Kuala Terengganu going upmarket.
KUALA LUMPUR: The Kuala Terengganu City Centre (KTCC) project by the East Coast Economic Region Development Council (ECERDC) will have a significant long-term impact on Terengganu's property market.
The region will be able to attract more local and foreign investments into Terengganu's real estate sector via this landmark development which has a gross development value of RM5 billion.
Foo Gee Jen, managing director of CH Williams Talhar & Wong, a renowned property consultancy, said KTCC's trickle-down effect on the local property sector was already seen in Kuala Terengganu where the prices of land and homes had increased significantly.
"This trend is expected to continue as KTCC develops and the demand goes up for residential and commercial areas within Kuala Terengganu.
"KTCC will change Kuala Terengganu's landscape to be on par with other cities in Malaysia and its waterfront city centre should serve as a great tourist destination," said Foo to Bernama.
Foo said the KTCC's strategic components, which included waterfront residences, an integrated lifestyle enclave, a health and wellness village, and a themed resort, would drive strong demand for housing and commercial developments.
He said the existing commercial areas in Kuala Terengganu such as Paya Keladi, Kampung China and Pasar Payang were currently undergoing redevelopment and these areas would benefit from their strategic location near KTCC.
"KTCC is a unique development unlike those in other states as it is a gateway to resort living and marine activities, coupled with Terengganu's unique cultural heritage.
"This new attractive development, which is strategically located in the heart of Kuala Terengganu, will offer local residents an abundance of job opportunities which will reduce the current migration to larger towns and cities.
"We are expecting more investments from both local and foreign parties that will take advantage of the incentives offered by the ECERDC, including the relaxation of land ownership," he said.
The KTCC development focuses around Muara Utara, Muara Selatan, Pulau Warisan, Kampung Ladang/Tanjung and the Corniche Waterfront.
In total, the development is estimated to create over 82,000 jobs by 2020.
The KTCC is expected to have a commercial complex, an international standard convention centre, modern residential units, shopping attractions, holiday, medical and education centres.
Its iconic drawbridge will be the first-of-its-kind in Malaysia, creating a distinctive landmark in Terengganu.
The KTCC project was launched by Menteri Besar of Terengganu, Datuk Seri Ahmad Said, in Kuala Terengganu last week.
It will be implemented in two phases and will be completed by 2020.