KUALA LUMPUR (Oct 10): Bina Puri Holdings Bhd and China's CCCC Dredging (Group) Co Ltd are jointly developing a waterfront resort city in Kuantan, Pahang, with an estimate gross development value (GDV) of RM15 billion, over 10 years. Bina Puri chairman Tan Sri Wong Foon Meng said the two companies will form a 50:50 consortium to undertake the proposed development, dubbed Kuantan Waterfront Resort City (KWRC). "Bina Puri will undertake the development of the waterfront, while the reclamation work will be carried out by CCCC Dredging," Bina Puri chairman Tan Sri Wong Foon Meng told reporters today, after the signing of the strategies cooperation between Bina Puri and CCCC Dredging which was witnessed by Transport Minister Datuk Seri Liow Tiong Lai. The development covers 500 acres of reclaimed land comprising a residential and commercial components, as well as education and medical tourism facilities. Meanwhile, Liow said the new passenger service charges (PSC) at all airports in the country have yet to be determined.

Source: The Edge Markets October 10, 2016 14:26 UTC