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- SCIB said it is too premature to provide estimates for the GDV or gross development cost for the project at this juncture, as it is only in the early stages of planning, and the final development concept has yet to be determined.
KUALA LUMPUR (Jan 6): Construction outfit Sarawak Consolidated Industries Bhd (KL:SCIB) is venturing into property development through a joint residential and commercial project in Bintulu, Sarawak.
SCIB’s wholly-owned SCIB Development Sdn Bhd has inked a development agreement with 24 individual landowners for the project, which will be built atop an 11.068ha land parcel, the group's bourse filing on Tuesday showed.
Under the agreement, SCIB Development will act as the developer and bear all development costs, while the landowners will be entitled to 23% of the project's gross development value (GDV).
SCIB said it is too premature to provide estimates for the GDV or gross development cost for the project at this juncture, as it is only in the early stages of planning, and the final development concept has yet to be determined. Nonetheless, it estimated that the project, to be carried out in phases, would be fully completed by July 2038, at the latest.
“This project allows us to extend our footprint into property development while building on our established engineering and construction capabilities. Bintulu remains a strategic location, and we believe this collaboration positions the group for sustainable growth over the medium to long term,” said SCIB executive chairman Datuk Chong Loong Men in a separate statement.
SCIB shares ended half a sen or 2.94% lower at 16.5 sen on Tuesday, valuing the company at RM118.06 million.
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