KTI Landmark's Unit To Develop RM107 Mln Cultural Complex In Sabah
KUALA LUMPUR, Aug 20 (Bernama) -- The Sabah state government has appointed KTI Landmark Bhd’s wholly-owned subsidiary K.T.I. Sdn Bhd (KTISB) to develop a cultural complex with facilities, amenities and the related infrastructure for on 23.47 hectares (ha) in Kinarut on a public-private partnership basis.
KTI Landmark said the total development cost is estimated to be no less than RM107 million, and 26.3 ha of state land will be alienated to KTISB or any other company as may be determined by KTISB for residential development.
Both the 23.47 ha project land and the 26.3 ha entitlement land for residential development are part of a 61.92-hectare parcel of state land reserved for the cultural complex site.
“The value of the entitlement land will be equivalent to the value of the project cost, to which the value of the project cost will be valued by an independent quantity surveyor to be appointed and agreed by both parties,” the property developer said in a filing with Bursa Malaysia today.
KTISB today signed a development agreement with the Sabah government acting through the Sabah’s Ministry of Tourism, Cultural and Environment for the complex development on a public-private partnership basis.
KTI Landmark said its subsidiary is required to undertake, at its own cost, the development with all infrastructure, including roads, driveways, culverts, water mains, sewerage mains/pipes/ plants and landscaping serving and/or relating to the project.
“KTISB will commence construction works of the project within nine months from the date of approval of the building plans or the amended building plans or the environmental impact assessment by the appropriate authorities, whichever is the later.
“Construction is expected to be completed within a period of 36 months from construction commencement date,” it added.
-- BERNAMA