Sheng Tai International and KenTeam collaborate to set up The Sail Melaka as an international financial centre and duty-free hub

11 MAY , MELAKA – Sheng Tai International Sdn Bhd (Sheng Tai International), an award-winning property company, and KenTeam International Sdn Bhd (KenTeam), a leading latex and nitrile gloves manufacturer in Malaysia, signed a landmark Memorandum of Agreement (MOA) that is aimed at setting-up The Sail Melaka as an International Financial Centre and possibly a duty-free hub.

The first part of the MOA includes Sheng Tai International and KenTeam collaborating to open a Premium Outlet at The Sail Melaka as well as to apply for a Duty-Free status for The Sail Melaka Phase 2 – cultural square as well as Phase 3 – million square feet shopping mall.

While the second part of the MOA consists of KenTeam investing into three (3) towers of The Sail Melaka, with each tower comprising 61 storeys. Measuring a total of 1.2 million square feet, the three towers will be transformed into an International Financial Centre, a Wellness Hub and an Information Technology hub, respectively.

Yang Amat Berhormat Datuk Seri Utama Sulaiman bin Md Ali, Melaka Chief Minister, was present to witness the signing ceremony as well as to support the future International Financial Centre and Duty-Free Hub. Representing Sheng Tai International in 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.

Dato’ Leong Sir Ley, Chairman and Founder of Sheng Tai International, said, “We at Sheng Tai International are thrilled to collaborate with KenTeam to make The Sail Melaka Phase 2 and Phase 3 into a Duty-Free Zone.”

“In addition, KenTeam’s investment into three towers of The Sail Melaka will certainly make The Sail Melaka into an iconic building and landmark across the region upon its completion. We are confident that we will be able to attract more global investments to The Sail Melaka and this will also create over 5,000 job opportunities to the locals and surrounding communities.”

“The Covid-19 pandemic has presented many opportunities for states like Melaka as investors and international brands are looking to invest in suburbs. For Sheng Tai International’s establishments in Melaka, Metrasquare and The Sail, we have successfully attracted brands like IWG, Memorigin and FashionTV to expand their footprints here.”

Datuk Seri Justin Lim, Chief Executive of KenTeam, said, “We are looking forward to our partnership with Sheng Tai International in making The Sail Melaka a duty-free zone and an iconic hub. Although our business is focused on latex and nitrile gloves, we are always open to exploring new opportunities with like-minded companies like Sheng Tai International.”

The Sail Melaka is an RM6.5 billion mixed development located at Kota Laksamana under the Central Eco Business Park of Melaka Waterfront Economic Zone (M-Wez).

Building on a globalisation concept, The Sail Melaka features nine (9) towers, with each tower comprising 61 storeys. It consists of over 3,259 units of high-end condotels; three (3) 61-storey 5-star and 6-star hotel towers with a total of 2,584 units; 1,215 units of business suites as well as a 36,2938 sqft cultural square that houses 65 units shops overlooking the Straits of Melaka.

Unique facilities of this mixed development include 500m sky ring connecting nine towers; 4,090 square meters (sqm) convention and exhibition centre; Illuminating Sky Garden; as well as The Moon, a 360-degree elliptical shape experiential centre. It also includes international sky-themed restaurants; one of the longest sky rings; sky garden; one of the longest rooftop pools in the region; one of the tallest multiple buildings at 61 storey high each, most exclusive convention centre and most importantly, the tallest 9-tower linked structure.

The Sail Phase 1 is set to complete by Q4 2021.

Source: iProperty