Hong Leong Group’s property arm GuocoLand Malaysia has unveiled a plan to invest RM12.5bn ($3.9bn) to develop Sepang International City in Malaysia.
The proposed city will spread across 4,000 acres of land in the southern corridor of Selangor.
The seafront development will include commercial, business, residential and leisure developments, a hub for institutions of higher learning as well as an urban park that will be modelled on Central Park in New York City.
GuocoLand Malaysia managing director Yeow Wai Siaw said the proposed Sepang International City would serve as the catalyst in the growth and future development of Sepang and the surrounding areas.
"The development would play a pivotal role to help Kuala Lumpur attain the status of the world’s top 20 cities, enjoying sustainable economic growth and attract multi-national companies to establish their global or regional headquarters in Greater Kuala Lumpur/Klang Valley," Siaw said.
Sepang International City is expected to contribute about RM19bn ($6bn) to Malaysia’s gross national income.
The city, which could accommodate over 500,000 people, would take up to 20 years to fully develop.
"We are now going through the proper application and planning stage with the federal and state governments. Hopefully we will be able to start the development in one-and-a half years’ time," Siaw said.
The proposed city will have direct transport links from the Lumpur International Airport and other major points around the Malaysian capital and the Klang Valley.