Malaysia: Mersing Laguna Project Cancelled
The Sultan of Johor, Sultan Ibrahim Almarhum Sultan Iskandar, said that the RM22bil Mersing Laguna project had been cancelled after the developer failed to fulfil a condition in the agreement.
“The developer, Radiant Starfish Development Berhad, had failed to raise the paid-up capital to RM200mil within six months as required under the agreement signed on Feb 25 this year,” he said.
According to thestar.com, this development project was to have involved the construction of hotels and resorts, a marina, a water theme park and shopping malls.
It was to have also involved land reclamation work to create three man-made islands.
Dredging Today Staff, September 11, 2012