MELAKA: Award-winning property developer Sheng Tai International Sdn Bhd and KenTeam International Sdn Bhd (KenTeam) have signed a memorandum of agreement (MoA) to turn The Sail Melaka into an international financial centre and a duty-free hub.
The first part of the MoA entails the two companies opening a premium outlet at The Sail Melaka and secondly, applying for duty-free status for The Sail Melaka Phase 2, which is a cultural square and Phase 3, a million sq ft shopping mall.
The second part of the MoA consists of KTI investing in three towers of The Sail Melaka. Measuring a total of 1.2 million sq ft, the three towers will be transformed into an international financial centre, a wellness hub and an information technology hub, respectively.
Sheng Tai International founder and chairman Datuk Leong Sir Ley said: "We are confident that we will be able to attract more global investments to The Sail Melaka, and this will also create over 5,000 job opportunities to the locals and surrounding communities."
"The Covid-19 pandemic has presented many opportunities for states like Melaka as investors and international brands are looking to invest in suburbs. For Sheng Tai International's establishments in Melaka, Metrasquare and The Sail, we have successfully attracted brands like IWG, Memorigin and FashionTV to expand their footprints here."
KenTeam chief executive Datuk Seri Justin Lim said: "Although our business is focused on latex and nitrile gloves, we are always open to exploring new opportunities with like-minded companies like Sheng Tai International."
The Sail Melaka is an RM6.5bil mixed development located at Kota Laksamana under the Central Eco Business Park of Melaka Waterfront Economic Zone (M-Wez).
Building on a globalisation concept, The Sail Melaka features nine towers, with each tower comprising 61 storeys. It consists of over 3,259 units of high-end condotels, three 5-star and 6-star hotel towers totalling 2,584 units, as well as 1,215 business suites. Next to the massive project resides the 36,2938 sq ft cultural square that houses 65 shop units overlooking the Straits of Melaka.
The Sail Phase 1 is set to be completed by Q4 2021.