Sim Leisure to develop and operate an ESCAPE theme park in Malaysia

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Sim Leisure Group has entered a deal with TT5 Park to develop, operate and manage an ESCAPE theme park in Perak, Malaysia, the Malaysian theme park operator said in a filing to SGX Wednesday.

The project will give Sim Leisure the opportunity to expand its ESCAPE brand of theme parks in Malaysia and enhance its status as a developer and operator of retro-eco theme parks in the country, the filing said.

Sim Leisure will be paid up to MYR360,000 for the design of the park and up to MYR780,000 for project management services, the filing said.

Under the deal, TT5 Park’s wholly owned subsidiary TT5 Theme Assets will build and own the environmentally sustainable theme park on 146 acres of land which has a 45 year lease period, the filing said. TT5 is an unrelated party to Sim Leisure.

TT5 Theme Assets will finance the construction works up to a maximum of MYR15 million, a figure which excludes the cost of evicting squatters from the land, the filing said.

Sim Leisure Group’s wholly owned subsidiary Sim Leisure Rock will develop the project, and operate and maintain the theme park for an initial 30 years, with the possibility of a 10 year extension, the filing said. Sim Leisure Rock will provide project management, handle services such as operating food and beverage outlets, accommodation and merchandising and collect revenue, the filing said.

Sim Leisure Consultants, an affiliated company, will be the main contractor on the project, the filing said.

The theme park’s opening data is set for 12 months from the start of construction, the filing said.