SCIB's RM15.2m Kolombong property deal turns unconditional
Sarawak Consolidated Industries Bhd has announced that its RM15.2 million agreement to acquire leasehold properties in Kolombong, Kota Kinabalu, has become unconditional. All conditions precedent have been fulfilled, paving the way for the group's expansion into property development.
PETALING JAYA: Sarawak Consolidated Industries Bhd's (SCIB) agreement to acquire properties in Kolombong, Kota Kinabalu, Sabah, for RM15.2 million became unconditional on Monday (Oct 19). In a Bursa Malaysia filing on Tuesday (Oct 20), SCIB said all conditions precedent under the agreement between its wholly owned subsidiary SCIB Ecobuild Sdn Bhd and vendor East Liberty Sdn Bhd had been fulfilled.
The agreement, signed on Sept 4, covers three leasehold parcels and rights over an adjoining road reserve. The three principal parcels span a combined 2,106.5 sq m and are held under Country Lease titles 015718706, 015718715 and 015718724, with leases expiring on Dec 31, 2075. Parcel A comprises six existing double-storey shoplots, while Parcels B and C are undeveloped and used as parking areas. The road reserve, designated Parcel D and held under Country Lease 015718733, will be covered by a substitution of power of attorney appointing SCIB Ecobuild in place of East Liberty; the subsidiary will not acquire registered ownership of this parcel.
SCIB said in September that the shoplots generated aggregate monthly rental income of RM43,600, and SCIB Ecobuild will become entitled to that income from completion. Independent valuer Knight Frank Malaysia Sdn Bhd assessed the three principal parcels' market value at RM15.2 million as at July 23, 2026.
In its September announcement, SCIB said the acquisition would support its expansion into property development. Parcels B and C offer potential for additional double-storey shoplots for sale, subject to relevant regulatory approvals and title conditions. The group also intends to retain one proposed unit as its Sabah branch office. SCIB said the purchase would be funded through bank borrowings and internally generated funds, subject to finalisation and approval of the financing arrangements, and had previously expected completion by the first quarter of 2027.
