Sheng Tai International Targets RM1 Billion FDI with Malaysia’s first Cultural Tower
4 min readSheng Tai International Targets RM1 Billion FDI with Malaysia’s first Cultural Tower
Sheng Tai International Sdn. Bhd. plans to transform one of the nine towers at The Sail Melaka into a Malaysia’s first cultural tower at a virtual event today. Sheng Tai International recently won Three iProperty Development Excellence Awards 2021 is a home-grown developer that specialises in property tourism.
Sheng Tai’s Maritime Cultural Tower is one of the towers at the RM6.5 billion The Sail Melaka, a strategic development along the Melaka Waterfront Economic Zone (M-WEZ). The development also features 5-star and 6-star luxury hotels; high-end condotels; business suites; a million square feet luxury shopping mall as well as a cultural square with shop lots overlooking the Straits of Melaka.
Measuring at 350,000 square feet (sqft), the 61-storey cultural tower can house up to 1,000 businesses from various industries, including arts and culture, baba nyonya, fashion, food, education and etc. The size of each suite can come up to 2,000 sqft. Units are priced from RM500,000 (RMB 764,800) onwards.
Dato’ Leong Sir Ley, Founder and Chairman of Sheng Tai International, said, “We are extremely thrilled to be bringing Sheng Tai’s Maritime Cultural Tower to our foreign investors, with China as the main target market.”
“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.”
In terms of investment, Dato’ Leong expects this cultural tower to attract approximately RM1 billion foreign direct investments (FDI) from China. “Sheng Tai International will be working closely with Datuk Wira Gan Tian Loo, Melaka’s Special Envoy to China, for this.”
“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 Dato’ Leong.
Datuk Wira Gan Tian Loo 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 RM164 billion 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, Datuk Wira Gan concluded.
The Sail Melaka
Strategically located in the heart of the 33-km Melaka Waterfront Economic Zone (M-Wez), next to Melaka Coastal Highway, The Sail Melaka is also conveniently near to Klebang Beach; Impression City; Mahkota Medical Centre; A’Famosa Fort; Jonker Street; Cheng Ho Free Trade City; Melaka River Cruise; Melaka Gateway and The Stadthuys, and many more.
Unique facilities of this mixed development include 500m sky ring connecting nine towers; 4,090 square meters (sqm) convention and exhibition centre; Illuminating Sky Garden; as well as The Moon, a 360-degree elliptical shape experiential centre. It 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 at 61 storey high each, most exclusive convention centre and most importantly, the tallest 9-tower linked structure.
The Sail Mixed Development is set to fully complete in 2024. The Sail will have the first FashionTV F Pop-up Café and FashionTV Modelling Academy in Southeast Asia. After completion, The Sail will definitely change the landscape of the city of Melaka. In fact, it could be the new icon of Melaka.
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