KUALA LUMPUR: The ambitious Malacca Gateway Project – which will be the largest private marina in South-East Asia upon its completion by 2025 – has received a RM30bil boost following the construction of three islands.
This follows the signing of the Memorandum of Agreement between KAJ Development Sdn Bhd, the master developer of Malacca Gateway project, and Powerchina International Group Limited, one of China’s biggest corporations.
“This infrastructure will certainly place Malacca as a gateway to unlock further opportunities for the state, Klang Valley and Malaysia as a whole,” said Transport Minister Datuk Seri Liow Tiong Lai at the signing ceremony yesterday.
Launched last year, the Malacca Gateway will feature 12 precincts.
Among the planned facilities are a marina for yachts, luxury condominiums, bungalows with private marinas, tourist eco-parks, theme parks and ports for cruise ships.
Under the deal, KAJD will remain the master developer and project partner with Power China International on all matters leading to the investment, development and construction of the Malacca Gateway.
“The signing between KAJ and Powerchina to develop a port under the Malacca Gateway programme is well-aligned with China’s One Belt, One Road Initiative (Obor).
“Malaysia believes that Obor is a game-changer that will bring about inclusive growth, economic integration and regional trade.
“I am confident that the partnership will give Malacca a prominent role as part of the Obor initiative, given its strategic location of the Strait of Malacca as a major trading route,” said Liow.
He also noted that the port was also meant to serve as a liquid cargo terminal with storage facilities which would benefit oil trading across Asia, Europe and the Middle East.
At a press conference later, Liow said under the Obor initiative, the country would continue to provide good projects for China to invest in Malaysia.
“This is not only a cruise port. We are also offering them a deep sea port with other maritime industrial activities.
“It is an important milestone that will put the Malacca port on the world map,” he added.