Malaysia invests $8M in Sibu waterfront

Sibu-based Fullyard will invest US$7.9 million (RM 250 million) in developing commercial projects at the waterfront of Sibu Town Square Two, located on 6-hectare prime land, facing the confluence of the Rajang and Igan Rivers.

Datuk Sri John KS Lau, CEO of Fullyard, said piling work for the construction of 105 shop units, a 160-room budget hotel, two office towers and a 104-unit condominium is already underway. “Also on the drawing board, at a later stage, is a luxury hotel with 250 rooms,” Lau said. Part of the investment — $6.3 million — has been earmarked to upgrade facilities around the Sibu Town Square Two waterfront, with a 500-meter long river wall and promenade.

The Sibu Town Square Two is owned by the city council and is a popular venue for the annual Pasar Ramadan and many other fairs. The project is expected to be completed in seven months.