Kota Kinabalu: The Kota Kinabalu Chinese Chamber of Commerce and Industry (KKCCCI) has entered a joint venture agreement to build the Chinese Memorial Hall and Columbarium with the Nirvana Group.
KKCCCI President Michael Lui said: “The Memorial Hall and Columbarium project has been delayed for many years.
The development plan was approved by City Hall (DBKK) in 2013 and the ground-breaking ceremony was held on June 13, 2014.
“However, due to the huge construction cost, the project was not carried out.”
The Nirvana Group proposed a joint venture and the KKCCCI at its annual general meeting unanimously endorsed the move.
Michael said construction would cost RM64 million to be borne by the Nirvana Group, which would include a Chinese Memorial Hall, two five-storey columbariums that can accommodate 16,000 urns, eight pavilions and basic infrastructure for the entire project.
The joint venture agreement would be for 30 years and KKCCCI’s joint venture interest in the columbarium would be maintained at 8pc of net sales revenue.
Nirvana Group assured that KKCCCI would receive an income of at least RM32 million.
“If KKCCCI’s income is less than RM32 million at the end of the joint venture agreement, Nirvana Group will top up the difference and has the right to extend the management for another eight years,” it said in a statement.
.jpg)
