KAJ Development, the developer of the Melaka Gateway megaproject in Malaysia, has signed a memoranda of agreement (MoA) with an investment holding company to develop a world-class theme park.
KAJ signed an MoA with Assetwall Sdn Bhd for the development of a state-of-the-art theme park with 24 rides and attractions (via the New Straits Times).
The RM1.5 billion attraction is scheduled to be completed by early 2026. It is expected to attract more than five million visitors annually.
The company has also signed a memorandum of understanding (MoU) to create a free-trade zone at the multibillion-ringgit Melaka Gateway project, as well as another MoA to develop Melaka International Cruise Terminal (MICT).
The proposed free-trade zone (FTZ) will be a collaboration between KAJ Development and Dubai Integrated Economic Zones Authority.
Melaka Gateway megaproject in Malaysia
“The FTZ is expected to turn Melaka Gateway into a dynamic business hub for global trade,” KAJ said in a statement.
The other MoA was between MG Velocity Sdn Bhd, X Infinity Property Sdn Bhd and Total Group Bhd to jointly develop Melaka International Cruise Terminal (MICT).
The Melaka International Cruise Terminal is projected to be completed in 2025. It will include a duty-free mall, retail space and luxury hotel, with an investment of RM1.5 billion.
Last month, Genting Malaysia’s long-awaited outdoor theme park at Resorts World Genting (RWG) opened to the public. Genting SkyWorlds is spread across 26 acres and features 26 rides and attractions.
The $800m theme park’s nine themed lands are based on original IP and 20th Century Studios brands. RWG’s VP and head of theme park operations Greg Pearn confirmed that “a small selection of attractions require a little more time to be completed”.
Images: KAJ Development