SHAH ALAM: Malvest Group and Lagenda Tunjong Sdn Bhd have joined forces to develop Tunjong Commercial Hub in Bandar Baru Tunjong, Kota Bharu, Kelantan.
The collaboration agreement, signed on Aug 15 was formalised by Lagenda Tunjong Sdn Bhd's Executive Chairman Ahmad Zakie Shariff and the Managing Director of Malvest Group Tan Kian Boon.
The new Tunjong Commercial Hub will include a hospital, medical mall, hotel, prime office building, convention centre, commercial retails outlets, service residences and a recreational park with Malay traditional culture and Islamic elements incorporated into the design.
It is estimated to yield a gross development value (GDV) of RM1.2 billion and will take eight to 10 years to complete. Once completed, the township will be a new attraction in Kelantan.
Lagenda Tunjong Chief Executive Officer Datuk Aminuddin Abdul Manaf said they have secured a women and children specialised hospital and are currently in talks with an international hotel brand to join the development.
In a related matter, Malvest Group is confident that the soon-to-be-finished East Coast Rail Link (ECRL) Project which is an essential catalyst for Kelantan's future development, particularly when the Tunjong ECRL station is completed, would make Bandar Baru Tunjong the primary business activity hub in Kelantan.
Malvest Group Managing Director Tan Kian Boon also said the collaboration with Lagenda Tunjong Sdn Bhd is timely.
"As another new breakthrough development in Kelantan, fresh ideas and concepts will be introduced in this development.
"It is also our intention that our development would stimulate the economy and assist local communities by producing commercial activities, job possibilities, and financial returns for our investors,” he added.