KTI Landmark announced that it had accepted a Letter of Intent from the Ministry of Tourism, Culture and Environment of Sabah for a joint development of Sabah Cultural Complex through a Public-Private Partnership.
The group said the total estimated construction value of the development will be finalised upon the signing of the contractual agreement.
Under the agreement KTI is required to outline the construction works, which will include mechanical, electrical, interior design and other related works within six months from the date of acceptance of the LOI. The condition of the deal is for the financing through a land swap.
KIT said the project’s risks include regulatory changes, supply chain disruptions and weather events.
