Bina Puri Holdings Bhd and China Communications Construction Dredging Group Co., Ltd. (CCCC Dredging) signed an agreement yesterday to form a consortium which will build the Kuantan Waterfront Resort City (KWRC).
The KWRC project, worth RM15 billion (around $3.6 billion), will be developed entirely on reclaimed land and is designed to be the capital city’s first integrated resort, leisure and entertainment destination.
Tan Sri Wong Foon Meng, the Bina Puri chairman, said that this consortium will see both companies holding a 50% stake each.
“Bina Puri will undertake the development of the waterfront while the reclamation work will be carried out by CCCC Dredging,” said the chairman.
“The project will be developed in four phases starting with the construction of two serviced apartment blocks and a waterfront food and beverages complex.”
Land reclamation operations are set to begin next year and should be completed within three years.
Following the reclamation works, the project would take up to 10 years to be finished.