KUALA LUMPUR: Aquawalk Group Bhd
, the operator behind Aquaria KLCC, has expanded its regional footprint with a new joint venture (JV) to develop, own and operate a world-class oceanarium in East Java, Indonesia.
The project will be undertaken through its wholly owned subsidiary, Aquawalk (Indonesia) Sdn Bhd, in partnership with PT Maju Batu Bersama (PTMBB).
In a statement today, Aquawalk said this marks its second venture in the Indonesian market, following Jakarta Aquarium Safari, with the total initial investment for the project estimated at approximately IDR110 billion (about RM24.6 million) to be funded proportionately by the JV partners.
Aquawalk’s share of the investment amounts to approximately IDR66 billion (about RM14.8 million), which will be funded using proceeds from the group’s initial public offering allocated for expansion.
It said the project will be undertaken through a newly incorporated JV company in Indonesia, with Aquawalk holding a 60 per cent equity stake and PTMBB holding the remaining 40 per cent.
Aquawalk Group executive chairman Datuk Simon Foong said Indonesia remains a key market, supported by strong domestic consumption, favourable demographics, and a growing tourism sector.
"Our collaboration with PTMBB allows us to combine our technical and operational expertise with local market knowledge to deliver a compelling oceanarium in East Java,” he said.
The new oceanarium, to be branded "Aquaria Java Timur Park”, will be developed within Jawa Timur Park 3 in Batu, East Java, an existing and operational integrated tourism and leisure development by the Jawa Timur Park Group.
The family-oriented destination is already an established attraction in East Java, comprising a range of themed attractions, educational and entertainment facilities, as well as retail and supporting amenities.
A lease agreement is expected to be executed between PTMBB and the JV company for a minimum term of 10 years, with an option to renew for a further 10 years, in relation to the development and operation of the project.
Under the terms of the agreement, Aquawalk will take on the role of design, development, construction, and operations of the oceanarium.
Meanwhile, PTMBB will support the project through local coordination, including liaison with the master developer, landowner, and relevant authorities, as well as ensuring regulatory compliance through securing necessary approvals, licences, and permits. - Bernama
