Bina Puri, China firm in RM15b Kuantan project
KUALA LUMPUR: Bina Puri Holdings Bhd and China’s CCCC Dredging (Group) Co Ltd will form a consortium to build the Kuantan Waterfront Resort City with a gross development value (GDV) of RM15 billion over the next 10 years.
Bina Puri Holdings Bhd chairman Tan Sri Wong Foon Meng said the consortium would see both companies holding a 50% stake each.
“Bina Puri will undertake the development of the waterfront while the reclamation work will be carried out by CCCC Dredging.
“The project will be developed in four phases starting with the construction of two serviced apartment blocks and a waterfront food and beverages complex,” he told reporters after the signing ceremony between the two companies here yesterday.
Present at the event was Transport Minister Datuk Seri Liow Tiong Lai.
The development comprises a residential development, commercial development and education as well as medical tourism facilities.
Wong said the project will be developed in four phases, with the first phase, which has a GDV of RM350 million, comprising two blocks of serviced apartments and a waterfront food and beverages complex.
“We have sold close to 70% for the phase, and the buyers are mostly from the East Coast,” he said.
Construction of the first phase is still in progress, with completion slated for the first quarter of 2018. The project is expected to create 5,000 jobs upon completion and operation.
Kuantan Waterfront Resort City, covering 202.34ha of reclaimed land, is designed to be Kuantan’s first integrated resort, leisure and entertainment destination in the waterfront enclave and is just 2km from Kuantan City. – Bernama