THE RM40 bil Langkasuka project in Langkawi is one step closer to its official launch with its ground-breaking ceremony expected to be held in 2Q 2022.
To be jointly developed by construction and integrated facilities management conglomerate Widad Business Group Sdn Bhd (WBG) and Bin Zayed International LLC (BZI), a leading conglomerate with diverse business interests in international markets, Phase One of the mixed-development project is slated for completion within the next four years.
Both WBG and BZI inked a joint-venture (JV) agreement on March 7 to further crystallise their partnership pursuant to the collaboration agreement sealed on March 30 last year.
WBG will control a 70% equity interest in Widad BZI with the Dubai-based BZI owning the remaining 30% stake. WBG is a wholly Bumiputera private company owned by Kedah-born Tan Sri Muhammad Ikmal Opat Abdullah who is also a majority stakeholder of Bursa Malaysia-listed Widad Group Bhd and Dataprep Holdings Bhd.
BZI is a leading conglomerate owned by Sheikh Khaled bin Zayed Al Nahyan, a senior member of the Abu Dhabi royal family, whose business interests span across real estate management, and the construction of residential, commercial buildings and towers.
BZI aims to bring in RM100 bil worth of foreign direct investments (FDIs) into Malaysia over the next few years, to be delivered in phases starting with development of The Langkasuka, a 2,000-acre prestigious development with international class properties to be developed in two phases.
Phase One of the development shall comprise an international standard and tournament-ready golf course by the sea, lush villas resort homes celebrating the richness of Malay architecture with panoramic view of the golf course and the majestic Langkawi sunset.
Additionally, there will be a shopping utopia going by the name of Designers’ Brand Mall, a shopping bazaar known as The Langkasuka Village which provides a stage for local and traditional crafts to the world, a five-star hotel with an unmatched sea front view to the Andaman sea and sea frontage super luxurious condominiums.
“Our JV company Widad BZI Sdn Bhd is currently securing necessary approvals to complete the project as scheduled,” commented WBG’s group executive chairman Muhammad Ikmal. “The gross development value (GDV) for Phase One of The Langkasuka is estimated to be RM4.5 bil.”
BZI’s managing director Sheikh Midhat Kidwai said there is room for further growth of Langkawi and The Langkasuka project with the world is moving towards re-opening of international borders.
“The Langkasuka project is only the beginning of our investments into Malaysia as we seek to capitalise on Malaysia’s huge opportunities by acquiring or investing in more concessions and infrastructure projects,” he pointed out. – March 10, 2022
