MASTER developer of Melaka Gateway, KAJ Development Sdn Bhd, has signed a memorandum of understanding (MoU) and exchanged two memoranda of agreement (MoA) with investors for the development of Pulau Satu (PME1) mega project.
The signing and document exchange ceremonies were held in Dubai, the United Arab Emirates, in conjunction with the Expo 2020 Dubai.
In a statement today, KAJ Development said it inked the MoU with Dubai Integrated Economic Zones Authority, which would see both parties collaborating 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 the Melaka Gateway into a dynamic business hub for global trade.
On the MoA, it said the first MoA exchange was between nominee of KAJ Development, MG Velocity Sdn Bhd, and X Infinity Property Sdn Bhd as well as Total Group Bhd to jointly develop Melaka International Cruise Terminal (MICT) at PME1.
It said the development of MICT, projected to be completed in 2025, would 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.
KAJ Development said the second MoA exchange was between KAJ Development with an 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 allure more than five million visitors annually.
Poised to be Asia’s gateway to investment, the multi-billion-ringgit Melaka Gateway project is an integrated world-class development, investor-friendly, a public-sector initiative delivered and driven by private sector.
It is also strategically attractive as a compelling proposition for investment, partnership, joint ventures and commercial opportunities, all of which will generate significant economic impact not only for Melaka but also for Malaysia and the region.