SERI KEMBANGAN: The man-made "Mestika Heritage Island" to be developed in Melaka is estimated to have a gross development value of over RM20 billion and is touted to emerge as the first world-class trade hub by 2020.
The 600 hectare island, expected to incur RM15 billion in development cost, will become an economic hub to Malaysia and the world, said Mestika Megan Sdn Bhd Chairman Mohd Jasmi Mohammad Jais.
He said the project, which will involve the development of two islands, would be constructed in two phases within five and seven years.
Reclamation work for both islands would be carried out under phase one early next year followed by the construction of a club house, golf course, theme park and villas.
Under the second phase of the project, the Cheng Ho Institute of Higher Learning will be built besides a trade centre and heritage village, said Mohd Jasmi after the signing of a memorandum of understanding between Mestika Megan Sdn Bhd and China-based conglomerate Qinghai Gansu Chamber of Commerce.