KUCHING: UDA Holdings Berhad and the Sarawak Economic Development Corporation (SEDC) have inked a memorandum of agreement (MoA) for the joint venture development of a mixed development project here with a gross development value of RM480 million.
The agreement was signed at a ceremony at Grand Margherita Hotel here yesterday by UDA Holdings Berhad chief executive officer (CEO) Mohd Salem Kailany and SEDC general manager Abdul Hadi Abdul Kadir, witnessed by Chief Minister Datuk Patinggi Abang Johari Tun Openg and Entrepreneur Development and Cooperatives Minister Datuk Seri Dr Wan Junaidi Tuanku Jaafar.
Through the joint venture, the development plan will be implemented on a 12.6-acre site at Lot 9561, Section 64, Kuching Town Land District, Jalan Datuk Marican Salleh here, a strategic location close to the Pending Heights industrial area and approximately five kilometres from the city centre.
UDA Holdings Berhad chairman Datuk Jalaluddin Alias, in his speech, said the project would include two 24-storey apartment blocks equipped with a gymnasium, a swimming pool and playground facilities.
Besides this, the project would also include office shops (double-storey, three-storey, four-storey and six-storey) and a 200-room 12-storey hotel.
He said that these apartments would increase bumiputera ownership of affordable property in the city while the 262 commercial units would positively impact entrepreneurs by providing them with a competitive retail space.
“This joint venture is also seen as a good start in efforts to revive the nation’s economy affected by the Covid-19 pandemic,” he said.
Jalaluddin hoped that this joint venture would be a good example for state and federal government agencies in mobilising efforts to realise development objectives which would benefit both the state and the country.
Meanwhile, SEDC chairman Tan Sri Datuk Amar Dr Abdul Aziz Husain, in his speech, pointed out that the site is certainly strategic, adding that it was in the plans to construct an Autonomous Rail Transit (ART) station there.
He said that SEDC, as the land owner, would get a share of 20 percent of the gross development value, amounting to almost RM100 million — higher than the value of the land to be developed.
“Through this strategic collaboration, SEDC and UDA Holdings Berhad will share expertise and resources in exploring business development opportunities that are sure to bring benefits and added value to both parties,” he said.
He said the agreement would also provide opportunities for SEDC to collaborate with UDA Holdings Berhad in various sectors relating to property development, facility management services and more.
“We hope to be able to work on many other developments, not only in Kuching but in other cities all over Sarawak,” he said.
