DAMAC Properties LLC, the largest private property developer in the Middle East, is considering building a multi-billion-ringgit integrated resort development in the East Coast Economic Region (ECER), sources said.
It is understood that Damac is in discussions with the ECER implementation authority for approval of the plan.
"It has expressed interest to further invest in Malaysia and has indicated its intention to move into the ECER," a source familiar with the matter said.
If the deal were to materialise, it would be Damac's second investment in the country after the one in Iskandar Malaysia, Johor, where it is pumping RM397 million to develop commercial and residential properties and a private marina.
The ECER, managed by state-owned Petroliam Nasional Bhd, encompasses Pahang, Kelantan and Terengganu. It is associated with oil, gas and petrochemicals; tourism; manufacturing; agriculture; and education.
It is also learnt that the ECER has attracted Chinese investors who want to build resorts because of the region's proximity to South China.
"There is a Chinese group which wants to cultivate about 10,000ha of padi in the ECER, and is currently in discussions with the implementation authority," the source said.
The development period for the ECER will stretch till 2020. Total investment planned is estimated at RM112 billion.
Under the master plan, 227 projects will be implemented. Most will come from the federal government (39 per cent), followed by private finance initiatives (27 per cent), private sector (20 per cent) and government-linked companies (14 per cent).
By New Straits Times (by Sharen Kaur)
Tuesday, September 2, 2008
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