KUALA LUMPUR (Dec 12): Sarawak Consolidated Industries Bhd (SCIB) has entered into a memorandum of understanding (MOU) for a potential joint venture residential development project in Bintulu, Sarawak, with a projected gross development value of RM250 million.
The project involves the development of 50 acres of land into around 600 residential units, signifying a major undertaking in Bintulu's property development sector, said SCIB in a statement on Tuesday,
The group’s wholly owned subsidiary SCIB Properties Sdn Bhd inked the MOU with Kemena City Development Sdn Bhd and Smart Borneo Properties Sdn Bhd.
“Signing this MOU is a crucial first step towards what we envision as a landmark development in Bintulu. While this is just the initial stage, our optimism is high about the potential of this collaboration to culminate in a successful joint venture," said SCIB managing director Ku Chong Hong.
Meanwhile, SCIB expressed its gratitude to Abang Abdillah Izzarim Abang Abdul Rahman Zohari, who retired as the group's chairman effective Monday.
“His commitment has been instrumental in SCIB’s growth and success, and we are excited to continue this journey with him as a long-term, sustainable partner. This enduring partnership has played a key role in securing our new project in Bintulu,” said Ku.
Shares in SCIB finished 3.5 sen or 4.35% lower at 77 sen, giving the group a market capitalisation of RM489.98 million. Since the beginning of the year, the stock has risen 413.33% from 15 sen.