UK-BASED MACE GROUP TO INVEST US$950 MILLION IN MSIA

By Santhia Panjanadan

KUALA LUMPUR, Dec 2 (Bernama)-- The Mace Group (MACE) of the United Kingdom, a
global consultancy and construction giant will invest RM3 billion (US$950.569
million) in Malaysia over five years, thus giving foreign direct investment
(FDI) in the country a timely boost.

MACE inked a Memorandum of Understanding (MoU) with Corridor Development
Corporation Bhd (CDC), an investment promotion agency for future development
projects in Malaysia, particularly in the regional development corridors.

Director of the Mace Group, Mark Richards said the group is set to work closely
with CDC on a number of construction, real estate and industrial projects in the
development corridors.

He said MACE in the intial stage, is looking at between RM200 million to RM300
million investments in construction-related projects, particularly in the Sungai
Rambai development projects. (US$1=RM3.16)

With a portfolio including the tallest skyscraper in Europe, London's renowned
"Shard of Glass", as well as building work around the 2012 Olympic Games in
London, MACE now has a foothold in Malaysia, Richard said.

"We are starting discussions with CDC on specific projects and we
expect activities between us to roll out in the first two quarters of next year," he
told Bernama in an e-mail.

The five economic development corridors are the Northern Corridor Economic
Region (NCER), Eastern Corridor Economic Region (ECER), Sarawak Corridor for
Renewable Energy (SCORE), Sabah Development Corridor (SDC) and the Iskandar
Development Region (IDR).

Meanwhile, CDC's Group Chairman Muhammed Kassim said the target is to bring in
another RM30 million to RM50 million in investments next year, both locally and
from overseas, for projects in Malaysia.

He said the company would be concentrating on bringing in FDIs for the services
and manufacturing-related industries.

Muhammed said the company currently has a number of development and
construction projects in hand with a gross development value (GDV) of RM5 billion.

These include the development of the Sungai Rambai New Township project, Sungai
Rambai Enterprise Zone, the re-development of Sungai Rambai old-town project,
development of Jasin Smart City in Melaka and development of the Tanjung Agas
Oil & Gas and Logistics Industrial Park in Pekan, Pahang.

"We are also currently in the process of negotiating with the Negeri Sembilan
State Economic Development Corporation in developing the Gemas New Township, and
with the Kedah state government for the development of the northern state of
Kedah Convention Centre in Sungai Petani," he said.

Muhammed also said the company had entered into a 70:30 joint venture with the
Melaka state government, for a mixed development of higher institutions, with a
GDV of RM1 billion.

He added MACE would be appearing as a joint partner to take up the
construction section of the development.

"It is our hope that through this MoU, both CDC and MACE can promote further our
strengths in business and development and project management in the five
development corridors," he added.

CDC has been established to complement the government’s effort in attracting and
facilitating domestic and foreign investments into the economic development
corridors.
-- BERNAMA