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 development.
The project is expected to be implemented in three phases, beginning with residential units, followed by commercial portion at a the later time.
Under the agreement, SCIB Development will act as the project developer and will oversee the planning, approvals and execution of the project.
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.
