SHENG Tai International Sdn Bhd, a property tourism-based company and KenTeam International Sdn Bhd, a Malaysian latex and nitrile gloves manufacturer, have inked a landmark memorandum of agreement (MOA) that is aimed to turn The Sail Melaka into an international financial centre and possibly a duty-free hub.
The first part of the MOA includes Sheng Tai International and KenTeam collaborating to open a Premium Outlet at The Sail Melaka and to apply for a duty-free status for The Sail Melaka Phase 2 (cultural square) as well as Phase 3 (one million sq ft shopping mall).
Meanwhile, the second part of the MOA consists of KenTeam investing into three towers of The Sail Melaka with each tower comprising 61 storeys.
Measuring a total of 1.2 million sq ft, the three towers will be transformed into an international financial centre, a wellness hub and an information technology hub respectively.
“We at Sheng Tai International are thrilled to collaborate with KenTeam to make The Sail Melaka Phase 2 and Phase 3 into a duty-free zone,” commented Sheng Tai International chairman and founder Datuk Leong Sir Ley as the signing ceremony which was witnessed by the Melaka Chief Minister Datuk Seri Utama Sulaiman Md Ali.
“In addition, KenTeam’s investment into three towers will certainly turn The Sail Melaka into an iconic building and landmark across the region upon its completion.
“We are confident that we will be able to attract more global investments to The Sail Melaka and this will also create over 5,000 job opportunities to the locals and surrounding communities.”
According to Leong, the COVID-19 pandemic has presented many opportunities for states like Melaka as investors and international brands are looking to invest in suburbs.
“For Sheng Tai International’s establishments in Melaka, Metrasquare and The Sail, we have successfully attracted brands like IWG, Memorigin and FashionTV to expand their footprints here,” she added.
The Sail Melaka is an RM6.5 bil mixed development located at Kota Laksamana under the Central Eco Business Park of Melaka Waterfront Economic Zone (M-Wez).
Leveraging a globalisation concept, The Sail Melaka features nine towers with each tower comprising 61 storeys.
It consists of over 3,259 units of high-end condotels; three 61-storey five-star and six-star hotel towers with a total of 2,584 units; 1,215 units of business suites as well as a 36,2938 sq ft cultural square that houses 65 units shops overlooking the Straits of Malacca.
Unique facilities of this mixed development include a 500-metre sky ring connecting nine towers; 4,090 sq metres convention and exhibition centre; the Illuminating Sky Garden as well as The Moon, a 360-degree elliptical shape experiential centre.
Additionally, The Sky Melaka also includes 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 at 61 storey high each, most exclusive convention centre and most importantly, the tallest nine-tower linked structure.
Phase 1 of The Sail Melaka is slated for completion in 4Q 2021. – May 11, 2021