KUALA LUMPUR: Bina Puri Holdings Bhd
and CCCC Dredging (Group) Co Ltd will form a consortium to build the Kuantan Waterfront Resort City with a gross development value (GDV) of RM15bil over the next 10 years.
Bina Puri Holdings Bhd chairman Tan Seri Datuk Wong Foon Meng said the consortium would see both companies holding a 50% stake each.
“Bina Puri will undertake the development of the waterfront while the reclamation work will be carried out by CCCC Dredging.
“The project will be developed in four phases starting with the construction of two serviced apartment blocks and a waterfront food and beverages complex,” he told reporters after the signing ceremony between the two companies in Kuala Lumpur on Monday.
Also present at the event was Minister of Transport Datuk Seri Liow Tiong Lai.
The development comprises a residential development, commercial development and education as well as medical tourism facilities.
Wong said the project would be developed in four phases, with the first phase, with a GDV of RM350mil, comprising two blocks of serviced apartments and a waterfront food and beverages complex.
“Currently we have sold close to 70% for the phase, and the buyers are mostly from the East Coast,” he said.
Wong said construction of the first phase was still in progress, with completion slated for the first quarter of 2018.
The project is expected to create 5,000 jobs upon completion and operation.
Kuantan Waterfront Resort City, covering 202.34ha (500 acres) of reclaimed land, is designed to be Kuantan’s first integrated resort, leisure and entertainment destination in the waterfront enclave and is located just 2km from Kuantan City.
Liow expressed confidence the Kuantan Waterfront Resort City would also be a vital contributor to the city’s continued growth, saying it would contribute significantly to Kuantan’s tourism industry. - Bernama
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