Companies that provide short-term consumer loans at high interest rates are on the increase in countries like Indonesia and the Philippines as many people struggle to get advances through traditional channels such as banks.
LABUAN: Labuan is embarking on a RM304.86 million satellite town project in Saguking this year which is scheduled for completion within six years.
The mixed-development 4.67-hectare Saguking Commercial Centre project is a joint-venture between Labuan Corporation (LC) and Gancang Development Sdn Bhd.
Labuan Corporation Chairman and former Labuan member of Parliament, Datuk Rozman Isli, said the project was part of the government's initiative to increase commercial infrastructure on the island.
“Labuan needs to have more commercial infrastructure, which would not only help boost economic activities, but also generate revenue for the local authorities (in the form of assessment tax),” he told reporters after the project's ground-breaking ceremony here today.
He said the project could potentially ease traffic congestion in the town centre and help stabilise escalating property prices.
“Property prices on the island are escalating due to fewer infrastructures for various industries, including the financial and oil and gas (O and G) sectors.
“This satellite town project will help by increasing commercial infrastructures to cater to current demands and the island's long-term economic development,” he said.
Gancang Chairman, Arthur Kong, said the development would consist of shop/office lots, warehouse complexes, hypermarket, apartment and a hotel.
“This project is part of the aspirations of the Labuan Development Blueprint 2030, and it will transform Labuan into a dynamic and vibrant business environment with the ideal prerequisites for growth and profits,” Kong said.
He said the project would also create jobs and business opportunities for the locals and the business community as a whole.
“The project will help to increase Labuan's visibility in the competitive market, thus emerging as an investor-friendly destination in the country in spite of the slowdown in the O and G sector,” he said.- Bernama
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