KUALA LUMPUR (Jan 20): Widad Business Group Sdn Bhd (WBG), an integrated facility management, property and construction conglomerate, is planning to build a mixed development project in Pulau Langkawi, Kedah with an estimated gross development value (GDV) of RM40 billion.
In a statement today, the group said the project, dubbed [email protected], is expected to be completed within 15 to 20 years.
WBG is a wholly bumiputera private company owned by Kedah-born Tan Sri Muhammad Ikmal Opat Abdullah.
It is also a majority stakeholder of Bursa-listed Widad Group Bhd and Dataprep Holdings Bhd.
WBG said it intends to erect a man-made island which will eventually span approximately 1,000 acres or 50% of the entire area, as currently, almost 90% of the 1,979-acre site consists of the ocean.
Once completed, [email protected] will comprise tourism components such as five- and six-star hotels and resorts, an international golf course, an international business and office complex, shopping malls, higher learning institutions, healthcare facilities and luxury residences.
WBG founder and group executive chairman Tan Sri Muhammad Ikmal Opat Abdullah said in addition to elevating Langkawi's status into a world-renowned tourism destination and increasing the flow of foreign investment, the development of [email protected] will stimulate the local economy and provide more jobs to Malaysian citizens.
"For the state, this will also translate into additional tourism revenue and higher value of land in the surrounding area," he added.
At the time of writing, Widad Group dipped 1.5% or one sen to 65.5 sen, valuing it at RM1.67 billion.