Khazanah engages 3 foreign firms for the family attraction in Iskandar
STATE investment agency Khazanah Nasional has roped in three global brand names to participate in a ‘family indoor theme park’ in Iskandar Malaysia as part of plans to enhance the region’s tourism and lifestyle appeal.
The ‘landmark deal’ is to be signed between Themed Attractions & Resorts (TAR) – a wholly owned subsidiary of Khazanah – and the international companies on Saturday at Puteri Harbour, where the proposed theme park is to be built.
TAR is keeping its partners-to-be in the park close to its chest, but its media advisory indicated ‘well-loved children’s TV characters’ would function as part of the park set-up.
Speculation has centred on Time Warner’s Cartoon Network, whose animated Ben 10 series is a hit with kids worldwide, as one of the three companies involved.
Other names being bandied about include Nickelodeon, whose Sponge Bob character is one of its best known, and Disney, with which Khazanah had been negotiating.
Even so, not many are putting their money on Disney, particularly since the Walt Disney Co announced yesterday China’s approval of a planned Disney theme park in Shanghai, which media reports have stated would be constructed at a cost of about US$3.6 billion.
Because Universal Studios is already building an indoor theme park as part of Genting Singapore’s Sentosa integrated resort (IR), it is unlikely to be a participant in the Johor project.
In any event, the planned cluster of theme parks south of the peninsula, while exciting for the enthusiasts, is bound to raise concerns as to whether the relatively small market and population make them feasible or even sustainable.
Despite being located nearby China’s booming southern provinces, Hong Kong’s Disney theme park continues to struggle.
Khazanah appears firm in its conviction that such attractions are the way forward in transforming the country into ‘a strong regional player’ in the leisure segment.
It had established TAR to implement the various projects in themed attractions and resorts, with the aim of driving tourism and amplifying its revenue contribution to the economy.
Khazanah maintains the south Johor attractions would be different from Singapore’s two IR sites and would complement rather than compete with them.
Iskandar Malaysia is scheduled to have its first theme park in 2012 – a Legoland which is currently being built in the Medini precinct on some 60ha at a cost of RM750 million (S$306 million).
Legoland operator Merlin Entertainments agreed to participate in East Asia’s first Legoland and inked the agreement at the end of last year.
It would hold 20 per cent of the project, which is located about 20 minutes from the Second Link, with the balance owned by a consortium led by Iskandar Investment Bhd – the agency tasked with overseeing the promotion and development of the southern Malaysian economic zone into a bustling metropolis.
Source: Business Times, 5 Nov 2009
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