The RM1.1 billion, 26-acre Qi City development project in Bandar Meru Raya, Perak, is tentatively set to be launched within the first quarter of next year, said Green Venture Capital (GVC) CEO Chandragesan Suppiah.
A memorandum of agreement (MOA) between China Energy Hua Ren Industrial Investment Co Ltd (CEHR) and Wawasan Qi Properties Group subsidiary GVC was signed yesterday to facilitate the development’s construction.
“We are very happy with this partnership as it will have huge impact on the state’s economy and further promote China-Malaysia bilateral ties,” said Perak state secretary representative Datuk Mohd Zahir Abdul Kalid during the signing ceremony yesterday.
The agreement involves a three-year partnership between GVC and CEHR for the construction works on Qi City, which are expected to start in 2016.
“This MOA marks a pivotal moment in the development of Qi City to begin the process of bringing the blueprint to reality. CEHR’s involvement in this project will showcase its expertise in infrastructure development and construction, which has a widespread reputation both in the region and around the world,” said Chandragesan in his speech.
“This strategic alliance will give us a further understanding of the Malaysian market and allow us to be part of a viable investment venture in this part of the region,” said CEHR chairman of the board Wang Wei.
Qi City consists of a teaching hospital with public and private wings, the Quest International University Perak (QUIP) campus, three condominium blocks, retail outlets, a medical rehabilitation centre, a convention hall to cater for up to 1,500 people and hotel suites.
Chandragesan remarked that the development aimed to attract specialists from diverse fields to teach, practice as well as to conduct research in the hospital wings via the provision of multi-platforms to benefit students, lecturers and doctors.
The development will also be located close to the central business district of Bandar Meru Raya, as well as amenities such as a private international school, an animation theme park, a hyper market and a business hotel.
GVC is a special-purpose vehicle established to spearhead the Qi City development, while CEHR is involved in sectors such as international trade and engineering, energy exploitation and management, real estate investment and construction.
By Ewe Shufei / theedgeproperty.com | October 28, 2015