KUALA LUMPUR: Malaysia’s plans for a maritime city on Carey Island, Selangor, have gained momentum after Prime Minister Datuk Seri Najib Razak’s visit to India last month. The property developer, which has largely been under the radar in the past three years amid the prevailing soft property market, has now got a jump-start in the form of the proposed port city development. Milton said A&M’s current land bank on Carey Island will keep the group busy for the next 10 to 15 years. A&M has also earmarked another 700 acres of land for a new township development on Carey Island, which it targets to launch from 2020. Last week, the proposed 20-year Carey Island port city project gained momentum when MMC Corp Bhd and Sime Darby Property Bhd signed a memorandum of understanding with India’s Adani Ports and Special Economic Zone Ltd to study the feasibility of developing an integrated maritime city on Carey Island.

Source: The Edge Markets April 10, 2017 01:30 UTC