KOTA BARU: Sara-Timur Urban Development Sdn Bhd is banking on the completion of its first parcel to bolster investor confidence for its RM1.2 billion landmark development — Lagenda Tunjong in Kota Baru, Kelantan.
“The slow response of surrounding developments is causing potential investors to take a wait-and-see approach. They want to see how the development takes off before making their move. This has affected us more than anything else, which is why we hope that with our first parcel [the super store, shopping mall] coming up soon, it will bolster the investors’ confidence,” chairman Datuk Dr Zawawi Ismail told The Edge Financial Daily.
He said that with the piling work for the development already started, the infrastructure should be seen in about six months’ time.
Inspired by the popular KLCC Park, Lagenda Tunjong is a fully-integrated development set on a 40-acre (16.2ha) enclave and consists of residential units as well as a two-tier plaza, the CheSiti Village Mall, Lagenda Galleria and a Giant superstore.
According to Dr Zawawi there are still many developments coming up in other areas of Kota Baru which will help increase interest.
“The upcoming developments show that people still want development in Kota Baru which is a good thing. Apart from Tesco, Aeon is also set to appear ... groundworks for that have already started.”
Lagenda Tunjong will be developed in seven phases over the next five years. The completion of the development is set to spur economic growth and increase employment opportunities for the locals.
“Embedded in our vision for this new urban development is bringing the Lagenda Tunjong experience into one place and stimulating economic growth,” said Dr Zawawi.
Situated less than 10km from the airport, the development also provides easy accessibility for tourists and locals alike.
|Artist’s impression of Lagenda Tunjong in Kota Baru, Kelantan.|
This article first appeared in The Edge Financial Daily, on August 1, 2014.
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