PETALING JAYA: Award-winning property developer Sheng Tai International Sdn Bhd, in its quest to set Melaka as a destination of choice for business and leisure travellers, is partnering with property company Chester Venture Group Sdn Bhd for a RM25mil agreement.
Through this partnership, Chester Venture Group will underwrite 30 units of Metrasquare Serviced Suites, a Melaka Trade Square (Metrasquare) residential component. Metrasquare is a 6-acre commercial development located at Ayer Keroh, Melaka.
Each unit ranges from 1,036 sq ft to 1,749 sq ft and the total value of the 30 units is estimated at RM25mil.
A virtual signing ceremony between Sheng Tai International founder and chairman Datuk Leong Sir Ley and Chester Venture Group founder and chairman Datuk Howard Chew was held to seal this exclusive partnership.
This partnership will further solidify Sheng Tai International’s commitment to catalysing the economic growth of Melaka, be it bringing in new businesses or creating job opportunities for the locals, said Leong.
“The pandemic has seen investors or property buyers moving from the city centre to suburbs as remote working is now the new norm,” she said, adding that this partnership is timely given the optimistic outlook of Melaka.
“This is reflected in Sheng Tai International’s recent success in forming strategic partnerships with local and international brands, namely Memorigin, FashionTV from Paris, IWG, KenTeam and Bill Keith, to bring in new concepts to its establishments in Melaka. These include Metrasquare and The Sail.
“Therefore, our exclusive establishment at Metrasquare coupled with Chester Group’s extensive experience in the local property market, we foresee a good take-up rate,” she said.
Metrasquare comprises a residential component called the Metrasquare Serviced Suites, a three-star premium hotel called Hotel Metrasquare, as well as retail lots, meeting and conference facilities, F&B amenities and an upcoming Melaka historical gallery and art social space.
“Moving forward, Sheng Tai International will continue to embrace innovative ideas and work cohesively with our partners, including the state government, to create more quality opportunities for Melaka,” she added.