Labuan Corporation Receives Bids on Long Abandoned Assets | Daily Express Online

Labuan Corporation Receives Bids on Long Abandoned Assets

Published on: Friday, April 22, 2022

By: Bernama

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LABUAN: The local authority of Labuan Corporation (LC) has received several development and investment proposals from interested bidders for 10 of its long-abandoned assets, including those under its management which were on its lease offer. Its acting chief executive Rithuan Ismail (pictured) said the bidders whose companies are in the field of project development and investment are local companies from across the country. “We have received a number of proposals from several companies interested in investing for long-term development.

“These companies will go through a selection process in all aspects before we can make the selection,” he told Bernama on Thursday. Rithuan said most of the proposals submitted are in line with LC’s development plans as stipulated in the rental offer. He said all proposals would be thoroughly discussed in the LC working committee before presenting them to the LC investment committee for a final decision. LC has opened a rental offering for the development of long-abandoned assets, including the Halal Hub and the 10-story Labuan Hotel, under its management. Eight other assets and those under the management of the local authority in the list for rental are the former market site, an unused land next to the Labuan Hotel and the Pasar Sentral building of the Urban Transformation Center (UTC) , an unused land at Jalan OKK Awang Besar, near Saguking Jalan Patau-Patau, Jalan Rancha-Rancha and the popular tourist attraction of Pulau Papan.

The rental offer started from January 19 to March 3 and was extended until April 4, and the rental of the period of 10 assets between 13 and 30 years old is for commercial purposes. Rithuan said the 8.127-hectare Pulau Papan, equipped with several wooden chalets, was previously run by a tour operator and popular among tourists for water sports and recreational activities, snorkelling, island hopping island and camping. “We hope that real developers and investors will develop these areas, as we are aware of the trickle down effects on Labuan’s economy,” he said. Rithuan said several unused lands, including three located in the city center, are economically viable and rewarding and could be developed into a new economic hub to revive sustainable industry. “The Labuan Hotel, which is in the heart of the city, has the potential to be renovated into a new architecture and design hotel, or for other commercial development purposes,” Rithuan said.

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Once the pride of Labuan, the Labuan Hotel became an eyesore after it was abandoned in 1997. The 7,391-hectare Labuan Halal Hub, which is equipped with an administration building, a mini-conference hall and several warehouses , has the potential to be another development site for a new industry due to its strategic location facing the coastline.
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