Bintulu arising, thrice lucky
Published on: Monday, January 19, 2015
Sarawak: The overall Bintulu property market is expected to remain stable in 2015 although there are issues with oversupply in some segments and types on the fringe of town.Bintulu is known as a good place of 'earning a living' with many property development from homes to shops besides the warehouses, industrial setups and factories. Bintulu is planning to be a fully-industrialised city by the year 2020.Bintulu is set to experience a flurry of integrated development projects such as Bintulu Paragon and Town Square Bintulu. These mega projects will change the development landscape of the town.
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This come about after the discovery of offshore gas fields and their commercial development which brought the first wave of economic transformation to enable the fishing village of less than 70 population to overtake Kapit and Sarikie. This is the first lucky strike.The second wave of economic transformation is the rise in the supporting services and businesses supplying the oil and gas sector with the development of a major shipping port.The third current wave is the marching towards Malaysia's heavy industrial capital status with the advent of Sarawak Corridor of Renewable Energy or SCORE and the direction of Sarawak's palm oil downstream processing.Locals here living in the fourth largest urban town in Sarawak would agree that this part coastal, part riverine fertilizer and LNG (liquefied natural gas) producing townwith huge offshore natural gas fields is also a growing key palm oil refining centre with Sarawak's sole biodiesel plant.
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The capital of Bintulu district (7,220.4 square kilometers) in the Bintulu Division is home to about 250,000 inhabitants.Although it is not a main tourist destination, it is a capital of energy-intensive industries in Malaysia. Its port area to the east of the main town hosts the Petronas Liquified Natural Gas (LNG) Complex, currently the world's largest liquefied natural gas production facility on a single site, and also the very first Shell Middle Distillate Synthesis plant.
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The town is geographically situated half way between Kuching and Kota Kinabalu. Bintulu is also a gateway to tourist spots like Bakun Resort, Niah Caves, Mulu National Park, Longan Bunut National Park, Lambir National Park, Sibuti Wildlife Sanctuary, Rejang Pelagus, Belaga and the Bario Highlands. In Bintulu, according to WTW property consultant, most of the newer shopoffices continue to be located outside the existing Bintulu Old Town Commercial Centre, towards the Parkcity and suburban areas.The focus on out of centre developments is due to the limited land available in the existing town centre area. Most of the recent launches in Bintulu were 3-storey terraced shopoffices which were transacted at prices of RM950,000 to RM2,500,000 per unit.The retail sector showed positive growth. A significant new project, Bintulu Paragon Street, entered the Bintulu market this year.Other major projects that remain under construction are Times Square Mall and Commerce Square.The shopoffice sector saw developments concentrated in suburban areas such as Kidurong and Jalan Sultan Iskandar.Newly launched projects in this area are Town Square Bintulu (Jalan Sultan Iskandar) and Kidurong Gateway (Kidurong area).Several commercial projects are under construction, including Kidurong Commercial Centre and Kidurong Commercial Park.Both developments are situated in the Kidurong area.The Kidurong area is also the gateway to Samalaju Industrial Park, which is one of the Sarawak Corridor of Renewable Energy (SCORE) development areas.This industrial area is also near the Bintulu International Port, which would boost demand for shopoffices in this area.The Borneo International Kite Festival has had a positive impact on the tourism and leisure sector of Bintulu.Organised by the Bintulu Development Authority (BDA) and Sarawak State Government, the festival is a source of attraction for visitors to Bintulu.This international event started in 2005 and is held annually, usually between August to early October.Bintulu Paragon developed by Naim Holdings Bhd is located adjacent to Bintulu Old Town.Phase 1 consists of a 3-storey Street Mall, 6-storey small office versatile office (SOVO) Suites, 37 and 39-storey condominium buildings and a 16-storey business hotel.Currently, the 3-storey Street Mall and 6-storey SOVO have already been launched for sale.Located at Jalan Tun Ahmad Zaidi, Town Square Bintulu comprises commercial components such as shopoffice, small office home office (SOHO), an office block, mall and hotel as well as condominiums and apartments with 75 units of the 3-storey modern shopoffice already launched.Other shopping malls currently under construction are Times Square Mall and Commerce Square.The housing sector in Bintulu continues to be concentrated in suburban areas such as Jalan Tun Hussein Onn and Jalan Sungai Sibiyu area.The recent launches price for residential properties are transacted between RM366,000 to RM698,000 fro double-storey terraced house and RM647,000 to RM840,000 for double-storey semi-detached house.Property prices will continue to appreciate in Bintulu considering its growth potential and a job creation centre, especially for the retail, shopoffice, housing and hotel sectors.The Samalaju Industrial Park will have a positive impact on the property sector in this region, creating new job opportunities for the local population.Stay up-to-date by following Daily Express’s Telegram channel.
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