KUCHING: Neu Pendington, the integrated development project with a gross development value (GDV) of RM496 million in Pending, is expected to be fully completed by 2029.
The groundbreaking ceremony for the joint venture project between UDA Holdings Berhad (UDA) and Sarawak Economic Development Corporation (SEDC) took place here yesterday (Sept 12).
It was officiated by Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg.
“The joint venture is expected to maximise the potential and add value to the land owned by SEDC and generate positive profits,” said UDA Chairman Datuk Norliza Abdul Rahim.
“This development will give a return amounting to almost RM98 million to SEDC including 35 apartment units, 12 stratified shop office units and a hotel,” she said.
The project also includes two 25-storey apartment blocks, as well as 6-storey, 4-storey and 2-storey stratified shop offices.
“The project is expected to be fully completed in 2029 where the first phase will be completed in 2026 and the second phase in 2027. The placement of the Sarawak Metro Autonomous Rail Transit (ART), a wholly owned subsidiary of SEDC will be able to benefit from this development as well,” she said ahead of the groundbreaking ceremony.
UDA Holdings Berhad, which focuses on real estate, asset management, facilities and hospitality has with this joint venture embarked on the first integrated development project in Sarawak.
The project named ‘Neu Pendington’ will be developed on 12.6 acres of land (5.1 hectares) and owned by SEDC which is located in Pending.
The name ‘Neu Pendington’ is a combination of ‘Neu’ which means renewal and ‘Pendington’ inspired by the original name of the development area which is Pending.
The combination of the names means giving a new breath to Pending, which was previously known as an industrial city to a friendly city to live in.
The name of the project was announced at the groundbreaking ceremony.
Also present were SEDC Chairman Tan Sri Datuk Amar Abdul Aziz Husain, SEDC general manager Abdul Hadi Abdul Kadir, UDA president and chief executive officer Salem Kailany and other guests.
In another development Norliza added that UDA has surveyed several locations in Miri, Sibu and Bintulu for potential areas to be developed.
“This initiative is to further expand development in the state and together with the government, in providing housing and commercial space,” she said.
Norliza added that the establishment of UDA Land (Sarawak) Sdn Bhd is also among UDA’s strategies to monitor and explore potential development in Sarawak.
