Bina Puri, China firm in RM15b Kuantan project

The Sun (Malaysia) - - SUNBIZ -

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

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