Another chamber backs Labuan land sale
Published on: Saturday, March 25, 2017
Labuan: The Labuan Chinese Chamber of Commerce (LCCC) has joined its Malay counterpart in supporting Labuan Corporation's (LC) sale of its 60-hectare waterfront land to a Malaysian public-listed company, saying it made the right decision. "Labuan will not be able to go far if LC shuts its door to investors from outside the island," said its Chairman Datuk Wong Kii Yii."Sabah's development and the developments in other states would not have been in similar pace if these states had not attracted investors from other states.
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"Many KL-based companies have invested in Sabah and also Sarawak. As a matter of fact, every state is lobbying for investments and offering various perks. Under the circumstances, LC's action should be applauded as it is a forward step for Labuan."According to Wong, Labuan does not have many rich towkays and local towkays neither have the financial capability nor competence to undertake risky projects involving millions of ringgit. "So there should be no complaints about what LC did. It was not selling Labuan but selling land meant for development to not a foreign company but a Malaysian company."Citing an example, Wong said without national oil corporation Petronas, both Sabah and Sarawak would not been able to enjoy similar progress.
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"The spin-offs from Petronas operations in the two states have been great. Similarly, Labuan could also gain from economic spin-offs from activities of new investors coming to the island."He said the interest of the purchaser in Labuan is a good sign. "It would eventually breathe fresh life into the island and help boost the local mood."
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The chamber's remarks were in reference to former Member of Parliament Datuk Suhaili Abdul Rahman's questioning of LC on the sale of the leasehold land to Enra Group Bhd. Suhaili had said the land sold for RM7.57 million would worry more when the oil price returns to US$100 per barrel.Wong said it was an assumption that the price would return to its old level "but what if the assumption never turns to reality, is going to just sit there and be idle?"Stay up-to-date by following Daily Express’s Telegram channel.
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