The construction of `The Langkasuka` complex in Langkawi is set to start in the second quarter of this year, announced Widad Business Group Sdn Bhd (WBG) and Dubai-based Bin Zayed International LLC (BZI) which entered inked a joint-venture agreement in March 7, 2022.
The investors expect the RM40 billion complex, which occupies 2,000-acre of land, to be completed within four years at the 1st phase.
According to a statement, Phase 1 shall cost approximately RM4.5 billion, and it will comprise an international standard and tournament-ready golf course by the sea, lush villas resort homes, a shopping utopia called Designers’ Brand Mall serving up international brand names, a shopping bazaar known as The Langkasuka Village, a five-star sea fronting hotel and luxurious condominiums.
The Dubai investor BZI also announced that it plans to bring in RM100 billion in foreign direct investment (FDI) into Malaysia.
BZI managing director Sheikh Midhat Kidwai said that the FDI will be secured in stages, beginning with the construction of The Langkasuka.
“As the world is moving towards the re-opening of international borders, we are optimistic about the prospects as Malaysia and Langkawi have always been well-received among international business and leisure travellers.
“However, we see that there is room for further growth and hence, BZI is partnering with Widad to explore the huge potential, to be delivered in phases starting with the development of Langkasuka,” Sheikh Midhat added in the statement.