STRATEGIC NATIONAL PROJECTS
BRUNEI DARUSSALAM’S COMMITMENT TO ENHANCING NATIONAL INFRASTRUCTURE
The development of Brunei’s infrastructure will play a major role towards increasing economic competitiveness and enhancing Brunei’s attractiveness as an investment destination. Towards achieving a high quality of life in line with Vision 2035, an Infrastructure Development Strategy was formulated to ensure continued investment by government and through public-private sector partnerships in developing and maintaining world-class infrastructure. The strategy calls for:
- The provision of adequate social infrastructure particularly public housing, healthcare and education
- Adoption of appropriate legal and regulatory frameworks to promote investment in social and industrial infrastructure, including privatisation and public-private partnerships (PPP)
- Ensuring that funding is available for all priority government infrastructure projects
- Reviewing the way government infrastructure contracts are awarded and managed in order to ensure that these contracts are implemented on time and cost effectively.
THE BEDB’S NATIONAL INFRASTRUCTURE PROJECTS
As demonstration of Brunei’s commitment to Infrastructure Development, the BEDB has been tasked to handle several strategic projects under Brunei’s Five Year National Development Plan 2007-2012.
- National Housing Projects
In light of the rapidly growing number of citizens applying for houses under the National Housing Scheme, the BEDB has been tasked to undertake three pilot projects for the construction of low-cost houses under the Scheme. Three sites have been allocated for the following districts:
Kg Panaga in Belait District where the BEDB is undertaking the construction of 2000 Houses in 24 months. The project was awarded to Bina Puri Holdings of Malaysia. Construction is already underway and scheduled for completion in 2011.
Kg Mengkubau in Brunei Muara District where the BEDB will be overseeing the construction of 4000 Houses in 48 months. The project has been awarded to UEM Builders Berhad, an international contractor owned by Khazanah Nasional of Malaysia.
Kg Bukit Beruang in Tutong District where the BEDB will oversee the construction of 1500 Houses in 18 months. The
Project is currently in the tender stage.
In February 2010, the BEDB awarded a contract for the construction of a new 18.6km dual-carriage highway to Surati Construction, a leading Brunei construction company. The highway, which will include five bridges, will connect the Brunei Muara district to key industrial areas such as the Sungai Liang Industrial Park (SPARK) and Brunei Shell Petroleum’s operations in the Belait district, and is expected ease current traffic congestion along the Sungai Liang part of the north-south trunk road.
The BEDB has been tasked to modernize Brunei’s waste management system, which includes the rehabilitation of the Sungai Akar dump site, and the construction of both a transfer station at Sungai Akar and a new engineered landfill to be located at Sungai Paku. The rehabilitation of Sungai Akar, carried out by a Brunei-Canadian consortium led by Jurusy Perunding, was completed in 2009. A small area of this rehabilitated site is still accepting waste until the engineered landfill commences operations. The construction of the engineered landfill and transfer station is being carried out by ST Marine-QAF, a Singapore-Brunei consortium, and is targeted to be completed in 2012.
PUBLIC-PRIVATE DEVELOPMENT PROJECTS
OPPORTUNITIES IN PROPERTY DEVELOPMENT
- Residential – New development such as waterfront residences on identified Greenfield sites such as Pulau Muara Besar (PMB) and the refurbishment and redevelopment of existing residential apartments on a Public Private Partnership basis
- Commercial – Revitalisation of commercial office spaces, development of commercial retail complexes, township and urban area development
- Others – Property or facilities management and maintenance joint venture opportunities
Under the BEDB’s first public-private property development project Bina Puri Holdings Bhd, a renowned Malaysian construction and engineering firm, is investing $9.2 million to refurbish and upgrade three unoccupied apartment blocks into modern serviced apartments. Under the investment Binapuri Holdings Bhd will also provide guaranteed annual payments for the next 20 years, thereby creating added value for the Government of Brunei Darussalam. The BEDB is looking to recreate this partnership model in other potential development projects.
WHY INVEST IN BRUNEI DARUSSALAM’S PROPERTY DEVELOPMENT?
In Brunei Darussalam, the availability of identified sites and buildings for immediate development and redevelopment generates new and exciting public-private partnership investment opportunities. For example, the BEDB’s plans for the mixed-development of Pulau Muara Besar will create new opportunities for large scale investment in the areas of urban development, township, residential or commercial property development.
BRUNEI DARUSSALAM’S COMMITMENT TO PROPERTY DEVELOPMENT
On July 15 2009 His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam announced the approval of the Land Code (Strata) Act Chapter 189, marking a significant milestone for the property industry in Brunei Darussalam. The Act allows for a secure form of ownership in properties made up of two or more units for both local and foreign investors. Furthering that, Strata titled properties can be used as collaterals for financing purposes. |
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