A million-sq ft (92,903sq m) theme park is the latest addition to plans for the RM5bn ($1.5bn, €1.1bn, £916m) development The TWO in Rawang, Malaysia.

Developers DA Land have enlisted Australian firm Sanderson Group – an integrated tourism destination specialist which has worked with Disney, Warner Bros, Universal Studios – to conceptualise, design and operate what is expected to be an indoor and outdoor theme park.

The attraction is likely to encompass themed rides and shows, water slides, adventure sports and themed dining experiences.

At an MOU signing ceremony, Sanderson business development director Luke Riley said the company was reviewing several options for the theme park and had yet to decide if it would bring in an IP as was done at the 20th Century Fox theme park at nearby Resorts World Genting.

"Integrated destinations have been a key economic and strategic development catalyst used in Singapore and it is our pleasure to bring our successful 25 years of empirical knowledge and expertise to realise this exciting project," said Riley.

The RM300m ($91m, €66m, £55m) theme park is hoped to open by 2018-19 and forms part of Phase 1 of The TWO development, a 51-acre project expected to take 10 to 15 years to complete.

The three-phase project is expected to produce what has been described as a ‘wholesale city’ – containing restaurants, cafes, an entertainment hub, a cultural performing centre, hotels and a convention centre.

There will also be a series of parks and a planned outlet mall.

Phase 1 has a gross development value of RM2 billion spread over 14 acres and will take five years to complete.

In addition to the theme park, it will include a tourist hub, wholesale outlets and hotels, with DA Land COO Sip Mun Yee planning to sell retail aspects from Phase 1 to fund the rest of the project.

"We are looking at RM1.3bn ($390m, €280m, £240m) sales from the retail space and this will fund our project. For the hotel, we are looking for partners to co-own it," he said.