DENGKIL: Gamuda Bhd is venturing big into tourism business by making it the new source of recurring income after the sale of its stakes in four highways to government.
With plenty of cash after the disposals, Gamuda, via its property arm, Gamuda Land Bhd , will be investing into building big-scale themed-attraction parks at its existing and future townships.
Gamuda Land has just made its first investment of RM350 million to build Malaysia’s first-of-a-kind water theme park at its RM20 billion Gamuda Cove township, here.
Gamuda Land director for hospitality and leisure Aaron Soo said said the property developer planned to build more themed-attraction parks.
“This is a new business model that can generate a new recurring revenue,” he told reporters after the ground breaking ceremony of the water theme park here.
“ In Gamuda Cove, for example, we are creating a hive of tourism activities. With the theme park, we aim to entice the annual inflow of 25 million visitors coming in through Kuala Lumpur International Airports,” he added.
According to analysts, the sale of Gamuda’s highways would result in earnings vacuum for the group.
Recently, the Cabinet approved the proposed offer by the government to acquire four highways in the Klang Valley – Shah Alam Expressway, Damansara-Puchong Expressway, Sprint Expressway and Smart Tunnel, all of which are linked to Gamuda.
Soo said the 18-acre rainforest-themed water theme park at Gamuda Cove township was expected to open by December 2021.
The theme park will offer a total of 18 water rides, more than 50 different types of international and local cuisine, a 300-metre lazy river, a twin surf beach pool with private cabanas, simulated surfing, interactive waterplays, stage performances as well as a three- or four- star hotel.
"Most of the attractions we have selected will either be the world's first, Asia's first or Malaysia's first, to be built and operated by Gamuda Land following The Global Association for the Attractions (IAAPA) safety standards," he said.
For example, there will be the first water ride with virtual reality and the first interactive slide in Malaysia, he added.