Glorified plans for Daat Island have now ceased following the liquidation of its owner, Potensi Bernas Sdn Bhd. The island – which is located halfway between Menumbok and Labuan in Sabah – is asking for RM121.5 million for the upcoming auction.
A development plan for an integrated petroleum complex was approved in 2011. The plan, which was said to be worth RM3 billion includes the erection of gas storage, fabrication farm, container yard, refinery, commercial, housing, and a hotel. Labuan Corp, under the Federal Territories Ministry, also had visions to boost the island’s economy and tourism sector.
A proposal worth RM12 billion was also presented to Labuan Corp in 2019 by a neighbouring country’s sovereign wealth fund. According to the New Straits Times, the proposal comprised plans to build a new multi-cargo port and a bridge connecting Labuan and Sabah that would cost between RM4 billion and RM5 billion. Both plans were revoked due to geographical circumstances of the isle such as being surrounded by shallow and muddy waters which makes it unsuitable for the oil and gas industry.
The auction will be opened to the public on 27th May on the first floor of Bornion Centre, off Jalan Kolam in Luyang, Kota Kinabalu at 11am. The 237.55-hectare island was first scheduled to be auctioned on 30th June last year. The reserve price of the island then once reached RM135 million.
Daat Island’s 999-year lease will expire on 31st December 2853. In 1856, the island’s first title deed was issued to John Gavaron Treacher and Clarence Cooper by George Warren Edwardes, the Governor of Labuan (1856 – 1861) on behalf of Queen Victoria.
Sources: THEVOCKET, New Straits Times.
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