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Abang Johari: Neu Pendington in Sarawak is open to foreign property buyers
Sarawak Premier Tan Sri Abang Johari Tun Openg
Sarawak will welcome the state's first integrated project known as Neu Pendington, which will be open to foreign buyers and be completed in Pending by 2029.
This project, which will cover 5.1 hectares of land, is 5 kilometres from the centre of Kuching and close to Pending Heights.
It is expected to have a gross development value of RM496 million. It will include apartments, shophouses, office space, and a hotel.
Neu Pendington would be jointly developed by UDA Holdings Bhd and Sarawak Economic Development Corp (SEDC).
The joint development agreement was signed in 2020 by both sides.
According to Sarawak Premier Tan Sri Abang Johari Tun Openg, Pending is a strategically important place since it is close to the fast-developing Petra Jaya and the Sarawak River.
The integrated project will change the landscape and dynamism of the Pending region which will see various infrastructures being developed, he said at the groundbreaking ceremony for the integrated development on Sept 12.
Abang Johari advised applicants for Sarawak-Malaysia My Second Home (S-MM2H) to purchase the units supplied in Neu Pendington as an investment, particularly because the area has been designated as a development area that permits foreigners to own real estate there.
Neu Pendington is the first real estate project connected to the hydrogen-powered Autonomous Rail Transit, according to SEDC chairman Tan Sri Datuk Amar Abdul Aziz Husain.
He said in his speech that several projects, including substructure work like soil study, will tentatively start in December 2022 to create a way for the development of shophouses and hotels.
Work on the temporary show gallery is anticipated to start in December 2022, and the 25-story serviced apartment's structural work will commence in November 2023.
UDA Chairman Datuk Norliza Abdul Rahim said the project's first phase will be completed in 2026, and the second phase will begin in 2027.
"This joint venture will give a return of almost RM98 million to SEDC, including 35 apartment units, 12 stratified office shop units, and a hotel," she said.
Norliza said that UDA is also looking at several suitable locations in Miri, Sibu, and Bintulu as part of its efforts to investigate developments in Sarawak and boost the ownership of residential properties and commercial spaces, particularly among the Bumiputera group.