TWO firms will jointly develop the residential components of the Airport City/Aerotropolis of the proposed Kulim International Airport (KXP) in Sidam Kiri, Kuala Muda in Kedah.
The development by Ivory Properties Group Berhad (Ivory) and ECK Development Sdn Bhd (ECK) will cover an area of about 135 acres (54.6ha) with an estimated gross development value of RM2bil.
Ivory Group chief executive officer Datuk Low Eng Hock said the Group intended to transform the area into a 21st century urban neighbourhood while enhancing the quality of life of the people in the vicinity.
He said Ivory was grateful to be part of the regional development where it could contribute its expertise and experience to the country and state.
“We look forward to the development of commercial components down the line.
“We are optimistic that the Group’s involvement will create a range of attractive, cutting-edge architecture and environmentally sustainable commercial buildings with innovative yet pragmatic master planning.
“This joint venture marks an important milestone for the Group as we continue to move forward and be part of exciting and meaningful projects.
“This will also mark the expansion of our footprint and brand throughout Malaysia,” he said in a statement on Monday.
With the collaboration, Ivory is expected to bring earnings growth and increase the Group’s net worth in the next 10 years.
The residential components are part of a mega project consisting of the KXP, Airport City, industrial and mixed developments spread across an approximately 9,800 acres (3,965.9ha) of land.
On Monday, ECK inked a joint venture agreement with KXP Airport City Holdings Sdn Bhd as the sole investor fully responsible for leading the metropolitan sub- region development.
KXP is designed to create a new large-scale commercial gateway in Kulim, Kedah that will spark commercial growth, promote trend-setting lifestyle and technology innovation.
An aerotropolis is a metropolitan sub-region whose infrastructure, land use, and economy are centred on an airport.