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KUALA LUMPUR: Sarawak Consolidated Industries Bhd
’s (SCIB) wholly-owned subsidiary, SCIB Properties Sdn Bhd (SCIBP) has entered into a memorandum of understanding (MoU) with Kemena City Development Sdn Bhd (KCD) and Smart Borneo Properties Sdn Bhd (SBP).
In a statement, the industrialised building systems specialist said the MoU marked the preliminary stage for a potential joint venture focusing on a substantial residential development project in the Kemena Land District, Bintulu, Sarawak, with a projected value of RM250mil.
The proposed project envisages the development of approximately 50 acres of land into around 600 residential units, signifying a major undertaking in Bintulu's property development sector.
“Signing this MOU is a crucial first step towards what we envision as a landmark development in Bintulu. While this is just the initial stage, our optimism is high about the potential of this collaboration to culminate in a successful joint venture.
“SCIB is fully committed to exploring this opportunity with KCD and SBP, aiming to significantly contribute to the community through quality residential development,” SCIB group managing director Ku Chong Hong said.
Meanwhile, Abang Abdillah Izzarim Abang Abdul Rahman Zohari has stepped down as executive chairman of SCIB.
“We are immensely grateful for the dedication and contribution of Abang Abdillah Izzarim during his time with us. His commitment has been instrumental in SCIB’s growth and success, and we are excited to continue this journey with him as a long-term, sustainable partner. This enduring partnership has played a key role in securing our new project in Bintulu, Sarawak,” Ku said.
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