Iconic Worldwide executive chairman Datuk Seri Tan Kean Tet
GEORGE TOWN: Iconic Worldwide Bhd
plans to make "bigger and bolder bets that will accelerate its growth and leave an indelible mark on the real estate industry” following the emergence of executive chairman Datuk Seri Tan Kean Tet as the group's new controlling shareholder.
The property developer said it is exploring tourism-related hospitality developments including resorts, villas and theme parks to boost tourism in Penang and leverage the island's reputation as a world-class tourism destination.
Tan said the implementation of visa-free travel for tourists from China and India has delivered a positive impact on the local tourism industry, which will support the growth of Iconic's hospitality business.
"In addition, the expansion of Penang International Airport’s capacity from 6.5 million to 12 million passengers a year, slated for completion in three to four years, will deliver a major boost to the local tourism industry. This is a major, catalytic infrastructure project that I believe the market has yet to appreciate," he said in a statement.
Following the group's successful corporate exercise that raised RM95.6 million via an oversubscribed rights issue, Tan's stake in Iconic Worldwide has increased to 36.59 per cent, subsequently making him a controlling shareholder of the group from previously a major shareholder.
On the property side, Tan said the group has begun early discussions with potential partners to explore opportunities to develop mega township and industrial real estate projects in Malaysia.
He said Iconic plans to utilise 41.6 per cent of the RM95.6 million gross proceeds to acquire a parcel of freehold, vacant land measuring about 15 acres in Paya Terubong, Penang Island.
"The group will submit a proposal to the Penang state authority for planning permission to construct a residential development on this newly acquired asset.
"It is expected that the gross development value (GDV) of this project will be more than RM300 million," he added. - Bernama
