The Sail Melaka has a gross development value of RM6.5bil.

MELAKA: Award-winning property developer Sheng Tai International Sdn Bhd expects The Sail Melaka’s cultural tower to attract approximately RM1bil foreign direct investments (FDI) from China. 

The developer, which specialises in property tourism, announced its plan to transform one of the nine towers at the RM6.5bil development into Malaysia’s first cultural tower at a virtual event on July 22.

One of The Sail Melaka towers, located within the Melaka Waterfront Economic Zone (M-WEZ), was named the Maritime Cultural Tower. The development also features 5-star and 6-star luxury hotels, high-end condotels, business suites, a luxury shopping mall and a cultural square with shop lots overlooking the Straits of Melaka.

Occupying 350,000 sq ft, the 61-storey cultural tower can house up to 1,000 businesses from various industries. 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,” said Sheng Tai International founder and chairman Datuk Leong Sir Ley. 

“China is one of Sheng Tai International’s largest investors, accounting for more than half of the total sales for The Sail Melaka. We believe that Sheng Tai’s Maritime Cultural Tower is instrumental in reconnecting us with our current customers and potential Chinese customers, who were not able to visit our project personally due to travel restrictions brought about by the pandemic,” she said.

Sheng Tai International will be working closely with Melaka’s Special Envoy to China Datuk Wira Gan Tian Loo on this, said Leong.

“With Datuk Wira Gan’s extensive connection coupled with the unique proposition of Sheng Tai’s 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.

“We at Sheng Tai International always had this aspiration to elevate The Sail Melaka into a melting pot or hub for business, education and social exchange. Thus, boosting the state’s economy and creating multiple job opportunities for locals. Sheng Tai’s Maritime Cultural Tower is our first foray, and we are expecting more initiative as such in the near future,” added Leong.

Gan is confident that Sheng Tai’s Maritime Cultural Tower will reaffirm the state’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, recording RM164bil of approved investments in the manufacturing, services and primary sectors.

“There are many projects that push forward the state’s comprehensive developments and The Sail Melaka is one of the most significant and successful projects under the cultural division. 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. All these clearly reflect their commitment to boost the state’s economy,” said Gan.

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