KUCHING: Sarawak Consolidated Industries Berhad (SCIB) has signed a development agreement to jointly undertake a mixed residential-and-commercial project in Bintulu, marking a key step in the Group’s expansion into property development while leveraging its construction expertise.
The project will be undertaken through its wholly-owned subsidiary, SCIB Development Sdn Bhd, in collaboration with the registered landowners of Lot 88, Kemena Land District — a vacant 11.1-hectare land parcel at Sungai Sibiau, Bintulu.
Subject to regulatory approval, the land will be developed into a mixed-use estate comprising residential and commercial components. The development is planned to be implemented in three phases, beginning with residential units before progressing to commercial works in the later stages.
Under the agreement, SCIB Development will serve as the project developer and will oversee planning, approvals and execution of the development works. The landowners will be entitled to 23 per cent of the project’s gross development value, based on mutually agreed terms.
SCIB said the overall development value and financial contribution have yet to be determined as the project remains at an early planning stage.
Executive chairman Datuk Chong Loong Men said the agreement supports the Group’s long-term strategy to broaden its business base.
“This project allows us to extend our footprint into property development while building on our established engineering and construction capabilities. Bintulu remains a strategic location, and we believe this collaboration positions the Group for sustainable growth over the medium to long term,” he said in a statement.
SCIB added that the initiative forms part of its broader effort to build a more diversified and resilient business platform by combining its construction strengths with selective property development opportunities.
The Group expects the project to contribute to its long-term growth strategy as planning progresses and as key development milestones are achieved, while creating value for the local community in Bintulu.
