KUALA TERENGGANU: The Kuala Terengganu City Centre (KTCC) project is expected to draw some RM5bil in domestic and foreign investments upon its completion in 2018.
Terengganu Mentri Besar Datuk Seri Ahmad Said said the project, with a gross development value of RM5bil, would also improve the state’s economy.
“At present, the state’s yearly economic growth is between 5% and 5.5%. However, we expect economic growth to reach 7.7% by 2020 due to this mega-project,” he told reporters after officiating the ground-breaking ceremony at the project site here recently.
Ahmad said the project, which covers a 7km area from the Terengganu river estuary, would expand and link the city to its waterfront and is expected to enhance Kuala Terengganu as a Heritage Waterfront City.
Huge project: Ahmad (second left) listening to Jebasinggam (left) while State secretary Datuk Mazlan Ngah (second right) and ECERDC General Manager (Infrastructure) Arizan Arifin look on during the ground breaking and launching ceremony. “Terengganu is set for exciting times. The KTCC project is a game-changer and will establish new economic parameters for the state.
“There will be multiple spin-offs for the local population as businesses will flourish riding on increased tourist arrivals as well as enhanced opportunities in trade, retail services, recreation, food and beverage,” he said.
He added the project would lead to new domestic and foreign investments, attracting private-sector participation that would eventually elevate Terengganu’s economy.
Ahmad said the project is centred around five key development areas: 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 2020.
“The project, facilitated by the East Coast Economic Region Development Council (ECERDC), will serve as a catalyst in transforming socio-economic growth in Terengganu,” he said.
According to Ahmad, three major elements in KTCC — an integrated lifestyle enclave, a learning quarter, and a health and wellness village — would essentially move Terengganu up the value chain and place the state firmly in the New Economy.
“The project will be beneficial to all, with value of real estate going up.
“On the socio-economic front, KTCC will be a factor in encouraging more youths to stay back to work in the state as Kuala Terengganu changes to become a hub for living, working and recreational activities,” he said.
He added the completion of the East Coast Highway (LPT2) by 2013, would also reduce travel time between Kuala Lumpur and Kuala Terengganu from seven hours to only four hours.
ECERDC chief executive officer, Datuk Jebasingam Issace John said the landmark project would boost Terengganu’s economic potential. He added that ECERDC had already received expressions of interest from various parties, including Middle Eastern investors, who were keen to take part in the KTCC’s development projects.
“So far, feedback and the 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, while coming up with a balanced and sustainable development,” he said.
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