The RM40 billion “The Langkasuka” project in Langkawi would be having its groundbreaking ceremony expected in the second quarter of 2022.
The mixed-development project, which will be jointly developed by construction and integrated facilities management conglomerate Widad Business Group Sdn Bhd(“WBG” or “Group”) and Bin Zayed International LLC (“BZI”), a leading conglomerate with diverse business interests in international markets, will see its Phase One completed within the next 4 years.
WBG and BZI entered into a joint-venture (JV) agreement on 7th March 2022 to further crystallise their partnership, pursuant to the Collaboration Agreement signed on 30th March 2021. The agreement was signed by Widad Business Group founder and Group Executive Chairman Tan Sri Muhammad Ikmal as well as Group Chief Executive Officer Dato’ Mohd Rizal Mohd Jaafar. Meanwhile, on behalf of BZI, the agreement was signed by Managing Director Mr. Sheikh Midhat Kidwai.
WBG will control a 70% equity interest in Widad BZI, while Dubai-based BZI will own the remaining 30% stake. BZI is a leading conglomerate owned by Sheikh Khaled bin Zayed Al Nahyan, who is a senior member of the Abu Dhabi royal family. His business interests span real estate management, and the construction of residential, commercial buildings and towers.
BZI aims to bring in RM100 billion worth of foreign direct investments (FDI) into Malaysia for the next few years, to be delivered in phases starting with the development of The Langkasuka. The Langkasuka is a 2,000 acres prestigious development with international class properties to be developed in two phases.
Phase One of the development shall comprise an international standard and tournament-ready golf course by the sea, lush villas resort homes celebrating the richness of Malay architecture providing the ultimate luxurious oasis with a panoramic view of the golf course and the majestic Langkawi sunset, a shopping utopia going by the name of Designers’ Brand Mall serving up international brand names, a shopping Bazaar known as The Langkasuka Village providing a stage for local and traditional crafts to the world, a 5-star Hotel with an unmatched sea front view to the Andaman sea and sea frontage super luxurious condominiums specially curated to cater for the demand of the most discerning clientele.
Widad BZI is also in discussion with some interested parties on the purchase of the hotels and designer malls under The Langkasuka project. Such interest is a strong sign of confidence in the project and the future demand for real estate developments in Langkawi as the island welcomes more domestic and international travellers.
Tan Sri Muhammad Ikmal, Group Executive Chairman of Widad Business Group said: “As committed earlier, both WBG and BZI are working fast in making this mega project a grand success. Our JV company, Widad BZI Sdn Bhd is currently securing necessary approvals to complete the project as scheduled. The Gross Development Value for Phase One of The Langkasuka is estimated to be RM4.5 billion.”
