VCI Global engaged as consultant for RM600 million (approximately USD130 million) mixed development project in Melaka, Malaysia
01 June 2023 - 5:00PM
VCI Global Limited (NASDAQ: VCIG) (“VCI Global”, or the “Company”)
today announced that its wholly owned subsidiary, V Capital Real
Estate Sdn Bhd (“V Capital Real Estate”) has been engaged as a
consultant by Tinta Anggun Engineering Sdn Bhd (“Tinta Anggun”).
This is with respect to the latter’s mixed development project
known as Porto De Melaka, comprising residential and commercial
units on a 9.91-acre commercial land in Melaka. The land, located
next to the Melaka river mouth, fronting the sea, is about 600
metres from the famous Jonker Walk within the UNESCO Heritage Site
of Melaka. Melaka, located approximately 2 hours driving distance
from the capital of Malaysia, Kuala Lumpur, attracts an average of
18 million tourist arrivals to the UNESCO Heritage Site of Melaka.
The site also boasts a waterfront resort living style and located
next to the upcoming Melaka International Yacht Club.
V Capital Real Estate’s scope of consultancy
works includes, amongst others, the successful development and
execution of the development strategies for Tinta Anggun, advise on
the development of capital structures of equity and debt and advise
in financial analysis and project evaluation.
The entire Porto De Melaka project, with a RM600
million (approximately USD130 million) gross development value
(“GDV”), comprises one 241-room hotel, 1 block of serviced suite of
140 studio units and another 4 blocks of serviced apartments
comprising 342 units. V Capital Real Estate’s consultancy works
will focus on 3 of the 4 serviced apartments and the 241-room
hotel, with a cumulative GDV of RM400 million (approximately USD87
million). The consultancy fee in turn shall be 20% of any revenue
generated from this portion of the development during the 5-year
term of the consultancy.
Tinta Anggun believes there is currently
significant demand for residential development in Melaka and
expects occupancy rates to be high given the location of this
development which is in the main population centre of the Melaka
state. Demand would be well supported by the state of Melaka’s mean
monthly household gross income of RM7,186 (approximately USD1,560)
in 2020, based on data by Department of Statistics Malaysia, which
is higher than Malaysia’s overall mean monthly household gross
income of RM7,089 (approximately USD1,540).
“I am humbled that our consultancy reputation is
taking traction amongst the developers. Here, we would like to
thank Tinta Anggun for giving us the opportunity to be part of this
development which will undoubtedly play its part in sustaining the
state’s economic growth, as economies continue to sail further away
from the pandemic storm into a new post Covid era,” said Dato’
Victor Hoo, Group Executive Chairman and Chief Executive Officer of
VCI Global.
About VCI Global Limited
VCI Global is a multi-disciplinary consulting
group with key advisory practices in the areas of business and
technology. The Company provides business and boardroom strategy
services, investor relation services, and technology consultancy
services. Its clients range from small-medium enterprises and
government-linked agencies to publicly traded companies across a
broad array of industries. VCI Global operates solely in Malaysia,
with clients predominantly from Malaysia, but also serves some
clients from China, Singapore, and the US.
For more information on the Company, please log
on to https://v-capital.co/.
Cautionary Note Regarding
Forward-Looking Statements
This press release contains forward-looking
statements that are subject to various risks and uncertainties.
Such statements include statements regarding the Company's ability
to grow its business and other statements that are not historical
facts, including statements which may be accompanied by the words
"intends," "may," "will," "plans," "expects," "anticipates,"
"projects," "predicts," "estimates," "aims," "believes," "hopes,"
"potential" or similar words. Actual results could differ
materially from those described in these forward-looking statements
due to certain factors, including without limitation, the Company's
ability to achieve profitable operations, customer acceptance of
new products, the effects of the spread of Coronavirus (COVID-19)
and future measures taken by authorities in the countries wherein
the Company has supply chain partners, the demand for the Company's
products and the Company's customers' economic condition, the
impact of competitive products and pricing, successfully managing
and, general economic conditions and other risk factors detailed in
the Company's filings with the United States Securities and
Exchange Commission. The forward-looking statements contained in
this press release are made as of the date of this press release,
and the Company does not undertake any responsibility to update the
forward-looking statements in this release, except in accordance
with applicable law.
CONTACT INFORMATION:
Issued by Imej Jiwa Communications Sdn
Bhd on behalf of VCI Global LimitedFor media queries,
please contact:
Imej Jiwa Communications Sdn
BhdChris ChuahEmail: chris@imejjiwa.com
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