Chinese developer launches US$1bn Melaka project
Published: 24 March 2015 9:43 PM
Xin Eco Marine Group Properties Sdn Bhd, a subsidiary of Xinyuan China, will invest US$1 billion (RM3.6 billion) in a mixed development project in Klebang, Melaka next year.
Its President Datuk Jacky Zhang Zhengang said the project, comprising three major property segments – tourism, commercial and residential – would be built on a 68-hectare of reclaimed land facing the Straits of Malacca.
He said the project, spanning about six years with a gross development value (GDV) of around US$5 billion, would kick off in stages starting with the development of a theme park in October next year.
“ We have a total investment goal in the next four to five years... the total investment can reach not less than US$1 billion in Melaka.
"In the other regions close to Kuala Lumpur and some other tourism destinations like in Sabah, Penang and some island tourist hotspots, we are glad to do investment for these kind of venues in the future,” he said.
He said this to Bernama after the recent launch of Xin-Eco Marine Group Properties Sdn Bhd in Kuala Lumpur, which also serves as Xinyuan China’s Southeast Asia regional headquarters.
Touching on the residential aspect of the project, he said different class designs for villas, bungalows and apartments would be incorporated to meet the needs of local and foreign buyers including from China.
The company expects most of the residential units to be taken up within a year after being offered to the public.
Meantime, the reclamation works on the seafront will start in May this year and expected to be completed in June 2016.
Zhang said the company had chosen Melaka, particularly Klebang, as it was strategically located along the coastal stretch of the tourism belt, mid-way between Kuala Lumpur and Singapore.
Xinyuan China was founded in 1997 and was listed on the New York Stock Exchange on Dec 12, 2007.
The Xinyuan Group is involved in residential, commercial and management of properties as well as film and entertainment, and is expanding and diversifying its markets globally in line with the Chinese Government's "Go Global" strategy. – Bernama, March 24, 2015.
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