KUCHING: A major residential development project will be on the cards at Bintulu if a three-way deal on the project materialises.
Sarawak Consolidated Industries Berhad’s (SCIB) wholly owned subsidiary, SCIB Properties Sdn Bhd (SCIBP) has inked a Memorandum of Understanding (MoU) with Kemena City Development Sdn Bhd and Smart Borneo Properties Sdn Bhd.
The MoU outlines the initial stages of a potential tripartite collaboration focusing on the Kemena Land District in Bintulu, with an estimated value of RM250 million.
In a statement Wednesday SCIB said the proposed project will pave the way for a detailed exploration and assessment of the joint venture’s feasibility.
“SCIB, through its subsidiary SCIBP, brings its extensive expertise in engineering, procurement, construction, and commissioning to the table.
“Coupled with the real estate development experience the other parties, this MoU sets the foundation for a strategic collaboration that could significantly impact Sarawak’s residential housing market,” it said.
Meanwhile, SCIB managing director Ku Chong Hong expressed gratitude for the contribution of Abang Abdillah Izzarim Abang Abdul Rahman Zohari, which has been instrumental to SCIB’s growth and success.
“We are excited to continue this journey with him as a long-term, sustainable partner. This enduring partnership has played a key role in securing our new project in Bintulu.
“Signing this MoU is a crucial first step towards what we envision as a landmark development in Bintulu. While this is just the initial stage, our optimism is high about the potential of this collaboration to culminate in a successful joint venture.
“SCIB is fully committed to exploring this opportunity, aiming to significantly contribute to the community through quality residential development,” he said.
Abang Abdillah, the former SCIB executive chairman, also expressed appreciation for his time with SCIB and looked forward to a long-term partnership.
“It has truly been a privilege working alongside such a dedicated and committed team. While my journey with the group has come to an end, I am excited to transition into a long-term relationship with SCIB.
“Together, we aim to achieve remarkable milestones and contribute to the continued success of the company,” he said.
