A RM304.86 million satellite town is poised to rise in Labuan, featuring apartments, a hypermarket, warehouse complexes as well as shop and office lots, reported Bernama.
The 4.67ha mixed-development Saguking Commercial Centre is a joint-venture project of Labuan Corp (LC) and Gancang Development Sdn Bhd.
“This project is part of the aspirations of the Labuan Development Blueprint 2030, and it will transform Labuan into a dynamic and vibrant business environment with the ideal prerequisites for growth and profits,” said LC chairman Datuk Rozman Isli following the project’s ground-breaking ceremony.
He explained that Labuan needs to have more commercial infrastructure that would not only boost economic activities, but also help generate revenue for the local government.
Rozman expects the project in Saguking to ease traffic congestion in the town centre while helping stabilise the growing property prices.
“Property prices on the island are escalating due to fewer infrastructures for various industries, including the financial and oil and gas (O&G) sectors,” he said.
“This satellite town project will help by increasing commercial infrastructures to cater to current demands and the island’s long-term economic development.”
Slated for completion in six years, Saguking Commercial Centre is also expected to create jobs and business opportunities, said Arthur Kong, Chairman of Gancang.
“The project will help to increase Labuan’s visibility in the competitive market, thus emerging as an investor-friendly destination in the country in spite of the slowdown in the O and G sector,” he added.
Image sourced from Wikipedia
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