KUALA LUMPUR: Yong Tai Bhd (YTB) has received the support of new Chinese partners to resume the development of its 100-acre Impression City in Melaka following a delay caused by various Movement Control Order (MCO) to contain the spread of Covid-19 infections in the country.
YTB today signed a collaborative agreement with various parties, including Opustique Infinity Ltd (OIL), Cheng Ho International Trade Centre and Culture City Centre Sdn Bhd (CHITC) and Oriental Impression City Development Sdn Bhd (OICD), to restart the development of Impression City.
YTB chief executive officer Datuk Wira Boo Kuang Loon said this agreement is a sign of recovery for the property development business.
"It also signifies the restart of the development of Impression City, which was affected by the MCO.
"With backings from our new partners in China, we look forward to expediting the development of our flagship development in Melaka.
"We are also excited that our vision of Impression City is in line with our partners from China who have plans to build an 88-storey business tower that comprises of Chinese business and cultural elements.
"This is in line with the Belt & Road Initiative to enhance the cooperation between Melaka and China in terms of economy, tourism and culture," he said in a statement today.
Under the agreement, CHITC and OICD will collaborate with new investors and state-owned enterprises from China to invest and seek the requisite investment funds to finance the project development.
This will help to enhance YTB's vision to transform Melaka city into an international tourism hub.
Boo said initial discussions with the various Chinese partners suggest that interest in YTB's plan to transform Melaka city into an international tourism hub are strong.
"There has been a lot of interest in the Impression City project from our Chinese partners even before the pandemic as investors from China are attracted towards our Encore Melaka theatre concept, which focuses a lot on the Chinese culture and heritage.
"Of course, some of these interests subsided due to the Covid-19 pandemic, which has severely disrupted the tourism industry.
"However, with the gradual reopening of the economy, we are seeing a reignited interest among investors from China," Boo said.
OIL, which has appointed CHITC and OICD under the agreement, has identified Melaka and Impression City as the development is very much aligned with OIL's initial plan.
OIL has originated the idea and concept of erection of the 108 storeys EU-China Tower, which comprises China's business and cultural element in the heart of London.
However, due to the change of government and Brexit in the United Kingdom, the project was suspended, and OIL has decided to implement the idea in ASEAN instead.
Boo said despite the delay in the development of the Impression City project amidst the Covid-19 pandemic, YTB has remained committed to its vision to transform Melaka into a tourism hub and real estate hub with its Impression City development.
"The company's plan to transform Melaka into an international tourism and real estate hub remains intact despite the delay due to the Covid-19 pandemic.
"With the gradual reopening of the economy and tourism activity, we're confident that our vision for Impression City will materialize.
"We look forward to better collaboration with our partners from China to help expedite the development of Impression City," he said.