Bioalpha Holdings Bhd’s (Bioalpha) wholly-owned subsidiary Bioalpha Wellness Sdn Bhd, has entered into a Manage and Operate Agreement with the Langkawi Development Authority (LADA) to develop, manage, and operate an agro park in Langkawi, Kedah.
In a statement, the group said the signing ceremony took place on Dec 2 at LADA Complex, and was witnessed by Kedah State Industry and Investment, Higher Education, Science, Technology and Innovation executive councillor Dr Haim Abdullah.
Also present were LADA top leaders including investment advisory panel chairman Tan Sri Abdul Wahid Omar, deputy chief executive officer (Management) and chief information officer Ahmad Fuad Che Ani, deputy chief executive officer (Planning and Development) Wan Kamarul Faisal Wan Kamardin.
The development of Langkawi Agro Park is slated to commence immediately, with the park opening targeted in three years. The estimated investment of at least RM15 million by Bioalpha will be funded by internally generated funds and bank borrowings.
Speaking after the signing ceremony, Bioalpha managing director William Hon said the group is honoured to enter into this smart partnership with LADA to advance Langkawi’s status as a prominent tourist destination through the establishment of the Langkawi Agro Park.
Recognised as Southeast Asia’s first Unesco Global Geopark, Langkawi possesses unique attributes including its rich biodiversity and heritage, making it an ideal destination for agro-tourism.
“Endorsed by LADA, we are confident that the agro park will be an exciting complementary addition to the island’s existing places of interest, boosting tourist arrivals,” he said today (Dec 4).
Hon said there is a lot of potential to be reaped from this development including broadening of group’s revenue streams from various sources such as admission fees to the park.
It can also gain from production of a range of more than 100 high-value herbal-based products featuring Langkawi-inspired branding and will be using locally grown herbs sourced from Langkawi.
“At the same time, we aim to tap into our agricultural expertise to promote and educate about Malaysia’s high-value herbs to both local and international tourists.
“Our goal is to create a holistic edutainment experience for visitors, where they can gain greater cultural and learning awareness through the activities,” he added.
Beyond commercial benefits, this project is set to stimulate the local economy by creating more than 100 direct job opportunities for Langkawi residents.
Additionally, Bioalpha will also engage local farmers to procure herbal raw ingredients to produce herbal-based products.
The group said that the positive impacts are expected to contribute to the sustainable development of the island, creating a ripple effect that enhances economic activity throughout the local community.
The proposed park will be built on an 8-acre land situated in a prime location at Padang Matsirat, approximately 1 km away from the Langkawi International Airport.
Pursuant to the Agreement, LADA as the landowner, shall grant Bioalpha the land use rights for 30 years effective from the signing date.
Lada is an agency under Finance Ministry, tasked to propel the tourism economy of Langkawi with the aim of advancing the island to become a world-renowned tourist destination.
Bioalpha’s scope is to develop the agro park and upon completion, it will undertake the management and operations of the park and it plans to develop the park showcasing the integrated facility encompassing the full spectrum of the supply chain, from herbal farming, R&D to product processing.
One of the park’s attractions will be the Herbal Garden featuring a smart greenhouse with over 300 high value crop varieties, where visitors can actively participate in planting and harvesting activities and see a demo of production line.
To further enrich visitor experience, the group will introduce educational hub Herbal Galleria, Sales Galleria to promote herbal-based products using Malaysia’s indigenous herbs and alfresco Organic Outdoor Restaurant offering a farm-to-table dining experience.
The agro park is anticipated to elevate Langkawi’s standing as a premier venue for international events, complementing the island’s acclaimed track record of hosting world-class events such as the Langkawi International Maritime & Aerospace Exhibition (Lima) and Ironman Malaysia.
Hon added: “We are eager to commence works and expect contributions from the park starting in 2027. With a diverse range of attractions, we are confident that the park will be enthusiastically embraced by the public.”
As at 31 December 2022, Bioalpha has robust cash balances of RM39.8 million.