Melaka Gateway

Artist depiction of Melaka Gateway upon completion

Melaka Gateway is an off-shore development of artificial islands on the coast of Malacca City, Malaysia. It were launched on 7 February 2014 by Malaysia's Prime Minister, Dato' Seri Najib Bin Tun Abdul Razak, witnessed by Chief Minister of Melaka, Dato Wira Ir. Idris Haron.It is expected to be open on 2018 and finished completely by 2025.[1] Melaka Gateway is projected to generate an additional 2.5 million tourists over the next 12 years.

Background

Certified as a UNESCO World Heritage Site, Melaka is rich in heritage due to myriad of influences from the East and West. It developed rich cultures and traditions that are unique only to this state. Inspired by its glorious past,the project consist of 12 precincts including residential, commercial, cultural, entertainment and lifestyle elements.The 12 precincts are Gateway Entertainment Precinct, Melaka Marina & Cruise Centre, Melaka Historical Walk, Gateway Maritime Arena & Beacon, Branded Fashion District, International Theme Park, Melaka Cultural Walk, Waterfront Marina Villas & Resorts, Gateway Wellness & Lifestyle Precinct, Melaka Skyline Apartments, Lohas Park & Residences and Eco Isle Resorts.[2] The 609-acre project will see the first phase attracting some 900,000 visitors during the first year of operations, including international cruise passengers.The first phase, which will be built on Pulau Melaka, will include Malaysia Eye (which will be erected in six months' time), two hotels, several resorts, a heritage walk, a fashion district and a marina terminal. Its marina terminal will be the largest in Asia, tapping into the growing number of cruise ships plying the route which currently do not stop at Malacca due to lack of facilities.The marina terminal alone will cost some RM600 million and able to handle three cruise ships at the same time.The funding for the project will be a combination of internal funds, partnerships and bank borrowings.Some of the land, especially the residential portions, may be sold to other property developers while some parts of the project will be jointly developed with other partners and investors.United Nations Millennium Development Goals(MDG) environmental sustainability guidelines are used as based for the project.[3] This project is projected to create 15,000 jobs.[4]

Developer

KAJ Development Sdn Bhd (KAJD) is predominantly a construction company, currently manages Malacca Zoo and Malacca Bird Park. It was also the company that undertook the revamp of Malacca River.

History

The developer obtained the concession for the project in September 2010 and received all approvals for the project in September 2013.The developer later secured five foreign investors namely TRE Development Pte Ltd from Singapore, Skyye Group Pte Ltd from Italy, Rinani International Aero Marine which is a Korean-Malaysian joint venture (JV), Kasen International from China and Royal Caribbean Cruise from the US.Kasen International is the project's first international investor and will be developing hotels and condominiums with a projected gross development value (GDV) of RM1.9 billion while TRE Development has acquired six acres of land for RM88 million.Meanwhile, Skyye Group will bring in 200 branded goods and Royal Caribbean Cruise will jointly develop the cruise jetty with KAJD.About 40% (of the project) will be foreign investors while 26% to 30% will be done by KAJD and the balance through JVs.KAJD chief operations officer Gavin Lau said it is in negotiations with several theme park operators from Australia and the US for the 60-acre theme park while some investors from UAE are interested in its Gateway Beacon Tower project, a 288-metre tower comprising a seven-star hotel and condominiums.[5]

Reactions

Chief Minister of Melaka, Dato Wira Ir. Idris Haron said he was serious in developing Malacca into a nautical gem of this region and could no longer tolerate any hiatus in proposed development projects laid by interested developers.[6] He also said that this project will have many green buildings as well as it will help to improve the tourism sector.The Kristang community at Portuguese Settlement of Melaka however said that their community is being sidelined by this project.

See also

External links

References

  1. ↑ "RM40b Malacca Gateway to open doors in 2018". Thesundaily.my. Retrieved 9 November 2014.
  2. ↑ "Melaka Gateway Mega Development". Placesandfoods.com. Retrieved 9 November 2014.
  3. ↑ "Melaka Gateway Project RM40 Bilion". Beritasemasa.com.my. Retrieved 9 November 2014.
  4. ↑ http://www.propertyguru.com.my/property-news/2015/3/86413/melaka-gateway-project-to-benefit-the-portuguese-settlement
  5. ↑ "Melaka Gateway secures 5 foreign investors". Thesundaily.my. Retrieved 9 November 2014.
  6. ↑ https://web.archive.org/20140529025620/http://www.thestar.com.my:80/News/Community/2014/05/07/Becoming-a-nautical-gem-Chief-Minister-serious-in-developing-Malacca/. Archived from the original on May 29, 2014. Retrieved November 9, 2014. Missing or empty |title= (help)

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