Govt to spend RM100m Karambunai resort

KBUNAI received a boost after PM’s announcement of a RM3 billion injection to develop the Karambunai resort area. So there may be some truth to the rumour that a casino license is going to be issued to KBUNAI. As such this is a speculative BUY. It may well turn out to be a rising star if indeed this casino rumour comes true! But despite it is speculative my hands still itchy to touch, since last Friday I was away from the market going back kampung, so today got at much higher price. Should not cancelled my buy order last week otherwise today already laughing to the bank, hehehe......... so come on baby.... come to me I love u Kbunai.....I might get more of u.......(for my own reading pleasure only, do not follow me)



By Sharen Kaur

DEVELOPER and resort operator Karambunai Corp Bhd (3115) will build an integrated eco-tourism resort (IR) in Kota Kinabalu, Sabah, for over RM3 billion.

In unveiling the 2011 Budget yesterday, Prime Minister Datuk Seri Najib Tun Razak said the government will allocate RM100 million to part-finance the development.

Najib said the project will start next year.

The IR project is now under planning and it will take about five years to complete.

It is learnt that the project, which may look like Singapore's Marina Bay Sands, will be developed over 200ha of land in the Karambunai peninsula.


Karambunai Corp has 600ha of land in the Karambunai peninsula. It has since 1997 used about 130ha to build the five-star Nexus Resort Karambunai, Nexus Golf Resort Karambunai and 200-odd units of luxury beachfront villas.

Company sources said the IR project will have four- and five-star hotels and resorts, waterfront properties and an entertainment centre.

It may also include a museum, cultural villages, a cable car and a theme park similar to the famed Disneyland.

"We have the support of the state-government, which is very pro-active in eco-tourism projects in Sabah. International experts will be roped in for the IR project to ensure that it attracts locals and foreigners, targeting a boost in tourism," one source said.

Sabah-based Karambunai Corp is linked to NagaCorp Ltd, which is listed in Hong Kong and operates a casino in Cambodia.

The two companies' common shareholder is Tan Sri Dr Chen Lip Keong, who founded NagaCorp and serves as its chief executive officer. Chen is president of Karambunai Corp.

Taken from...Business Times Monday, October 18, 2010, 10.12 PM