PETALING JAYA: Asian Pac Holdings Bhd
, via its wholly-owned subsidiary Cahaya Riang Sdn Bhd, has entered into a development agreement with the United Sabah Chinese Communities Association of Kota Kinabalu and the Sabah United Chinese Chambers of Commerce.
The agreement is for a mixed development in Karamunsing, Sabah, with an estimated gross development value (GDV) of RM295mil.
The proposed development will comprise 573 commercial lots and serviced apartments on a 119,479-sq-ft leasehold parcel jointly owned by the two organisations.
Under the agreement, the landowners will receive entitlements valued at RM62mil, comprising RM9mil in cash, an office building valued at RM42mil and a balance entitlement of RM11mil, to be settled through payments and potentially apartment units or cash.
The project is estimated to cost RM183mil, excluding the landowners’ entitlement, and is expected to commence in the third quarter of 2028, with completion targeted for the third quarter of 2031.
