KUALA LUMPUR (Oct 10): Bina Puri Holdings Bhd and China's CCCC Dredging (Group) Co Ltd are jointly developing a waterfront resort city in Kuantan, Pahang, with an estimate gross development value (GDV) of RM15 billion, over 10 years.

Bina Puri chairman Tan Sri Wong Foon Meng said the two companies will form a 50:50 consortium to undertake the proposed development, dubbed Kuantan Waterfront Resort City (KWRC).

"Bina Puri will undertake the development of the waterfront, while the reclamation work will be carried out by CCCC Dredging," Bina Puri chairman Tan Sri Wong Foon Meng told reporters today, after the signing of the strategies cooperation between Bina Puri and CCCC Dredging, which was witnessed by Transport Minister Datuk Seri Liow Tiong Lai.

The development covers 500 acres of reclaimed land comprising a residential and commercial components, as well as education and medical tourism facilities.

Heap Wei Guan, executive director of Ideal Heights Development Sdn Bhd, the property division of Bina Puri, said the project is divided into four phases, with the first phase having a GDV of RM350 million; and will comprise two blocks of serviced apartments and a waterfront food and beverages complex.

Construction on the first phase of KWRC is in progress and is expected to be completed in the first quarter of 2018. Already, it has recorded a take-up rate of 70% and the buyers are mostly from the East Coast, Heap said.

"Reclamation efforts on KWRC will commence in mid-2017 and will take three years to complete. KWRC will be Kuantan's first waterfront/seafront property," he added.

The project is expected to create 5,000 jobs, upon completion and operation.

Meanwhile, Liow said the new passenger service charges (PSC) at all airports in the country, have yet to be determined.

"Some press speculated that the PSC (will be increased to) RM72, RM73, RM75 or RM78. Whatever rates that have been reported, I can tell you that's not true, because the final analysis and announcement will only be made by the Malaysian Aviation Commission (Mavcom)," he said.

Liow added that the PSC will be determined and announced by Mavcom, and not his ministry.

"Mavcom will submit the report to the Cabinet, which will endorse it. At the moment, the matter is still at Mavcom's level. The earliest we can implement the new charges is next year, not now," Liow noted.