KUALA LUMPUR: Menteri Besar Kedah Incorporated (MBI Kedah), property developer Mega Excellent Properties Sdn Bhd and South Korean investors are pooling US$150 million to kick off the Langkawi Premium Outlet project.
This collaboration is with a South Korean consortium comprising three companies namely Raum Architects & Engineers Co Ltd, Bluebell Korea Ltd and Opus Design & Construction Co Ltd.
Today, Mega Excellent and Raum Architects & Engineers signed a memorandum of understanding here for the Langkawi Premium Outlet, a mixed development on 14.6ha owned by Kedah state government, situated opposite the existing Langkawi International Airport.
The signing ceremony was organised by Korea Trade-Investment Promotion Agency (KOTRA) with the strategic aim of enhancing bilateral trade and investment exchanges with Malaysia.
MBI Kedah's role is to catalyse Langkawi’s development by facilitating value-adding investments that would create high skilled jobs for locals and draw in more tourist spending into the island.
“We’ll evaluate and issue the necessary approvals for this project on the land owned by Kedah state government,” said MBI Kedah chief executive officer Dr. Mahadi Mohamad.
Mega Excellent managing director Fara Juina Mohd Shuib hopes to firm up terms and conditions of this project, currently known as Langkawi Premium Outlet, with the consortium of South Korean investors by June 2019 and the groundbreaking ceremony by year-end.
She explained the Langkawi Premium Outlet will be different from existing premium outlets in Sepang and Johor because this integrated project will include business hotels, a water theme park, shopping malls and serviced apartments
Fara added the South Korean consortium of investors, which will include established duty-free outlet operators such as The Shilla and Lotte, will lead this project, on a design, build and operate basis.
"Mega Excellent will pursue financing with local banks for its shareholding in this US$150 million Langkawi Premium Outlet," she said.