KUALA LUMPUR (Feb 23): Garment-maker-turned-property developer Yong Tai Bhd will kick off its Impression City development in Melaka in the third quarter of this year, with the first phase carrying an estimated gross development value (GDV) of RM1.1 billion.
Spanning 117 acres, the 10-year project will be developed in 11 phases whose total GDV is RM5.4 billion and is expected to generate a profit margin of 20%, said Yong Tai executive director Boo Kuang Loon.
Out of the 117 acres, about 17 acres will host the Impression Melaka performing arts stadium, a derivative of a popular series of attractions in China, which will be the centrepiece of Impression City.
"Phase 1 of Impression City will feature mostly commercial properties, but with some residential (units) for future employees there," Boo told reporters after speaking at a luncheon held by MIDF Amanah Investment Bank Bhd today.
As for Impression Melaka, he said construction should begin in March and is targeted for opening at the end of next year.