Sheng Tai International targets RM1 bil in FDI, eyeing China’s property investors

SHENG Tai International Sdn Bhd, a home-grown developer that specialises in property tourism, has unveiled its plan to transform one of the nine towers at The Sail Melaka into Malaysia’s first cultural tower.

The Maritime Cultural Tower is one of the towers located witihin the RM6.5 bil The Sail Melaka, a strategic development along the Melaka Waterfront Economic Zone (M-WEZ).

The development also features five- and six-star luxury hotels; high-end condotels; business suites; a million sq ft luxury shopping mall and a cultural square with shop lots overlooking the Straits of Melaka.

Measuring at 350,000 sq ft, the 61-storey cultural tower can house up to 1,000 businesses from various industries, including arts, baba nyonya culture, fashion, food and education. The size of each suite can come up to 2,000 sq ft. Units are priced from RM500,000 onwards.

“We are extremely thrilled to be bringing Sheng Tai’s Maritime Cultural Tower to our foreign investors with China as the main target market,” commented Sheng Tai International’s founder and chairman Datuk Leong Sir Ley at a virtual event today.

“China is one of Sheng Tai International’s largest investors, accounting for more than half of the total sales for The Sail Melaka,” she added.

Leong opined that the Maritime Cultural Tower is instrumental in reconnecting the developer with its current customers and potential Chinese customers who were not able to visit the project personally due to travel restrictions brought about by the COVID-19 pandemic.

In terms of investment, she expects the cultural tower to attract circa RM1 bil foreign direct investments (FDI) from China.

“Towards this end, Sheng Tai International will be working closely with Datuk Wira Gan Tian Loo, who is Melaka’s Special Envoy to China,” explained Leong.

“With Gan’s extensive connection coupled with the unique proposition of the Maritime Cultural Tower as well as the growing demand for properties in the suburbs in the new norm, we are confident to expand further into China and achieve our targeted FDIs within the next three years.”

Gan is confident that the Maritime Cultural Tower will reaffirm Melaka’s appeal as a preferred investment choice for many Chinese investors.

According to the Malaysian Investment Development Authority (MIDA), China became the largest source of FDI for Malaysia in 2020 by recording RM164 bil of approved investments in the manufacturing, services and primary sectors.

“Despite the prolonged lockdown, Sheng Tai International managed to secure transactions from foreign buyers for The Sail Melaka by leveraging social media tools and forming strategic partnerships with international brands,” observed Gan. “All these clearly reflect the developer’s commitment to boost the Melaka State’s economy.”

Strategically located in the heart of the 33km M-WEZ, unique facilities of The Sail Melaka include a 500-metre sky ring connecting the nine towers; a 4,090 sq m convention and exhibition centre; an Illuminating Sky Garden as well as a 360-degree elliptical shape experiential centre dubbed as The Moon.

The project also features international sky-themed restaurants; one of the longest sky rings; sky garden; one of the longest rooftop pools in the region; one of the tallest multiple buildings of 61 storeys each, most exclusive convention centre and most importantly, the tallest nine-tower linked structure.

The mixed development project is due for full completion in 2024. – July 22, 2021

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