Saturday 22 Jun 2024
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PETALING JAYA (March 10): The RM40 billion mixed-use development in Langkawi, The Langkasuka, is expected to start with a ground-breaking event in 2Q22.

Jointly developed by Widad Business Group Sdn Bhd (WBG) and Dubai-based Bin Zayed International LLC (BZI), the 2,000-acre The Langkasuka will see its Phase 1 completed within four years after the ground-breaking ceremony.

According to a press statement, the Phase 1 shall comprise an international standard and tournament-ready golf course by the sea, lush villas resort homes, a shopping utopia called Designers’ Brand Mall serving up international brand names, a shopping bazaar known as The Langkasuka Village, a five-star sea fronting hotel and luxurious condominiums.

Meanwhile, the developer is also in discussion with interested parties on the purchase of the hotels and designer malls under The Langkasuka project.

In March 7, 2022, WBG and BZI entered inked a joint-venture agreement to further crystallise their partnership, pursuant to the collaboration agreement signed on March 30, 2021. The agreement was signed by WBG founder and group executive chairman Tan Sri Muhammad Ikmal as well as group CEO Datuk Mohd Rizal Mohd Jaafar. Meanwhile, on behalf of BZI, the agreement was signed by managing director Sheikh Midhat Kidwai.

Under the agreement, WBG will control a 70% equity interest in the joint company, while BZI will own the remaining 30% stake. BZI is a leading conglomerate owned by Sheikh Khaled Zayed Al Nahyan, who is the senior member of the Abu Dhabi royal family. His business interests span across real estate management, and the construction of residential, commercial buildings and towers.

Edited ByRacheal Lee
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