Sheng Tai eyes RM1 bil FDI with Malaysia's first Cultural Tower plan in Melaka

KUALA LUMPUR (July 23): Property developer Sheng Tai International has unveiled Maritime Cultural Tower, part of the ongoing development of the project The Sail Melaka, with an estimated gross development value (GDV) of RM1 billion which is slated to be completed in 2026. 

According to Sheng Tai founder and chairman Datuk Leong Sir Ley, the plan to transform one of the nine towers at The Sail Melaka project into Malaysia's first Maritime Cultural Tower, targeted to attract about RM1 billion foreign direct investments from China.

The 61-storey Maritime Cultural Tower is one of the nine towers of the mixed-development which caters to business owners looking for office spaces. Measuring at 350,000 sq ft, the cultural tower can house up to 1,000 businesses from various industries, including arts and culture, baba nyonya, fashion, food, and education. The selling price of the business suites averaged RM1,500 psf.

However, the developer did not reveal the sizes of the business suites as it depends on the buyers’ requirements during the virtual launch today.

Located in Melaka Waterfront Economic Zone (M-WEZ), The Sail Melaka will consist of nine towers with the final design of the development to take shape of a regal ship, an inspiration from the Admiral Zheng He's westward voyage to continue the legacy of the Straits of Melaka, its aesthetics are designed to emulate a magnificent ship through the nine towers, sailing smoothly by the straits.

The entire mixed-development will also feature a five-star and six-star luxury hotel, high-end condotels, business suites, one million sq ft luxury shopping mall and a Melaka cultural square with shoplots overlooking the Straits of Melaka.

The apartment, which is set to be launched next year, features units measuring from 344 sq ft to 604 sq ft built-up and has a starting price of RM800,000.

Meanwhile, Leong added that the phase one development of The Sail is now completed 80% and slated to unveil by the end of the year or early next year. The components of phase one include Sheng Tai’s sales gallery, ballroom, shop lots, 360 experience center and restaurants.

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