Kuala Lumpur, Jan 6 — Sarawak Consolidated Industries Bhd (SCIB) is expanding into property development with a joint residential and commercial project in Bintulu, Sarawak, marking a strategic move beyond its traditional construction and engineering operations.
The project will be executed by SCIB Development Sdn Bhd, a wholly-owned subsidiary, following a development agreement with 24 individual landowners for an 11.068-hectare land parcel. Under the arrangement, SCIB Development will manage all development costs while the landowners will receive 23% of the project’s gross development value (GDV).
SCIB noted that it is in the early planning stage, and final details regarding the GDV and total development costs are yet to be determined. The development will be completed in phases, with full completion anticipated by July 2038 at the latest.
“This venture allows SCIB to broaden its footprint into property development while leveraging our existing engineering and construction expertise. Bintulu remains a strategic location, and this collaboration is expected to support sustainable growth for the group over the medium to long term,” said Datuk Chong Loong Men, SCIB’s executive chairman.
While the project is based in Sarawak, the move underscores the growing trend for engineering and construction firms to explore opportunities in industrial land in Selangor, office space in Bukit Jalil, and commercial property in Kuala Lumpur, where urban expansion and industrial demand remain strong.
On Tuesday, SCIB shares closed 0.5 sen lower at 16.5 sen, valuing the company at RM118.06 million.
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