70 | SPECIAL FOCUS | BORNEO Sabah Development Corridor The SDC is currently second among the five corridors in the country, according to Datuk Dr Yaakub Johari, chief executive officer of the Sabah Economic Development and Investment Authority (SEDIA). SEDIA is the one-stop authority responsible for planning, coordinating, promoting and accelerating the development of the SDC. He pointed out that many of the economic developments and projects are already in place, thus making Sabah an exciting and vibrant place for foreign investors to come in. Some of the flagship projects include the Sabah Oil and Gas Terminal in Kimanis, which is projected to generate RM6.3 billion; the palm oil industrial cluster (POIC) in Lahad Datu worth RM8.6 billion; and coastal tourism development, expected to contribute RM8.6 billion. Other projects such as the Keningau Integrated Livestock Centre, the Sandakan Education Hub, the Sabah Agro-Industrial Park, the Oil and Natural Gas Cluster, the Marine Industry Cluster, the Kinabalu Gold
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Coast Enclave and agropolitan projects are already in the implementation phase. Launched in February, the RM4.7-billion Sabah Ammonia-Urea Complex project in Sipitan, commonly referred to as Samur, is also expected to have spinoff effects for many industries including agricultural chemicals, plastics and pharmaceuticals. Other projects in the SDC include the Gleneagles Medical Centre; the integrated Jesselton Waterfront and Sabah International Convention Centre in Kota Kinabalu; the International Technology and Convention Centre in Penampang; the Dalit Bay integrated tourism resort in Tuaran; and the Sipadan Mangrove Resort. Commercial real estate is not the only area affected by the recent surge in construction. There are also several projects in the energy sector including plans to build a 300MW power plant. The plant, backed by Tenaga Nasional, Malaysia’s largest electric utility company, is due for commissioning in 2015. All of these projects, costing nearly RM5.1 billion, have received around RM500 million in federal funds.
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Pix by: David Kirkland / Sabah Tourism Board
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Pix by: David Kirkland / Sabah Tourism Board
Pix by: Pein / Sabah Tourism Board
05 Sabah is becoming an exciting place for foreign investors 06-07 Property prices in Sabah will continue to rise