Commercial & Industrial Property News Update

Malaysia - RM 115 million Theme Park To Raise Nusajaya's Tourist Spot Profile

August 2, 2012

The Puteri Harbour Family Theme Park in Nusajaya, Johor, is expecting 500,000 visitors in its first year of operations.

An upcoming theme park targeting to attract 500,000 visitors in its first year of operation will raise the profile of Nusajaya, Johor as a tourist destination through its synergy with the nearby Legoland theme park.

Developed at a cost of RM 115 million by Khazanah Nasional Bhd through wholly owned subsidiary Theme Attractions and Resorts Sdn Bhd (TAR), the Puteri Harbour Family Theme Park is 90% completed. Comprising four levels spread over 80,000 sq ft, the theme park is scheduled for a grand opening in November.

Based on an all-access ticket price of RM 60 per pax, TAR is confident that the theme park will achieve at least RM 30 million in sales, said managing director and chief executive Tunku Datuk Ahmad Burhanuddin. Up to 45% of the visitors will be foreigners, he added.

TAR believes that there is great synergy between Puteri Harbour and Legoland, of which the company is a major stakeholder."We don't see Legoland cannibalising the theme park's business. In fact, we see them supplementing and complementing each other," said Ahmad.

He said that having both Legoland and Puteri Harbour would encourage visitors to stay longer in Nusanjaya, increasing their spending and raising the area's profile as a tourist destination.

"When people come to Malaysia, they want a variety of things to do. We are coming out with the products to service them and add to the things they can do," he said.

The new theme park will generate 200 new jobs while bringing about a multiplier effect to hotels and suppliers in the area. In order to attract tourists from China, India and the Middle East, TAR has partnered Malaysia Airlines and AirAsia for an integrated marketing campaign.

Puteri Harbour Family Theme Park will feature three major attractions: the local cartoon-inspired diner Lat's Place, the first Sanrio Hello Kitty Town outside of Japan and The Little Big Club featuring popular cartoon characters like Bob the Builder and Barney.

Tags: Commercial real estate, Real estate investment

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