KOTA KINABALU, July 3 — State-owned Yayasan Sabah (YS) has inked a landmark joint venture with real estate developer Tegas Bangsa Sdn Bhd to build a RM7 billion mixed commercial project in Kampung Meruntum, Lok Kawi, here.
The large-scale project on 158 hectares of land belonging to Yayasan Sabah, entails the construction of a hotel, a resort and a theme park, which will be completed in 10 to 15 years’ time.
“The location (development) is quite strategic and close to the coastline, as well as fronting several islands that can attract not only investors and property buyers but also tourists,” Sabah Chief Minister Datuk Seri Mohd Shafie Apdal said when witnessing the signing of the joint venture for the development here today.
Yayasan Sabah director Datuk Jamalul Kiram Mohd Zakaria signed on behalf of the foundation, while Tegas Bangsa was represented by its business development director, Wee Seng Fatt and representative Jerrad Lim Jen Jiang.
Jamalul Kiram said the project, which is expected to start within six months, provides a revenue stream for the foundation to undertake various programmes.
With the signing of the deal, Tegas Bangsa will pay Yayasan Sabah RM8.4 million, while as landowner, the foundation is also entitled to a minimum payment of RM840 million of the gross development value of the project.
In another development, Mohd Shafie said the state government has allowed social gatherings organised by the public and private sectors involving up to 250 people, subject to the size of the venue to enable social distancing.
“We will follow what the standard operating procedure (SOP) as announced by the federal government has announced,” he said. — Bernama