Sarawak Consolidated Industries Berhad announced that its wholly-owned subsidiary, SCIB Ecobuild Sdn. Bhd. has entered into a strategic co-development agreement with Inland World Sdn. Bhd. to jointly undertake a high-rise residential development in Penampang, Sabah.
The proposed development will be undertaken on two parcels of land measuring approximately 0.84 acre and 0.811 acre respectively. The collaboration marks SCIB’s strategic entry into the property development segment, enabling the Group to leverage its established Engineering, Procurement, Construction and Commissioning (“EPCC”) expertise across a broader portion of the property development value chain.
The development is expected to broaden the Group’s earnings base by creating new revenue opportunities across both the Property Development and Construction and EPCC segments, while contributing positively to the Group’s long-term earnings growth.
The Group’s future property development activities constitute a diversification of its business under the Bursa Malaysia Main Market Listing Requirements, SCIB will make the necessary announcements and seek shareholders’ approval accordingly.
Under the Co-Development Agreement, SCIB Ecobuild will be entitled to 80% of the Project’s net development profit, with Inland World receiving the remaining 20% under the agreed profit-sharing arrangement.
Non-Independent Non-Executive Chairman Datuk Chong Loong Men said “By leveraging our expertise in project planning, cost management and construction execution, we are expanding our participation across the broader property development value chain in a disciplined and strategic manner. This approach supports our long-term growth strategy while creating sustainable value for our shareholders.”
