Mah Sing Group Bhd’s RM3.2 billion Icon City project along the Federal Highway is boosting its already high profile with the additional lure of being a Cyber-centre.
The group recently announced that it has officially obtained the Multimedia Super Corridor (MSC) Malaysia Cyber-centre status the Icon City development in Petaling Jaya, which is strategically located at the intersection of the Federal Highway and the Damansara-Puchong Highway (LDP).
With its Cyber-centre status, the project is now expected to create an ecosystem that fosters a competitive environment to attract, nurture and retain information technology (IT)-enabled industries. To aid the growth of this sector, businesses that are located in Cyber-centres will have a number of advantages, including a set of incentives, rights and privileges from the government.
Importantly, this includes competitive financial incentives, such as the pioneer status which is a 100 per cent tax exemption for up to 10 years, or an investment tax allowance for up to five years and duty-free importation of multimedia equipment.
Saying the company was pleased that the project had obtained the Cyber-centre status, Mah Sing’s group managing director Tan Sri Leong Hoy Kum explained that the MSC Malaysia status gives companies the freedom to source capital globally for MSC Malaysia infrastructure.
There will also be freedom of ownership by exempting companies from local ownership requirements, the right to borrow funds globally, the right to employ local and foreign workers, and no Internet censorship.
Icon City is a 20-acre mixed integrated development that is situated close to the established urban centres of Damansara, Kelana Jaya, Subang Jaya, Bandar Sunway and Petaling Jaya. It is accessible via a network of interconnected highways.
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