YONG Tai Bhd has obtained the backing of new partners from China to resume the development of its 100-acre Impression City in Melaka, following a delay due to the COVID-19 pandemic.
Yesterday (Sept 15), the tourism-related property developer inked a collaborative agreement with various parties including Opustique Infinity Ltd, Cheng Ho International Trade Centre and Culture City Centre Sdn Bhd and Oriental Impression City Development Sdn Bhd to resume the development of Impression City which was affected by the movement control order (MCO).
“This agreement is a sign of recovery for the property development business,” commented Yong Tai’s CEO Datuk Wira Boo Kuang Loon.
“With backings from our new Chinese partners, we look forward to expediting the development of our flagship development in Melaka.”
Under the agreement, Cheng Ho and Oriental will collaborate with new investors and state-owned enterprises from China to invest and seek the requisite investment funds to finance the project development.
This will help to enhance the group’s vision to transform Melaka city into an international tourism hub.
“We are also excited that our vision of Impression City is in line with our partners from China who have plans to build an 88-storey business tower that comprises of Chinese business and cultural elements,” Boo pointed out.
“This is in line with the Belt & Road Initiative to enhance the cooperation between Melaka and China in terms of economy, tourism and culture.”
He further noted that initial discussions with the various Chinese partners suggest that there is strong interest in the group’s plan to transform Melaka city into an international tourism hub.
“There has been a lot of interest in the Impression City project from our Chinese partners even prior to the pandemic as investors from China are attracted towards our Encore Melaka theatre concept which focuses a lot on the Chinese culture and heritage,” enthused Boo.
“Of course, some of these interests subsided due to the COVID-19 pandemic which has severely disrupted the tourism industry. However, with the gradual re-opening of the economy, we are seeing a reignited interest among investors from China.”
Indeed, Opustique which has appointed Chengho and Oriental under the agreement has identified Melaka and Impression City as the development is very much aligned with its initial plan.
Opustique has originated the idea and concept of erecting a 108-storey EU-China Tower which comprises China’s business and cultural element in the heart of London.
As the change of government and Brexit in the UK had led to the project’s suspension, Opustique has decided to implement such idea in ASEAN instead.
At the close of yesterday’s (Sept 15) trading, Yong Tai was down 1 sen or 4.55% to 21 sen with 15.97 million shares traded, thus valuing the company at RM283 mil. – Sept 15, 2021