KTI Group secures RM107 mln cultural complex project in Kinarut
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KOTA KINABALU (Aug 20): KTI Landmark Bhd's wholly owned unit, K.T.I. Sdn Bhd (KTISB), has secured a development mandate from the Sabah government to build a cultural and traditional complex in Kinarut, with an estimated project cost of not less than RM107 million.
The appointment, formalised via a development agreement with the Ministry of Tourism, Culture and Environment Sabah, will be executed under a public-private partnership by way of a land swap.
Under the arrangement, KTISB will undertake the construction of the cultural complex and related infrastructure on 58 acres of land, while receiving entitlement to approximate RM107 million worth of residential land.
The entitlement value will be benchmarked against the project cost and independently verified.
Construction is expected to commence within nine months of regulatory approvals and is scheduled for completion within 36 months.
With the inclusion of this project, KTI's outstanding order book has risen to about RM452 million, providing stronger earnings visibility over the next three years.
The group recently commenced work on the Akademi Binaan Malaysia Wilayah Sabah campus, awarded by the Construction Industry Development Board (CIDB) Malaysia in 3QFY2025, further reinforcing its construction portfolio.
Importantly, the cultural complex will be undertaken entirely via the land swap initiative, which limits direct cash outflow and preserves the group's balance sheet.
The entitlement land will be earmarked for future residential development carries an estimated gross development value (GDV) of approximately RM900 million, positioning KTI for substantial long-term earnings contribution once development plans are executed.
KTI said the Sabah Cultural & Traditional Complex marks another milestone in its role as a development partner for the state, while simultaneously enhancing its land bank for future growth.
'The expansion of our order book and diversification into public-private partnership projects positions us well to deliver long-term value for shareholders, even as we navigate a challenging external environment,' the group said.
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