The collaboration between Sheng Tai International and Kenteam is expected to further reinforce The Sail Melaka as an iconic landmark in the region attracting global investments and creating over 5,000 jobs.
Developer and property tourism specialist Sheng Tai International Sdn Bhd, and latex and nitrile gloves manufacturer KenTeam International Sdn Bhd recently inked a landmark Memorandum of Agreement (MOA) that will propel The Sail Melaka into an international financial centre and a duty-free hub.
Besides investing in three towers out of a total of nine 61-storey towers in The Sail project, KenTeam is also committed to bringing in investors and anchor tenants into each of the tower. The three towers, covering a total of 1.2 million sq ft, will respectively house an International Financial Centre, a Wellness Hub and an Information Technology Hub.
As per the agreement, KenTeam will apply for duty free status for Phase 2 and Phase 3 of The Sail comprising respectively the Cultural Square and Shopping Mall. The two parties will also jointly open a Premium Outlet at The Sail Melaka.
Representing Sheng Tai International at the signing ceremony and exchange of documents was Dato’ Leong Sir Ley, Founder and Chairman of Sheng Tai International, while KenTeam was represented by Datuk Seri Justin Lim, Chief Executive Officer. Witnessing the signing was Yang Amat Berhormat Datuk Seri Utama Sulaiman bin Md Al, Chief Minister of Melaka.
Commenting on the agreement, Dato’ Leong said, “The Covid-19 pandemic has presented many opportunities for states like Melaka. This is because investors and international brands are looking to invest in places outside of big cities like in the suburbs. For Sheng Tai International’s establishments in Melaka, such as the Metrasquare and The Sail, we have successfully attracted brands like IWG, Memorigin and FashionTV to expand their footprints here.”
Datuk Seri Justin Lim said although KenTeam is focused on latex and nitrile gloves, the company is always open to exploring new opportunities with like-minded companies like Sheng Tai International.
The Sail Melaka is a RM6.5 billion mixed development located at Kota Laksamana within the Central Eco Business Park of Melaka Waterfront Economic Zone (M-Wez).
Phase 1 of The Sail is expected to complete by Q4 2021 while piling work is still ongoing for Phase 2.