10/21/2011 — The Edge Malaysia
The Kuala Terengganu City Centre (KTCC) project, unveiled yesterday, will be the linchpin to transform the state as it seeks to draw new domestic and foreign investments and create jobs.
The KTCC development, which covers a 7km radius from the Terengganu river estuary, will have a gross development value (GDV) of about RM5 billion.
“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 Datuk Seri Ahmad Said.
Speaking at the groundbreaking ceremony, he said there would be multiple spin-offs from increased tourist arrivals, more opportunities in trade, retail services, recreation, food and beverage.
The East Coast Economic Region Development Council (ECERDC) is the facilitator for the project.
The development will focus on five key areas of Muara Utara, Muara Selatan, Pulau Warisan, Kampung Ladang/ Tanjung and the Corniche Waterfront. In total, the development isestimated to create jobs for more than 82,000 people by 2020.
“The project will herald in new domestic and foreign investments, attracting many private entities participation and eventually elevate Terengganu’s economy,” said Ahmad.
He added that three major catalysts to drive KTCC are an integrated lifestyle enclave, a learning quarter, and a health and wellness village.
Ahmad expected real estate prices to pick up while on the socio-economic front, job creation would encourage more youth to remain and work in the state.
To promote Kuala Terengganu as the tourism gateway to the ECER, KTCC would have the country’s first drawbridge. The two-phase project is expected to be completed by 2020.
In terms of infrastructure, the East Coast Highway (LPT2) that will be ready by 2013, would reduce travel time between Kuala Lumpur and Kuala Terengganu to four hours from seven hours.
ECERDC CEO Datuk Jebasingam Issace John said the KTCC would boost Terengganu’s economic potential.
He added that ECERDC had received registration of interest from various parties including Middle East investors keen on the KTCC development projects.
Elaborating on the KTCC, he said Muara Utara and Muara Selatan, with a combined land area of 180 acres, would transform property development efforts in Kuala Terengganu specifically and ECER in general.
The main infrastructure works in Muara Selatan, which include earthworks, roads, drainage and other utilities, started in August and would be completed by the second half of 2013.
Next would be the construction of the iconic drawbridge and the main infrastructure works for Muara Utara.