KUCHING (Sept 1): UDA Holdings Bhd (UDA) and the Sarawak Economic Development Corporation (SEDC) have inked a joint development agreement involving a mixed development project with an estimated gross development value (GDV) of RM480 million.
To be constructed on 5.1 hectares of leased land, the project comprises the construction of two 21-storey apartment blocks, equipped with a gymnasium, swimming pool, a playground, shop offices and a 12-storey, 260-room hotel with various facilities, located near the Pending Heights industrial area.
The agreement was signed by UDA president and chief executive officer Mohd Salem Kailany and SEDC general-manager Abdul Hadi Abdul Kadir, witnessed by Sarawak Chief Minister Datuk Patinggi Abang Johari Tun Openg and Entrepreneur Development and Cooperatives Minister Datuk Seri Wan Junaidi Tuanku Jaafar.
In his speech at the signing ceremony here today, UDA chairman Datuk Jalaluddin Alias said the UDA-SEDC collaboration would be able to contribute towards the development of entrepreneurs and industries in Sarawak.
“Indirectly, the collaboration supports the Entrepreneur Development and Cooperatives Ministry’s aspiration in revitalising entrepreneur activities and boosting the economy, especially for Bumiputera entrepreneurs,” he said.
Meanwhile, SEDC chairman Tan Sri Abdul Aziz Husain said that as the land owner, SEDC will derive 20 per cent of the GDV which amounts to more than RM100 million, higher than the value of the land.
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