KUCHING: A multi-billion ringgit development is set to become a new landmark in the state capital as a green township with modern amenities in a natural mangrove forest setting.
The proposed Borneo Island City at Tanjung Bako here will be jointly developed by Sarawak company Assar Industri Sdn Bhd and Le Parker International (Malaysia) Sdn Bhd from Taiwan.
Both parties signed a joint-venture agreement on the project on Wednesday, witnessed by Second Finance Minister Datuk Seri Wong Soon Koh and Permodalan Assar Sdn Bhd chairman Tan Sri Bujang Mohd Nor.
Borneo Island City will be developed on a 567ha site over a period of 15 years with a gross development cost of RM10.58bil.
According to Bujang, it will be an integrated development comprising office towers, residential condominiums and landed properties, shopping and entertainment centres, educational institutions and other amenities.
It will also have resort hotels, water villas with private landing jetty and attractions such as a fisherman’s wharf, theme park and cultural village.
“What’s crucial to this project is the emphasis on a green city concept and retaining the natural environment as far as possible,” he said.
Le Parker International director Charles Lin said Borneo Island City was the largest investment made by the company to date.
“One of its highlights will be a 1.6km-long man-made beach, which will cost RM3bil,” he said.
Chief Minister Tan Sri Adenan Satem, whose speech was read by Wong, said the proposed development was in line with the state government’s efforts to attract more foreign investment to Sarawak.
“Borneo Island City is expected to trigger economic spin-offs to the local people in Samarahan and Kuching. It will have a multiplier effect on other sectors of the economy and create job opportunities for locals,” he said.
Adenan assured Le Parker International that Sarawak had political, social and economic stability, business-friendly policies and a long-term strategic development plan which made the state an attractive investment destination.
He was also supportive of local companies collaborating with foreign companies in order to tap their expertise and ideas.
“I have high expectations of Le Parker International to ensure the successful completion of Borneo Island City and be able to attract investors and tourists to invest in its properties and visit Sarawak,” he said.
In addition, Adenan said the government supported the opening of new development areas in the suburbs to disperse congestion in the city.
This would also help to raise the socioeconomic status of residents in the surrounding areas, he said.