Property developer LBS Bina owned MGB Berhad which is primarily involved in construction and property development held a project launching ceremony for the development of its 1,007-acre industrial estate at Kertih Terengganu Industrial Park Terengganu.
The project formalised when MGB signed a turnkey construction agreement with Retro Court Sdn Bhd to jointly develop the Kertih Project. The Kertih Project is part of KTIP, which is set to be Asia’s largest second-generation bio-refinery complex.
As the turnkey contractor, the company will undertake the entire design, financing, construction and completion, sales and marketing plus credit administration, the project is an estimated gross development value of RM680 million.
Located in the East Coast Economic Region’s Special Economic Zone, KTIP is strategically connected with ready infrastructure and facilities such as gas processing plants, oil refineries, and ports (Kemaman Port and Kertih Port). To encourage the development the government has offered tax incentives to investors. Currently Arkema Thiochemicals Sdn. Bhd. and CJ Bio Malaysia Sdn. Bhd has invested in the project while US-based biochemical company Gevo is constructing a USD$500 million (approximately RM2.1 billion) plant.
MGB Group Executive Vice Chairman Tan Sri Dato’ Sri Lim Hock San said, “MGB is looking forward to begin construction work at the Kertih Terengganu Industrial Park. The Terengganu state government has rendered us with excellent support and we are excited to be working together with them and our JV partner to ensure the timely completion of the project.
The company aims to complete the construction of the infrastructure works for Phase 1 of the Kertih Project by 2024.
