(File pix) TSR Capital Bhd's wholly-owned subsidiary, TSR Ocean Park Sdn Bhd, has teamed up with US-based Globe Venture Holdings Inc to jointly develop a 24.2ha waterfront project in Port Dickson, Negri Sembilan. Pix by Hazreen Mohamad

PORT DICKSON: TSR Capital Bhd's wholly-owned subsidiary, TSR Ocean Park Sdn Bhd, has teamed up with US-based Globe Venture Holdings Inc to jointly develop a 24.2ha waterfront project in Port Dickson, Negri Sembilan, with a gross development value of RM2.3 billion.

TSR Ocean Park Sdn Bhd director Ng Kim Keong said the project – part of the PD Waterfront – will consist of residential buildings, luxury hotels and water chalets, a convention centre and commercial projects focusing on the tourism and services industries.

"This partnership is part of TSR's initiative to rejuvenate Port Dickson (and turn it) into a world-class tourism destination and a prominent holiday retreat hub," Ng told NST Business here over the weekend.

TSR, which is a construction and property firm, is master developer of the PD Waterfront – an esplanade development near Port Dickson’s town centre off Pulau Arang.

The partnership with Globe Venture marks the next phase for the PD Waterfront, which was launched in 2010 and is part of TSR's as well as Negri Sembilan's efforts to turn the sleepy Port Dickson town into a world-class coastal town. Once completed, it will include 100 water chalets, a duty free zone, a marine aquarium, waterfront shops, a budget hotel and serviced apartments.

The development is also part of the Malaysia Vision Valley (MVV), which is a new economic zone stretching from Port Dickson to Nilai, and is aimed at attracting RM300 billion worth of investments as well as provide over 1.3 million jobs.

Kuala Lumpur-based TSR and Globe Venture inked their memorandum of agreement, wherein the latter will invest in the development and help market the property via their network of global clients, and TSR will carry out construction and property development activities.

Ng said the waterfront’s development, which will be staggered over several phases, is expected to be completed over the next eight years, and is inspired by the Aker Brygge waterfront in Oslo, Norway, which seamlessly integrates the community with boardwalks and shaded elevated links, interwoven to maximise the waterfront view.

Nevada-based Globe Venture is a wholly-owned subsidiary of Terafox Corp, which is a firm listed on the US OTCQB markets.

PD Waterfront is already a popular spot for family activities such as dining and shopping, with outlets such as Maybank, Domino's Pizza, Pizza Hut, Starbucks, McDonald's, Kenny Rogers and others already in operation.