Sheng Tai eyes RM1 bil FDI with Malaysia's first Cultural Tower plan in Melaka

Sheng Tai eyes RM1 bil FDI with Malaysia's first Cultural Tower plan in Melaka
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KUALA LUMPUR (July 22): Sheng Tai International Sdn Bhd announced a plan to transform one of the nine towers at The Sail Melaka project into Malaysia's first Maritime Cultural Tower, targeted to attract about RM1 billion foreign direct investments from China.

In a statement today, it said the Maritime Cultural Tower is one of the towers at the RM6.5 billion The Sail Melaka, a strategic development along the Melaka Waterfront Economic Zone (M-WEZ) which is set to be fully completed in 2024.

It said the development will feature five-star and six-star luxury hotels; high-end condotels; business suites; a million square feet (sq ft) luxury shopping mall as well as a cultural square with shop lots overlooking the Straits of Melaka.

"Measuring at 350,000 sq ft , the 61-storey cultural tower can house up to 1,000 businesses from various industries, including arts and culture, baba nyonya, fashion, food, and education.

"The size of each suite can come up to 2,000 sq ft, priced from RM500,000," it said.