DAILY EXPRESS NEWS
Labuan MoU for a US$20b floating city
Labuan: A US$20 billion memorandum of Understanding (MoU) was signed here for a "floating city" that would serve as "showcase" of resort development in Asia, based on concepts used in USA, Europe and other advanced countries. The project is expected to be completed in 15 years after the appointment of a turnkey contractor. When completed, it would boost the island's population to 1 million.
"Mafa Resort Smart City" as it is called, would be built on 1,500 hectares of reclaimed land and shaped like a whale. It stretches from the northern tip to the southern end of the island. the floating city would be connected to Labuan via a bridge near the Kampung Lubang Temiang/Kerupang area.
These details were revealed during the MoU signing ceremony. The project is undertaken by Mafa Group Corporation Sdn Bhd and a consortium led by MS Azam Holdings Sdn Bhd, Naturelink Industries Co., Corejati Sdn Bhd and Nccorp Netcomm Technology Sdn Bhd.
Member of Parliament Datuk Haji Yussof Haji Mahal, who witnessed the signing, said Labuan welcomes any project that benefit the island and hoped it would be a success. A mega project like this would surely elevate the status of the island," he said.
The main signatories were Ab Hamid Neemat and Mdm Naznah Sotan both executive Directors of Mafa, Edmundo President Azam holdings, Ali Azam, Director of Azam holdings. Others were Dr Tamayuki Takano for Corjati, Anicia Welte President of Philippines' rockwell Trading Inc and PAC Asia Construction and Development Corporation.
A Mafa spokesman said the project was undertaken in Labuan because of its strategic location. The focus is on the main components, namely tourism, deep-sea fishing and education and each would have related supporting facilities, Labuan as an international business and financial centre, duty free and tourist destination were other considerations.
When completed, it would be Malaysia's biggest floating structure. Among the floating items would be an 18-hole golf course, club-house, township, mosque, floating and moveable bridge and theme park. When completed, Labuan is expected to have a world-class advanced integrated deep-sea fishing port owned and operated by Malaysian. Other facilities would be marina, sea sports facilities, and an Oceanarium.