So far, billions in ringgit of foreign direct investments (FDI) have been committed to the RM30 billion Melaka Gateway project, which is currently being scrutinized by the new government, reported The Edge.
“The investments are quite massive,” said Datuk Michelle Ong, CEO of Melaka Gateway’s master developer KAJ Development. However, she cannot reveal the exact amount of investments.
“I have signed non-disclosure agreements, so I cannot disclose. The investors are from Miami (US), Holland, Germany, Middle-East, and China.” Asked on the return of investments, she estimates that it’s at least 18 percent over 10 years.
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She said this after briefing the Council of Eminent Persons (CEP) regarding the status of Melaka Gateway, wherein the state government is talking with KAJ to change the status of one of the four island from freehold to leasehold.
Notably, the council is advising the new federal government on important matters like the review of large-scale projects, such as the East Coast Rail Link (ECRL), the Kuala Lumpur-Singapore High Speed Rail (HSR) and the Melaka Gateway.
Expected to be completed by 2025, Melaka Gateway on the Straits of Malacca consists of one existing island and three artificial ones.
The 1,366-acre mixed-use development will feature a commercial city, liquid bulk terminal, a maritime industrial park and an international cruise passenger terminal that are expected to generate about 45,000 jobs and attract about 2.5 million of visitors per year.
“We hope we get the blessing to (continue) the Melaka Gateway project,” she said. Aside from that, KAJ wants to retain the scale of the project as each island complements the others.
Image sourced from Edge Property
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