Karambunai unit inks agreement with China Central Asia

PETALING JAYA: Karambunai Corp Bhd's wholly-owned subsidiary, Karambunai Resorts Sdn Bhd, has signed a joint venture agreement with China Central Asia Group Co Ltd (CCAG) to develop the RM1bil first phase of the Karambunai Integrated Resort City (KIRC) in Kota Kinabalu.

Karambunai Corp told Bursa Malaysia yesterday that CCAG would inject a seed capital of US$100mil as a revolving fund to develop about 3,000 units of low and medium high rise residential buildings. The fund also covers the development of a commercial beachfront centre on 75 acres owned by Karambunai Resorts.

A subsidiary to be incorporated later by Karambunai Resorts will be entitled to 50% of the net profit while CCAG will take the rest.

KIRC, which will include tourism, health and eco-nature edu-tainment recreation facilities, is to be developed over eight years starting from next year.

By The Star