Genting Plans Theme Park Hotel in IDR

Genting Plans Theme Park Hotel in Iskandar

By Darlene Liew of The Edge Financial Daily

KUALA LUMPUR: Genting Bhd plans to build a theme park and hotel within the Iskandar region in Johor  to complement the group’s Resorts World Sentosa attraction in Singapore, said its chairman Tan Sri Lim Kok Thay. Lim said for a start, Genting would build a mall in the region in a joint venture with Simon Property Group, the largest mall operator in US, with Genting’s portion of the project cost estimated at RM200 million. “The cost of the whole project is yet to be finalised as the planning is still going on,” he told reporters after the launch of Genting’s 45th anniversary logo here on Tuesday Jan 19. “We aim to complete the mall in two years’ time and at the moment, all 60 outlets in the mall have already been taken up. Things are very positive,” he said, adding the group had already obtained state and federal approvals for the mall project. Lim said the group, under Genting Plantations Bhd, had 10,000 acres in Kulai, Johor and this landbank would make it easier for the group to expand its Iskandar plan later. “Iskandar will work as a mid point for two-way flow of visitors to our highland and Sentosa,” he said. He noted that the response to the mall would determine the implementation of the theme park and hotel plan. Lim said that by having a hotel in Iskandar, it would give visitors the choice of cheaper accommodation compared to hotels in Sentosa. “Look at places like Florida, it’s the castles and theme park that grow the place, so this can happen in Iskandar too,” he said. Meanwhile, Lim said Genting was looking at various opportunities in the US that emerged in the aftermath of the global financial crisis. “There are a number of opportunities that offer good value for our investment,” he said. Asked if Genting would need to raise fund in order to grab such opportunities, Lim said: “At this point of time, I don’t see the need to raise more funds, but having said that, if the markets are favourable, it’s always prudent to strengthen the balance sheet.” He also said that it was his family-owned companies like Kien Huat Realty, not Genting, that had made a loan to the Mashpee Wampanoag tribe that had wanted to set up a casino in Massachusetts. “As for Genting, we are looking for larger prospects for investment there,” he said.