroom suites that will all sit on 1.29ha along the Malacca River.
Meanwhile, Syed Yusof expects the hotel to register an average occupancy of 60 per cent to 65 per cent in the first year of operations.
This could rise to 70 per cent in the second year.
"We expect a positive cash flow. We are looking at about RM450 per night to RM1,000 per night for the larger suites," added.
Casa del Rio is Spanish for "Home by the River". The hotel has Spanish influences, but also retains the local character in keeping with Malacca as World Heritage site.
Syed Yusof also operates the 570-room Concorde Hotel Kuala Lumpur, the 381-room Concorde Shah Alam and the 338-room Concorde Inn KLIA.
By Business Times (by Vasantha Ganesan)
These apartments form part of the RM102 million Casa del Rio Melaka boutique hotel, mall and apartment project which will open in June 2010.
"The apartment units will measure between 1,134 sq ft and 2,109 sq," Tan Sri Syed Yusof Syed Nasir, group managing director of Casa del Rio (Malaysia) Sdn Bhd, the project developer told Business Times in an interview.
Set to be launched within the next two months, these two-bedroom and three-bedroom units are said to have received encouraging response.
Once they are sold, the buyer has the option of appointing Casa del Rio to manage for them.
The four-storey building will also have 64-bedroom suites that will all sit on 1.29ha along the Malacca River.
Meanwhile, Syed Yusof expects the hotel to register an average occupancy of 60 per cent to 65 per cent in the first year of operations.
This could rise to 70 per cent in the second year.
"We expect a positive cash flow. We are looking at about RM450 per night to RM1,000 per night for the larger suites," added.
Casa del Rio is Spanish for "Home by the River". The hotel has Spanish influences, but also retains the local character in keeping with Malacca as World Heritage site.
Syed Yusof also operates the 570-room Concorde Hotel Kuala Lumpur, the 381-room Concorde Shah Alam and the 338-room Concorde Inn KLIA.
By Business Times (by Vasantha Ganesan)
Wednesday, March 11, 2009
Casa del Rio project along river to be operational by mid-2010
The RM102 million Casa del Rio Melaka boutique hotel, mall and apartment will be operational by June 2010.
The four-storey project, involving 64 bedroom suites and 32 apartments, will sit on 1.29ha along the Malacca River. The apartments will be offered for sale.
Casa del Rio (Malaysia) Sdn Bhd group managing director Tan Sri Syed Yusof Syed Nasir said that it had invested some RM10 million to acquire the land, which is in addition to the RM102 million investment into the project.
Casa del Rio (Malaysia) owns and manages Casa del Rio hotel. Casa del Rio is Spanish for "home by the river".
Bank Pembangunan Malaysia Bhd yesterday signed a term-loan agreement of RM50 million with its owner Casa del Rio (Malaysia).
A separate agreement was also inked yesterday between Casa Del Rio and Sin Seong Hin Sdn Bhd, where the former awarded a RM60 million contract to the latter to develop the second phase for main building works.
On why there is a six months delay in the opening of the hotel, Syed Yusof said that it was a result of the piling work as well as the tender process for the job.
Syed Yusof also operates the 570-room Concorde Hotel Kuala Lumpur, the 381-room Concorde Shah Alam and the 338-room Concorde Inn KLIA.
Other hotels operated by the group are the 18-room Lakehouse in Cameron Highlands, the 34-room Casa del Mar Langkawi, and specialty restaurants Saloma Theatre Restaurant and Bistro, Hard Rock Cafe and Planet Hollywood in Kuala Lumpur.
By Business Times
The four-storey project, involving 64 bedroom suites and 32 apartments, will sit on 1.29ha along the Malacca River. The apartments will be offered for sale.
Casa del Rio (Malaysia) Sdn Bhd group managing director Tan Sri Syed Yusof Syed Nasir said that it had invested some RM10 million to acquire the land, which is in addition to the RM102 million investment into the project.
Casa del Rio (Malaysia) owns and manages Casa del Rio hotel. Casa del Rio is Spanish for "home by the river".
Bank Pembangunan Malaysia Bhd yesterday signed a term-loan agreement of RM50 million with its owner Casa del Rio (Malaysia).
A separate agreement was also inked yesterday between Casa Del Rio and Sin Seong Hin Sdn Bhd, where the former awarded a RM60 million contract to the latter to develop the second phase for main building works.
On why there is a six months delay in the opening of the hotel, Syed Yusof said that it was a result of the piling work as well as the tender process for the job.
Syed Yusof also operates the 570-room Concorde Hotel Kuala Lumpur, the 381-room Concorde Shah Alam and the 338-room Concorde Inn KLIA.
Other hotels operated by the group are the 18-room Lakehouse in Cameron Highlands, the 34-room Casa del Mar Langkawi, and specialty restaurants Saloma Theatre Restaurant and Bistro, Hard Rock Cafe and Planet Hollywood in Kuala Lumpur.
By Business Times
Malacca gets nod for RM65m runway extension
The Malacca state government has received the green light from the federal government to extend the runway at Batu Berendam Airport, which is slated for completion in six months.
Chief Minister Datuk Seri Mohd Ali Mohd Rustam said that the extension at the airport, which will be renamed Malacca International Airport, will cost RM65 million.
The extension is to accommodate larger carriers like Boeing B737 and Airbus A320, in line with its goal of making the historical state a top tourist destination.
"The runway will be extended to 2,200m from 1,800m now. It will cost RM65 million and the state will take a loan from the federal government for this," Mohd Ali said.
This is in addition to the RM135 million grant given to renovate and refurbish the airport, which is operated by Malaysia Airports Holdings Bhd.
Mohd Ali said budget carrier AirAsia has indicated that it will fly to three destinations in Sumatra, Indonesia, namely Pekan Baru, Bukit Tinggi and Medan, from Malacca, once the runway is ready.
"After that, AirAsia plans to fly to Penang and Langkawi and a year after that to Jakarta, Palembang, Balik Papan and Kuching (from Malacca)," he said after witnessing an agreement-signing ceremony between Casa del Rio (M) Sdn Bhd and Bank Pembangunan Malaysia Bhd, and Sin Seong Hin Sdn Bhd.
"Firefly will also be coming in. We now only have Riau Airlines (operating at the airport)," he said, adding that he hopes other charter flights will also operate out of Malacca International Airport.
Mohd Ali said the state recorded a total of 7.2 million tourists last year, of which 6 million were domestic tourists. In the first two months of this year, Malacca has already welcomed 600,000 visitors.
He added that some 70,000 foreign patients sought medical treatment at the state.
"This is only 0.1 per cent of the 7 million rich people who are staying in Sumatra. We need to focus more on Sumatra ... with the new Malacca International Airport, we hope more patients will come here," he said.
By Business Times
Chief Minister Datuk Seri Mohd Ali Mohd Rustam said that the extension at the airport, which will be renamed Malacca International Airport, will cost RM65 million.
The extension is to accommodate larger carriers like Boeing B737 and Airbus A320, in line with its goal of making the historical state a top tourist destination.
"The runway will be extended to 2,200m from 1,800m now. It will cost RM65 million and the state will take a loan from the federal government for this," Mohd Ali said.
This is in addition to the RM135 million grant given to renovate and refurbish the airport, which is operated by Malaysia Airports Holdings Bhd.
Mohd Ali said budget carrier AirAsia has indicated that it will fly to three destinations in Sumatra, Indonesia, namely Pekan Baru, Bukit Tinggi and Medan, from Malacca, once the runway is ready.
"After that, AirAsia plans to fly to Penang and Langkawi and a year after that to Jakarta, Palembang, Balik Papan and Kuching (from Malacca)," he said after witnessing an agreement-signing ceremony between Casa del Rio (M) Sdn Bhd and Bank Pembangunan Malaysia Bhd, and Sin Seong Hin Sdn Bhd.
"Firefly will also be coming in. We now only have Riau Airlines (operating at the airport)," he said, adding that he hopes other charter flights will also operate out of Malacca International Airport.
Mohd Ali said the state recorded a total of 7.2 million tourists last year, of which 6 million were domestic tourists. In the first two months of this year, Malacca has already welcomed 600,000 visitors.
He added that some 70,000 foreign patients sought medical treatment at the state.
"This is only 0.1 per cent of the 7 million rich people who are staying in Sumatra. We need to focus more on Sumatra ... with the new Malacca International Airport, we hope more patients will come here," he said.
By Business Times
Tuesday, March 3, 2009
UDA plans RM111m mall, hotel investment in Malacca
PROPERTY firm UDA Holdings Bhd is investing RM111 million to build a Street Mall and a four-star hotel in Malacca.
It has bought a 1.48ha land on Jalan Tun Ali for RM11 million from the Malacca state government and will spend another RM40 million to develop the hotel, which will be managed by its hotel management arm Ancasa Hotel & Spa. There are currently three local hotels under the Ancasa banner.
The remaining RM60 million is the gross development value for the Street Mall, which will have about 100 shoplots.
"We expect the hotel's return on investment to come in between six-and-a-half years and seven years," said UDA managing director Datuk Jaafar Abu Hassan at a signing ceremony in Kuala Lumpur yesterday.
Also present were Malacca Chief Minister Datuk Mohd Ali Rustam and Entrepreneurs and Cooperative Development Minister Datuk Noh Omar.
The company has engaged retail consultant, Henry Butcher to oversee the development of the mall.
Construction of the project is expected to start in September and is targeted for completion by 2011.
Jaafar said UDA is also in discussion to develop phase two of the Street Mall.
It was earlier reported that the group plans to double its landbank in the country to about 800ha to develop hotels and shopping complexes.
It is eyeing land in Kuala Terengganu, Johor Baru and Kuantan for hotel development and Malacca and Kuantan for commercial complexes.
Noh Omar said the development of the street mall by UDA, an agency under his ministry, will encourage more Bumiputera to be business owners.
"The Street Mall is located in the city centre and is near the UiTM Malacca campus. It is a vibrant area with high traffic, definitely a good business area," he said.
UDA, which owns and operates malls, rents out space to small Bumiputera businesses at subsidised rates and leases are renewed every two years.
By Business Times (by Zurinna Raja Adam)
Thursday, July 10, 2008
Boon to property market
Malacca's old quarter, which include 17th Century Dutch-era buildings such as the Christ Church (right), has finally been listed as a UNESCO World Heritage site.
MALACCA: Heritage building owners in George Town and here will see a boom now that both the historical cities have been listed as Unesco’s World Heritage Sites.
Despite the strict building code regulations governing renovations to heritage buildings, over 1,000 property owners here are expected to see their property prices increasing.
19th Century Chinese Baroque style embellishments on older buildings along Jalan Hang Jebat (formerly Jonker Street) in Malacca add to the charm of the city's old quarter.
According to Foo Gee Jen, a director of a property evaluation company, property prices for homes along Jonker and Heeren streets have risen steadily over the past 15 years.
“Depending on its size and condition, a unit used to fetch up to RM200,000 fifteen years ago.
“In 2005, property was valued at RM120 per sq ft but shot up to RM200 per sq ft recently,” he said, adding that a unit could now fetch up to RM800,000 to a RM1mil.
He said that the inscription as a World Heritage Site would push prices of the buildings up almost immediately by at least 20% to 30%.
Malacca Heritage Trust president Debbie Lee said there already existed building regulations and guidelines that were adopted by the city council in line with Unesco’s charter on World Heritage Site.
Although there were strict conservation laws, she noted that there is no total ban against owners who wished to renovate their buildings for re-adaptive use.
“What is needed now is for the city council and state to employ more trained conservation architects and officers to carry out implementation and enforcement work,” she said.
The Malacca site comprises 214.6ha and covers two protected areas within the conservation zone of the city and is demarcated by the Melaka River.
The first area is the St Paul's Hill Civic Zone comprising government buildings, museums, churches, the original fortress town from the 16th century Portuguese and Dutch period and Bukit Cina.
The second area is the Historic Residential and Commercial Zone comprising 600 shophouses, commercial and residential buildings, religious buildings and tombs on four main streets.
George Town in Penang has one of the largest concentration of pre-World War Two (1939-45) buildings in Asia.
In GEORGE TOWN, the prices of pre-war houses in the inner city are expected to soar with foreign and local developers looking to capitalise on the recent Unesco listing.
“Pre-war houses are quite cheap now.
“Depending on the location and the state of the building concerned, it could cost between RM800,000 and RM1mil each,” said Datuk Jerry Chan, chairman of the Penang Real Estate Housing and Developers Association (Rehda).
“With potential business opportunities that come with being a Unesco site, local and foreign developers will be snapping up the pre-war buildings, so I think we can expect a 50% to 100% jump in prices.”
He said the association was not against foreign developers coming in but stressed that the Government must regulate business activities in the area.
“In some instances, it actually costs more to restore an old building than to build a new one so perhaps the Government can offer some incentives to those up for the task,” he said.
Penang Municipal Council president Datuk Zainal Rahim Seman said the council would make sure developers and property owners complied with the council’s heritage guidelines when restoring or renovating their premises.
By The Star
Tuesday, April 15, 2008
Bright future for historic city
Bold, new plans aim to propel Malacca to greater heights
It is the birthplace of our country’s urban society. And, just as it did over 600 years ago, Malacca today is still continuing to attract attention from travellers the world over, making it our most endearing tourist magnet.
It is the birthplace of our country’s urban society. And, just as it did over 600 years ago, Malacca today is still continuing to attract attention from travellers the world over, making it our most endearing tourist magnet.
In three days’ time on April 15, Malacca city will celebrate its 19th anniversary of being declared a “Historical City” by the federal government.
In conjunction with this, we pay tribute to the country’s oldest settlement by shining the spotlight on its thrust to be a modern force, its endeavour to preserve the past and its goal to be as relevant to the nation and the world today as it was at the height of its glory.
Spearheaded by its Chief Minister Datuk Seri Mohd Ali Rustam, Malacca has, over the past decade, been aggressively moving towards its target of being a fully developed state by 2010.
As a result, it recently recorded the highest growth among all states in the country at 6.1 per cent and managed to increase its tourist arrivals by one million a year.
It’s not resting on its laurels. To keep the economy on the boil and reinforce its appeal as an international destination, the state has put in place several plans. Here are some of them ….
Embracing the influx
Between 2004 and 2006, Malacca’s tourist arrivals increased from four million to 5.09 million and this year, the visitation is envisaged to rise to 6.8 million.
According to the state government, Malacca’s appeal lies in the fact that it offers something for everybody, being a place of history not only for local Malays, Chinese and Indians but also for former colonial powers such as the Portuguese, Dutch and British.
Statistics concur, showing the number of foreign tourists, particularly from Holland and the United Kingdom, to be on a steady rise.
To cope with the influx, many new hotels have mushroomed in recent years in response to the state’s call for its hospitality industry to make a greater impact.
Over the next two years, another 675 rooms are expected to be added to the existing leisure stock of 6,700 rooms.
Among the establishments that have already made their presence felt in the city centre are the five-star Holiday Inn, Legacy, Renaissance and Equatorial hotels, while in districts such as Alor Gajah, resort concepts in the vein of A’Famosa Resort have become pull factors for those wanting to escape back to nature.
Preserving the past
In addition to well-known protected heritage sites such as the old Dutch Square and the Portuguese A’Famosa fortress, the city has recently taken steps to revitalise its ever popular Jonker Street – or Jalan Hang Jebat – by giving it a much-needed facelift.
Dating back to the 17th century, this bazaar of antique shoplots represents one of the oldest (albeit smallest) Chinatowns in the world and is a major tourist attraction for the historical city.
After years of being overlooked which led to its dereliction, the focus to refresh the area’s historical face while giving its infrastructure a new lease of life has brought with it a vibrant energy that makes it more upmarket, cleaner and more appealing to foreign visitors.
Another important ongoing development is the rejuvenation of the Malacca River, which once served as the arterial lifeline of teh city.
The RM320 million beauti- fication project will turn the river into a major tourist draw complete with vibrant riverbank walkways, commercial and retail outlets as well as river boat tours.
The state is also expected to generate RM1 billion from spin off projects that will take place along the historic riverfront.
The modern touch To be as relevant to the future as it was important to the country’s past, Malacca has also acknowledged that it must give itself a modern look. Thus, its ambitious plan to establish an urban mass transport facility serviced by Southeast Asia’s first aerorail system.
By 2012, a suspended track will be added to the Malaccan skyline to allow commuters as well as tourists to smoothly commute in and out of the city centre and visit all its major attractions.
The RM586 million project, to be developed by Pyramid Express Sdn Bhd, has already been hailed for its cost effective concept – compared with the RM160 million per kilometre cost spent on Kuala Lumpur’s LRT system, Malacca’s version will cost RM57.6 million per kilometre.
Work on the 18.3km aerorail line is expected to start sometime next year and involve the development of 10 stations, each attached to a four-star hotel.
In addition to the aerorail, the state is also giving its Batu Berendam Airport a RM120 million upgrade so it can cater to larger aircrafts and more travellers.
Of the cost, 10 per cent or RM12 million is understood to be for land reclamation, 30 per cent or RM35 million for the expansion of the airstrip, 12 per cent or RM14 million for a new control tower and 20 per cent or RM24 million for a new landing terminal and aerobridge.
The state hopes that the improvements will qualify it as an international airport, which would enable the world’s tourists to fly directly into Malacca.
By New Straits Times (by Chris Prasad)
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