China Vanke Co. Ltd., through Vanke Holdings (Malaysia) Sdn. Bhd., is planning to launch its first mixed-use project in the country with an expected gross development value of 5 billion ringgit within 2019, The Edge Markets reported.
Lang Cong, managing director of Vanke Holdings, was cited by the publication as saying that the project is now waiting approval from authorities. The executive added that the unnamed project's anticipated gross development value might still change in the future, subject to approval for the planned project on the former Serani Row plot at Jalan Raja Chulan.
Aside from the integrated development that will include residential, retail and commercial components, the Chinese developer is also looking to explore more business opportunities in Malaysia as it looks to diversify in the country, the Jan. 11 report added.
As of Jan. 11, US$1 was equivalent to 4.09 ringgit.