KUALA LUMPUR: Sarawak Consolidated Industries Bhd
(SCIB) has agreed to jointly undertake a residential-cum-commercial project in Bintulu, Sarawak.
In a statement, the group said its wholly-owned subsidiary SCIB Development Sdn Bhd will collaborate with the registered landowners of a vacant land parcel measuring about 11.1ha in Sungai Sibiau to develop a mixed-use estate.
Development is expected to be implemented in three phases,
beginning with residential units, followed by commercial development in the later stage.
Under the agreement, SCIB Development will act as the project developer and will oversee the planning, approvals and execution of
the development works.
The landowners will be entitled to 23% of the project’s gross development value, based on mutually agreed terms.
As the project remains at an early planning stage, SCIB said the overall development
value and financial contribution have yet to be determined.
“This project allows us to extend our footprint into property development while building on our established engineering and construction capabilities. Bintulu remains a strategic location, and we believe this collaboration positions the Group for sustainable growth over the medium to long term," said SCIB executive chairman Datuk Chong Loong Men.
SCIB added that the project forms part of its broader efforts to build a more diversified and resilient business platform, combining its construction expertise with selective property development opportunities.
