SUBANG JAYA, 23 SEPT: Apart fron a good network of facilities, Selangor’s economic stability and rapid progress are believed to be a factor of attraction for foreign investors. In the latest development, Central Pattana of Thailand had invested RM500 million from its subsidiaries to build a shopping centre in Central Plaza @ i -City, Shah Alam.
Chief Minister Tan Sri Abdul Khalid Ibrahim said the development is impressive as Thailand was not previously listed as a major investor.
“We are familiar with companies from Japan, Taiwan, Germany and Britain. However, this time we have a company from Thailand that want to invest RM500 million in Shah Alam. It is a big number.
“The company is understood to have discussed with the Mayor of Shah Alam. They are keen to invest in Shah Alam because it has a great potential for development,” he said in his opening statement at the Budget 2014 Dialogue Ceremony at the Grand Dorsett Hotel, Subang Jaya.
As a wing of Central Group (CPN), Central Pattana is the largest retail property developer in Thailand. It owns and manages 21 premium shopping centres in the country. Investing in Shah Alam is CPN’s first thrust into the regional markets.
“This investment is an important stepping stone to achieve our vision – which is to become a regional retail real estate developer. This collaboration further strengthens our commitment to achieve that vision,” said Chief Executive Officer of Central Pattana, Kobchai Chirathivat, as reported by Inside Retail Asia.
Local company i-BHD reportedly signed a cooperation agreement with the CPN Global Company Ltd. to build i-City Central Plaza. Under this agreement, CPN will involve two companies, which are CPN Real Estate Sdn. Bhd. and CPN Malls Malaysia Sdn. Bhd., collectively holding 60% shares alongside with i-BHD unit, i-City Properties Sdn Bhd.
Central [email protected] will begin construction next year and be open to the public by 2016. Measuring at 1.5 million square feet, the mall is expected to cost RM580 million.
“We are pleased to generate economic growth through this agreement, even more so as this is the first result of direct foreign investment into the country since the General Election last May,” said i-BHD founder, Tan Sri Lim Kim Hong, as quoted by The Star.
Previously, Abdul Khalid expressed his confidence that the investment will make Shah Alam a shopping paradise in the Southeast Asia. According to him, the investment deal with Central Pattana was closed during the State EXCO’s recent three-day retreat session in Bangkok.
Abdul Khalid further explained that the State chose Bangkok as a retreat location to obtain further information about Central Pattana, apart from drafting the Five-Year Action Plan for the State’s Budget 2014.
“This shows that they believe in the state under the PR leadership which will always maintain an open investment to all investors at Asean level and the world,” he said, speaking at the Leadership Reception Ceremony with the People of Sabah and Sarawak in celebration of the 50th Malaysia Day 50th at the SUK Building Foyer, Shah Alam, 21st September.
Also present at the celebration were the members of the Legislative Assembly (ADUN), Selangor MPs, and Ba’kelalan assemblyman, Baru Bian. At least, among the students and families who live in the state were 300 Sabah and Sarawak people who also attended the ceremony.