KUALA LUMPUR – Melaka Gateway master developer KAJ Development Sdn Bhd (KAJD) has inked a memorandum of understanding (MoU) and exchanged two memoranda of agreement (MoA) with investors for the development of the Pulau Satu (PME1) megaproject.
The signing and document exchange ceremonies were held in Dubai, the United Arab Emirates in conjunction with Expo 2020 Dubai.
In a statement today, KAJD said it inked the MoU with Dubai Integrated Economic Zones Authority, which would see collaboration in the investment and operation of the proposed free trade zone at PME1 of the Melaka Gateway.
It said the proposed free trade zone is expected to turn Melaka Gateway into a dynamic business hub for global trade.
The first MoA exchange was between nominees of KAJ Development, MG Velocity Sdn Bhd, and X Infinity Property Sdn Bhd as well as Total Group Bhd to develop Melaka International Cruise Terminal (MICT) at PME1.
KAJD said the development of MICT, projected to be completed in 2025, will be driven by a RM1.5 billion investment and set to house customs, immigration, and quarantine facilities; a duty-free mall, retail space, and a luxury hotel.
The second MoA exchange was between KAJD with investment holding company Assetwall Sdn Bhd for the development of a state-of-the-art theme park.
It said the construction of the RM1.5 billion world-class modern theme park is scheduled to be completed by early 2026 and is expected to bring in more than five million visitors annually. – The Vibes, March 16, 2022
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