The Sultan of Johor, Sultan Ibrahim Almarhum Sultan Iskandar, said that the RM22bil Mersing Laguna project had been cancelled after the developer failed to fulfil a condition in the agreement.
“ The developer, Radiant Starfish Development Berhad, had failed to raise the paid-up capital to RM200mil within six months as required under the agreement signed on Feb 25 this year, ” he said.
According to thestar.com, this development 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 work to create three man-made islands.
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Dredging Today Staff, September 11, 2012