KOTA KINABALU: A RM7 billion joint venture project initiated by Yayasan Sabah in Putatan near here has debunked claims that the state-owned entity is mired in financial difficulties.
The mega project signed with developer Tegas Bangsa Sdn Bhd (TBSB), a subsidiary of Pavilion Real Estate Investment Trust, also marks Yayasan Sabah’s foray into real estate besides logging.
Yayasan Sabah director Datuk Jamalul Kiram said the days of Yayasan spending big but without any returns are over.
“Actually it is not that Yayasan Sabah does not have the money but we need to spend prudently because we have splashed out many times in the past but the returns were less.
“So what we want is to improve Yayasan Sabah where we can generate income annually from our programmes,” he said to reporters after inking the agreement with TBSB at the state administrative building here today.
What is of importance, he added, was that Yayasan must be able to provide education scholarships and loans as well as carry out corporate social responsibility outreaches.
Besides the Putatan project, Yayan Sabah has also cemented an agreement for another development at the Waterfront here, costing some RM350 million.