ECER'S RM5 BILLION CITY CENTRE PROJECT TO TRANSFORM TERENGGANU
KUALA TERENGGANU, 20 October, 2011 – The RM5 billion Kuala Terengganu City Centre (KTCC) project, facilitated by the East Coast Economic Region Development Council (ECERDC), will serve as a catalyst in transforming the socio-economic growth in Terengganu.
Covering an area of approximately 7 km radius from the Terengganu river estuary, the KTCC development will expand and link the broader city to its premier waterfront and is expected to enhance Kuala Terengganu as a `Heritage Waterfront City`, in line with the vision of the State Government.
With a gross development value (GDV) of approximately RM5 billion, the KTCC project is centred around five key development areas namely Muara Utara, Muara Selatan, Pulau Warisan, Kampung Ladang/Tanjung and the Corniche Waterfront. In total, the development is estimated to create jobs for more than 82,000 people by the year 2020.
KTCC will combine Kuala Terengganu's treasured heritage architecture with new retail and premier residences, transforming the city's waterfront profile and creating new opportunities for investments.
Among its many components, the project also comprises an integrated lifestyle and commercial centre as well as a health and learning hub. The KTCC land is readily available to investors with no encumbrances specifically for both Muara Utara and Selatan. The Terengganu state government and ECERDC will assist in processing and expediting the required approvals, and providing necessary incentives to investors.
"Terengganu is set for exciting times. The KTCC project is a game changer and will establish new economic parameters for the state," said Terengganu Menteri Besar Dato' Seri Haji Ahmad bin Said at the ground breaking and launching ceremony of KTCC today.
He said there would be multiple spin-offs for the local population as businesses would flourish riding on increased tourist arrivals as well as enhanced opportunities in trade, retail services, recreation, food and beverage.
"The project will herald in new domestic and foreign investments, attracting many private entities participation where eventually it will elevate Terengganu's economy. For the people of Terengganu, they can benefit from more jobs, put their entrepreneurial flair to practise and avail themselves to better facilities and conveniences," said Dato' Seri Ahmad.
The Menteri Besar pointed out that the three major catalysts to drive KTCC namely an integrated lifestyle enclave, a learning quarter, and a health & wellness village, would essentially move Terengganu up the value chain and vault the state into the New Economy.
"The project will be beneficial to all. Value of real estate properties will go up. On the socio economic front, KTCC will be a pull factor to encourage more youths staying back to work in the state as Kuala Terengganu changes to become a hub for living, working and recreational activities," he added.
Promoting the image of Kuala Terengganu as the Tourism Gateway to the ECER, KTCC's centerpiece will be an iconic drawbridge, the first-of-its-kind for Malaysia which will create a distinctive landmark in Terengganu. The proposed development will be executed in two phases, scheduled for completion by 2020.
In complementing KTCC, Terengganu is served by various infrastructure projects which contribute to the ease of doing business.
The East Coast Highway (LPT2) which will be ready by 2013, would reduce travel time between Kuala Lumpur and Kuala Terengganu from seven hours to four hours
Since 2008, Kuala Terengganu is also served by an international airport which can handle up to two million passengers per year. Its extended runway will also allow bigger aircraft such as the Boeing 747 to land and take off from Kuala Terengganu.
ECERDC's Chief Executive Officer, Dato' Jebasingam Issace John, said the landmark project would boost Terengganu's economic potential, stressing that ECERDC has already received registration of interest from various parties including Middle Eastern investors who were keen to take part in the KTCC development projects.
"So far, feedback and response to the project has been very encouraging. Our vision is to introduce new state-of-the-art facilities while preserving Terengganu's unique cultural heritage, in coming up with a balanced and sustainable development," he said.
"The new City Council building has also been confirmed to be built on a plot of land in Muara Selatan," said Dato' Issace adding that Muara Utara and Muara Selatan with a combined land area of approximately 180 acres will revolutionize property development efforts in Kuala Terengganu specifically and ECER in general.
Muara Utara and Muara Selatan will complement existing urban fabric, representing a unique new economic focus in Terengganu.
The main infrastructure works in Muara Selatan, which include the construction of necessary earthworks, roads, drainage and other major utilities, started in August 2011 and will be completed by the second half of 2013. This will be followed by the design and construction of the iconic drawbridge and the main infrastructure works for Muara Utara.