Plans to build massive waterfront city near Putrajaya
The Star 31 May 2004
BEIJING: A massive canal city with a self-contained township comprising residential, commercial and tourism development with interconnected canal waterways will be built in Selangor.
The RM3bil project is being undertaken by Permodalan Negeri Selangor Bhd, the investment arm of the state government, and Kumpulan Europlus Bhd via Canal City Construction Sdn Bhd.
The proposed canal city would cover about 5,400 acres of land to be developed into a waterfront city.
The company has secured the participation of the Shimao Group, through the purchase of about 1,300 acres of land, within the Canal City project, which is located near Putrajaya.
The Shanghai-based Shimao Group, which is one of China’s leading property developers, undertook the signing of the sales and purchase agreement here in conjunction with the visit of Datuk Seri Abdullah Ahmad Badawi.
Deputy chairman Tan Sri Chan Ah Chye signed on behalf of the Malaysian group with Mr Hui Wing Mau, the chairman of the Shimao Group.
One of the Shimao Group’s projects is the Shimao Rivera Garden, where a total of RM3.6bil was channelled into investments to build a series of high-rise luxurious residential towers overlooking the Huangpu River in Shanghai.
The project was ranked No. 1 in the Shanghai property market for the year 2001 and 2002.
According to a press release, through the partnership, Shimao Group would invest about RM450mil in the purchase of land.
The sale of the land and development of the project would be used to finance the construction of two infrastructure projects.
They are the construction of the network of canals connecting the Klang River to the Kuala Langat River as part of a flood mitigation scheme in Selangor.
“A by-product of this construction project is the creation of a canal city occupying an area of about 5,400 acres,” it said.
It would finance the Shah Alam 2 Expressway connecting Shah Alam to Berjuntai Bistari, to be renamed Shah Alam 2.
“The 40km toll-free expressway will reduce travelling time from Shah Alam to Shah Alam 2 to about 23 minutes,” it added.