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HANG TUAH COMMERCIAL CENTRE DEVELOPMENT

Hang Tuah Commercial Centre, Catalyst For Melaka’s Inland Development

By Fadzli Ramli

MELAKA, April 9 (Bernama) — After the successful development of Melaka Raya, Kota Laksamana, Pulau Melaka and Klebang on reclaimed land, the state government will now move forward to undertake inland development such as the Hang Tuah Commercial Centre.

Chief Minister Datuk Seri Idris Haron said the centre would require an investment of between RM400 million and RM500 million for the first phase of its development.

The centre which would be sprawled across Jalan Hang Tuah, Jalan Tun Ali, Pengkalan Rama, Kampung Morten to Melaka Sentral would comprise a hypermarket, transportation hub, tourist attractions, residences and institutions of higher learning.

“The state executive council meeting has agreed in principle to the development of the commercial centre in a move to balance reclaimed land and inland development in the state,” he told Bernama here Saturday.

He said the focus of the inland development was to raise the socio-economic status of the people in the area.

“The centre will also focus on academic development. Right now, Universiti Teknologi MARA and Universiti Teknikal Malaysia Melaka have their campuses here,” he said, adding that eight developmental projects over 40.5 hectares is expected to be ready in five years.

Idris said two projects which would be the pillars of the commercial centre are the reconstruction of the Hang Tuah Hall and the construction of the Melaka Foundation building.

He said the existing two-storey Hang Tuah Hall will be rebuilt into an eight-storey building. It will continue to house a library but the clock tower within would be upgraded into the main landmark in the commercial centre.

The 25-storey Melaka Foundation building, to be completed in three years costing RM120million, will houses offices and a 252-room hotel that would generate income for the foundation.

Idris said the state government also planned to redevelop buildings which had no more historic value within the Hang Tuah Commercial Centre

“The affected buildings will be refurbished to look attractive so as to be able to generate economic activities in the area,” he said, adding that traffic congestion, the drug menace and prostitution will become a thing of the past.

— BERNAMA

MELAKA RIVER LED LIGHTING FROM 2017

This blogspot is being created to compliment our main Tourism Melaka website at www.tourism-melaka.com.

We hope to write our comments and views on the development of the tourism sector in Melaka so that old cultural jewels can be retained and new ones generated to attract more visitors to our Melakan shores.

For us to continue our journey, we like to invite visitors to pen their comments and views so that we can create a sustainable and vibrant tourism sector in Melaka.

Enjoy.

TW Kang

MELAKA IMPRESSIONS AND IMPRESSIONS CITY IMPACT ON YONG TAI

KUALA LUMPUR: RHB Research projects a multi-fold rise in net profit for Yong Tai as the former garment company focuses on property development.

“This would be underpinned by the Impression City project, which would see a potential total gross development value (GDV) rise to RM6.1bil from RM164mil currently,” it said.

The research house said this  ought to keep the group busy for the next eight to 10 years. Impression Melaka, it added, offers a further upside to both earnings and valuations.

“We estimate a valuation range of RM1.03 to RM1.18,” it said as it initiated coverage.

RHB Research said in line with the group’s overall expansion plan into the property sector, Yong Tai has announced several proposals.

They are the RM37mil acquisition of a 17 acre plot in Melaka (Impression Land) for the development of a theatre to produce the Impression Melaka as well as the acquisition of PTS Impression (to hold a 30-year license to stage the show) for RM3mil. It also has a joint venture to develop 100 acres of land adjacent to the Impression Land.

The company is also undertaking a fund-raising exercise to raise more than RM300mil.

“The proposals are expected to be completed/take effect by 1HFY17 (June),” it said.

RHB Research said Impression Melaka, which is the first of its kind outside China, is a live cinematography show that utilises the latest light and sound technologies, modern art concepts and cultural performers.

This is to be the first live largescale Impression Series outside of China and is one of the “entry point project” within the National Key Economic Area (NKEA) initiative for the tourism sector. The performing arts centre is estimated to cost RM300mil, with completion targeted for end-2017.

“Management expects Impression Melaka to contribute RM50mil to RM60milper annum in bottomline thereafter,” it said.

The research house said Impression City is expected to contribute RM5.4bil to total GDV. Concurrent with the construction of the theatre for Impression Melaka, Yong Tai is to develop the land adjacent to it (the development collectively known as Impression City).

The mixed development project includes residential, commercial and retail units. The total GDV over an eight to 10 years period is estimated to be RM5.4bil.

“Management believes the Impression Melaka project would spur the growth of tourism and related industries such as real estate, hotels and eateries, that is catalysts for Impression City.

“We project for Yong Tai to turn around and post a net profit of RM14mil in FY17, accelerating to RM64mil in FY18. This is underpinned by the progress of its property projects. Our forecasts do not factor in the contribution from Impression Melaka, which we have pushed to FY19.

“We derive an indicative valuation estimate range of RM1.03 to  RM1.18 (fully diluted) based on SOP. The low end of our valuation range excludes Impression Melaka while, for its property development business, we have ascribed a 40% discount to its RNAV.

“The top end of our valuation range incorporates the show, where we estimate the business to be worth RM107mil based on DCF. We see upside to our valuation for Impression Melaka as execution risks ease. Our indicative valuation estimate range implies an FY18F P/E of seven to eight times (10.6 to 12 times, fully diluted),” it said.

DEWAN HANG TUAH TO BE REDEVELOPED

In March 2016, Chief Minister of Melaka announced plans to redevelop the current Dewan Hang a Tuah into a new multi storey Dewan Hang Tuah.

The current 2 storey building has reached her age of about 40 years or more. Time has come to turn the area into multi purpose building. The library that used to be there can be turned into Melaka Dewan Hang Tuah Library. Office tower block, hotel and convention centre can be planned.

The strategic location is a good marketing point as it overlooks Melaka river and it is near to Jonker walk, Panggung Melaka and Heeren Street as well.

MELAKA HISTORICAL CITY TO CELEBRATE HISTORICAL CITY DAY ON 15TH. APRIL 2016

On this coming Friday, 15th. April 2016, Melaka will celebrate her 8th. Anniversary for being declared as Melaka Historical City Day.

In 2015, arrivals of local and foreign tourists to Melaka top 15.7 million. This is an all time high and hopefully Melaka can aim for 20 million visitors by 2020.

There are new attractions being planned and constructed.

A big project by Yong Tai group is Impressions Melaka and Impression City. Chinese and Malaysian investors are involved in this multi billion project.

Melaka Gateway is another major project at Pulau Melaka which includes a new marina, hotels and shopping area. International Cruise ships can berth safely in Melaka as well.

Impression Melaka is an international show directed and put together by Chinese renowned director, Zhang Zi Mou and is scheduled to be opened by end 2017.

This World class shows will be performed at night and guests are expected to spend at least one night for these shows. By doing so, guests must stay in hotels around Melaka including enjoying our food and beverages. Major spin offs are expected for Melaka.

MALACCA-GUANDONG DAILY FLIGHTS FROM JULY 2016 FROM MALACCA INTERNATIONAL AIRPORT

This blogspot is being created to compliment our main Tourism Melaka website at www.tourism-melaka.com.

We hope to write our comments and views on the development of the tourism sector in Melaka so that old cultural jewels can be retained and new ones generated to attract more visitors to our Melakan shores.

For us to continue our journey, we like to invite visitors to pen their comments and views so that we can create a sustainable and vibrant tourism sector in Melaka.

Enjoy.

TW Kang

HAPPY EASTER

This blogspot is being created to compliment our main Tourism Melaka website at www.tourism-melaka.com.

We hope to write our comments and views on the development of the tourism sector in Melaka so that old cultural jewels can be retained and new ones generated to attract more visitors to our Melakan shores.

For us to continue our journey, we like to invite visitors to pen their comments and views so that we can create a sustainable and vibrant tourism sector in Melaka.

Enjoy.

TW Kang

MALACCA GUESTHOUSE S

This blogspot is being created to compliment our main Tourism Melaka website at www.tourism-melaka.com.

We hope to write our comments and views on the development of the tourism sector in Melaka so that old cultural jewels can be retained and new ones generated to attract more visitors to our Melakan shores.

For us to continue our journey, we like to invite visitors to pen their comments and views so that we can create a sustainable and vibrant tourism sector in Melaka.

Enjoy.

TW Kang

FREEPORT DUTY FREE SHOPPING AT ALOR GAJAH

Freeport Duty free shopping village is Melaka latest shopping paradise. Located near the A Famosa resort at Aloe Gajah just off the North south highway, shoppers must make their way there.


There is ample car parks and the shopping village is visible from the main road.
If you are going back to Singapore or KL, you can visit this new shopping village. Most branded goods are sold at reasonable prices.

IMPRESSION CITY BY END 2017

Yong Tai Berhad : bullish on Impression City
     
02/24/2016 | 03:12 am
KUALA LUMPUR: YONG Tai Bhd expects its RM5.4 billion project in Malacca to generate net profit margin of 20 per cent, which would help to sustain the company’s earnings in the long term.

The garment maker-turned-property developer, which has been loss- making for several years, expects to return to the black this year with contribution coming from the real estate sector.

The company, which has pockets of developments in the Klang Valley and Johor, is planning to develop Impression City on a 47.03ha site in Malacca.

The project would be developed in 11 phases and over 10 years, said its executive director Boo Kuang Loon.

Construction for Phase 1 would start in the third quarter of this year and feature retail and commercial units, said Boo at a luncheon hosted by MIDF Amanah Investment Bank Bhd, here, yesterday.

It is expected to have a gross development value of RM1.1 billion,

The catalyst for the commercial-led Impression City is the Impression Melaka performing arts theatre, to be built on the 47.03ha site.

Construction of Impression Melaka, the jewel of the company, will start next month at a cost of RM300 million and includes land acquisition. The opening is slated for end-2017.

Boo said although Impression Melaka required a huge capital investment, the returns would be long term and attractive.

It would take two years to construct and the projected returns would start from 2018 onwards, he added.

With 15 million tourists visiting Malacca annually, Yong Tai hopes to attract at least 1.1 million visitors to Impression Melaka, with 40 per cent coming from China.

The company is also targeting visitors from Southeast Asia (30 per cent), Asia (20 per cent) and the rest from the Middle East, Europe and the United States.

“With two shows a day and tickets priced at RM120 per person, we are poised to achieve a revenue of RM140 million a year, including the sale of souvenirs and merchandise. For this business, we are targeting a profit margin of 50 per cent. This would net us a profit of around RM60 million a year.

“There are many more upsides, such as increasing the ticket prices and having up to four shows a day. This is the potential of Yong Tai in the future,” said Boo.

“For the next two years we are at the investing stage and would generate profits. But the profits would not be much to give dividends,” he said.