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KXP AirportCity Holdings, wholly owned by Kedah Development Corporation (PKNK), has signed a joint venture agreement with Tahira Air to jointly establish a new special purpose vehicle (SPV) for the Kedah Aerotropolis project, called Kedah Aerotropolis Holdings.
Under the contract, SPV will pay 125% of the land acquisition cost (approximately RM2.5 billion) through Tahira Air to begin the land acquisition process. The aerospace city project includes the Kulim International Airport, the Sidham Logistics, Aerospace and Manufacturing (SLAM) hub and the integrated development of the business district.
The Kedah Menteri Besar said the project will be located on 3,965 hectares of land in Kuala Muda district. The project, implemented through a private financing plan, will stimulate Kedah’s GDP by 4.5%, create 24,000 jobs and promote Kedah’s economic transformation.
(Source: Malaysia News Agency Image source: freepik)
