MERSING - The Sultan of Johor, Sultan Ibrahim Almarhum Sultan Iskandar, said today the RM22-billion Mersing Laguna project that would have placed Mersing on the world tourism map had been cancelled after the developer failed to fulfil a condition in the agreement.
He said the developer, Radiant Starfish Development Berhad, had failed to raise the paid-up capital to RM200 million within six months as required under the agreement signed on Feb 25 this year.
"Owing to the failure, the project is hereby cancelled," the sultan said at the 47th anniversary celebration of the Special Forces Regiment at the Iskandar Camp here.
Sultan Ibrahim said he himself had performed the ground-breaking for the mega project on April 14. The project was to have involved the construction of hotels and resorts, a marina, a water theme park and shopping malls.
It was to have also involved land reclamation to create three man-made islands, and the first phase was to have been completed in seven years.
The sultan said he would monitor developments in Johor to ensure that all development was successful and benefited the people and state.
– Bernama
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