Ireka Corp Bhd's 60%-owned unit Ireka-Charng Sheng Development Sdn Bhd has signed an agreement with the Sandakan Town Council to develop a RM200mil property project in the Sabah town.
Acccording to a statement from Ireka, the project will involve the construction of a new public square, 129 units of shop-offices, 180,000 sq ft of a new central market and fish jetty, a 10-storey retail shopping-cum-car park complex, a seafront promenade and pedestrian mall, and a hotel and convention centre.
It said that most phases of the project, to be known as Sandakan Harbour Square, were expected to be completed within 5 years, while commencement of operations at the hotel and convention centre would be decided at a later date.
The project site was handed over to Ireka-Charng Sheng Development on April 2, and it is scheduled to commence work next month once it has obtained all relevant approvals from the authorities.
The project is not expected to have any impact on Irekas consolidated net tangible assets or earnings for the FY to March 2004. AFX