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- KTISB will pay for the complex construction and, in return get the 65 acres as payment. The land’s value will equal the building cost.
KUALA LUMPUR (Aug 20): Sabah-based property developer KTI Landmark Bhd (KL:KTI) will build a RM107 million cultural complex on 58 acres of land in Kinarut, Sabah through a land swap with the state government.
Under the arrangement, KTI’s unit, K.T.I Sdn Bhd (KTISB), will receive 65 acres of land from the state to develop residential projects.
In a filing with Bursa Malaysia, the company said KTISB entered into a development agreement with the state government on Wednesday. This follows a letter of intent it received from the Ministry of Tourism, Cultural and Environment Sabah in October 2024.
For the project, the Sabah government will revoke the reserve land status of 153 acres of land in Kinarut and break it up into three parts: 58 acres for the cultural complex, 30 acres for government use and 65 acres for KTI to develop.
KTISB will pay for the complex construction and, in return get the 65 acres as payment. The land’s value will equal the building cost.
Construction will start within nine months after building plans have been approved and finish within three years.
In July, KTISB won a RM130.6 million job to build a campus for the Construction Industry Development Board.
The company’s share price closed down 2.41% to 40.5 sen on Wednesday, giving it a market capitalisation of RM324 million. The stock is up 6.58% year to date.
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