GENTING HIGHLANDS: King's Park Development Sdn Bhd has formally launched its newest integrated mixed-use development, King's Park in Genting Highlands, with the inauguration of its sales gallery on Saturday.

King's Park is positioned to become Genting Highlands' new integrated entertainment, leisure, and shopping destination when the first phase is completed in 2026, said the company's executive vice president, Sean Chen.

The 150-acre King's Park has a RM10 billion gross development value (GDV) and consists of residential, commercial, and entertainment elements.

Situated next to Awana Genting Highlands Golf & Country Resort, King's Park is a partnership between the developer, Yuk Tung Group, and the Association for the Promotion of Higher Education in Malaysia (Aphem), which owns the land.

Chen said that King's Park will be located on one of Genting Highland's Class 1 and 2 most gentle slopes.

He said there are a total of five phases of developments throughout the course of the following eight to ten years.

The development's first phase, which covers 21 acres (8.49 hectares), will have two theme parks and 360 retail units split across 12 integrated commercial lots.

Each unit is 22 feet by 75 feet in size, and they range in price from RM2.5 million to RM3.2 million.

Chen remained tight-lipped when asked about the potential joint venture partner for the theme parks, which are slated to be launched in the fourth quarter of this year.

Meanwhile, the company's director of sales and marketing, Steve Chan, said the take-up rate for the retail units has reached almost 70 per cent.

Chan said the company has been selling the units since early this year, and most of the tenants are local, with a mix-up of foreign investors from China and Singapore.

Phase 2 will include hotels and serviced apartments and is anticipated to launch next year.

Phase 3 will introduce the 300-room, 30-storey Swissôtel Genting Highlands, along with semi-detached villas and bungalows.

More shoplots, hotels, and serviced apartments will open in Phase 4.

A hospital and a wellness facility, among other medical services, will be included in phase five.

Among the hotels that will be part of King's Park are Hard Rock Genting Highlands, Crown Estate, and Novotel Genting Highlands.

King's Park Development's chief executive officer, Jayandren Subramaniam, said the establishment of a bus terminal to accommodate and facilitate the mobility of tourists is being discussed by the company with the necessary parties in Singapore.

"We are also planning to build medical and wellness facilities towards the end of the development to complete the township and cater the basic needs of the residents here.

"This development is part of the transformation of Genting Permai, and it is aimed to be a family-oriented tourism spot," he added.

Genting Highlands is forecast to receive 53 million visitors by 2026, with a catchment area of over 700,000 people within a five kilometre radius.