Kota kinabalu: 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 related infrastructure on 23.47 hectares in Kinarut through a public-private partnership.

According to BERNAMA News Agency, the total development cost is estimated to be no less than RM107 million. Additionally, 26.3 hectares of state land will be allocated to KTISB or another designated company for residential development. Both the project land and the entitlement land for residential development are part of a 61.92-hectare parcel reserved for the cultural complex site.

The property developer stated in a filing with Bursa Malaysia that the value of the entitlement land will match the project cost. An independent quantity surveyor, to be appointed and agreed upon by both parties, will determine this valuation. The development agreement for the complex was signed between KTISB and the Sabah government, represented by the Ministry of Tourism, Cultural, and Environment.

KTI Landmark noted that its subsidiary is tasked with undertaking the development at its own cost, including all necessary infrastructure such as roads, driveways, culverts, water mains, sewerage mains/pipes/plants, and landscaping related to the project. KTISB is expected to begin construction within nine months after receiving the necessary approvals from the appropriate authorities, with a completion timeline of 36 months from the start of construction.