LABUAN: The country’s first duty-free premium outlet here will help turn the island into a tourism hotspot, with a firm foothold as an international business and financial district by 2030.
Scheduled for completion in the first quarter next year, the RM70 million BVO Premium Outlet development by Labuan Corporation and BVA Bhd follows the launch of the Labuan Development Blueprint 2030 by Prime Minister Datuk Seri Najib Razak.
Labuan MP Datuk Rozman Isli said the project was a major commitment to the development plans outlined in the blueprint, a move that aims to transform the island into a smart and sustainable destination, an international business and financial district, as well a tourism hot spot by 2030.
“We can leverage our duty-free status by creating a shopping haven here and this outlet complement that aspiration,” he said and pointed out the development is a clear indication the free port status will remain intact even when the island becomes physically linked to mainland Sabah.
Another project in the offing is the Labuan Bridge that will be a major game changer for the island under the blueprint.
"Commercial properties, resorts, condominiums and service apartments will be developed in the future along with a five-star hotel connected to the island's new esplanade within a walking distance," Rozman of the premium outlet project.
He said developments from the area would stretch towards the Public Marina which would be upgraded along with a hotel, water theme park, and other facilities.
"We also need to ensure that when the bridge is ready, the island is prepared to handle the influx of investors and visitors and this outlet is one of the viable projects scheduled to do so," he said.
The premium outlet, expected to be completed within 15 months, will offer luxury goods and high-end products at a rate up to 30 per cent cheaper than most outlets elsewhere, due to its duty-free status.
Sitting on a prime 2.7 hectare plot, the BVO Premium Outlet will have over 70 exclusive tenants offering an array of duty-free goods, from tobacco products to wine, perfumes, cosmetics and designer clothing.
BVA Berhad founder Datuk Lawrence Low said in line with the Labuan Development Blueprint's objective of transforming the island into a smart and sustainable destination, the outlet also features a host of smart shopping facilities.
"These facilities include a mobile app, a smart delivery service system and a smart transit which are all created to introduce a whole new shopping experience for the people," he said.
Low said within three years, the number of visitors to the island is expected to increase by 500 per cent, a staggering figure that will create steady stream of opportunities.