Citaglobal Berhad has announced a joint venture with USIA for a proposed commercial development consisting of 108 units of 2-storey shop office on 2 parcels of land in Semporna, Sabah measuring in a total of approximately 11.88 acres.
USIA is an association and is the beneficial and registered owner of the Project Land, of which is currently charged to Sabah Development Bank.
Citaglobal via its subsidiary will commence the project at its own expense within 6 months from the procurement of relevant approvals and to complete the project and the construction of the project units within 4 years from the procurement of relevant approvals with a maximum period of extension of 2 years to be granted if applicable
After which the group will fix and determine the selling prices of all the project unit and USIA will be entitled to 10 units from the completed development.
The group believes the project land’s strategic location within Semporna Town, Sabah, famous for its natural sceneries and proximity to water-based tourism and attractions, will attract potential property buyers. The Proposed Joint Venture is expected to contribute positively to the future revenue and earnings of the Group upon the sale of the Project Units. It is also an opportunity to venture into the property development business in the Borneo region.
Subject to the completion of the Project, Citaglobal said in the event when USIA is ready to proceed with the development of its other lands in Kota Kinabalu, Sabah, USIA agrees to grant SDSB the right of first refusal to undertake the development.
