Sarawak Consolidated Industries Berhad has signed a development agreement to jointly undertake a residential-cum-commercial project in Bintulu, Sarawak, at a vacant land parcel measuring approximately 11.1 hectares.
Subject to regulatory approvals, the land is planned to be developed into a mixed-use estate comprising residential and commercial components. Development is expected to be implemented in three phases, beginning with residential units, followed by commercial development in the later stage. Under the agreement, SCIB Development will act as the project developer and will oversee the planning, approvals and execution of the development works.
The landowners will be entitled to 23% of the project’s gross development value, based on mutually agreed terms. As the project remains at an early planning stage, SCIB said the overall development value and financial contribution have yet to be determined.
