Kota Kinabalu: Buyers of the stalled PacifiCity integrated development project have rejected Sabah Development Bank’s (SDB) claim that the project remains unrevived due to a lack of a “white knight”, saying instead the bank itself is the reason the issue remains stuck.
Buyers’ representative Winston Liaw said the bank had repeatedly refused to meet the buyers, while the private liquidator it applied to have appointed by the court two years ago had continually complained about not being paid.
Our report on September 23, 2026.Liaw said this after meeting several buyers here, in response to a press release issued by SDB a day earlier.
“As far as we know, investors had approached SDB in the past to negotiate taking over and rescuing the project, but the process invariably got stuck there.
“This liquidator has said during meetings convened by the State Ministry of Local Government and Housing that they will not work without money. They even asked the Ministry to use part of the Bank Guarantee from the Pacific Height apartment project to cover their fees. Bound by regulations, the Ministry consistently refused.
“Since it was SDB that applied to the court to appoint this liquidator, ignoring the issue of their fees is highly irresponsible,” he said.
Liaw said the fact that a white knight has not been found so far is itself proof that both parties have failed to discharge their duties.
He said SDB’s claim that it remains committed to working with all parties, including purchasers, to explore practical solutions is lip service, as the bank never communicates with the purchasers.
He said the State Ministry of Local Government and Housing has convened meetings in the past, but SDB never sent representatives.
On the one occasion it did, the bank sent low ranking staff who could not make decisions and could only say they would bring the issue back to their superiors.
He added that it is baffling that SDB, by its own account owed RM300 million and effectively a victim as well, still does not communicate with the buyers and ignores their requests for a meeting.
Liaw said the buyers had asked to meet Deputy Chief Minister II cum Finance Minister Datuk Seri Masidi Manjun months ago, but the Minister sent Assistant Minister Datuk Mohd Ishak Ayub instead. Ishak promised to arrange a face-to-face meeting between the buyers and SDB within a week, but more than a month has passed with no follow-up.
Another buyers’ representative, Constance Liew, said the PacifiCity buyers remain eager to meet Masidi and SDB at any time to seek a proper solution.
Constance said continuing to delay the issue leaves the buyers trapped in a difficult situation and brings no benefit to SDB, which provided the bridging loan for the project, the landowner Sabah Civil Service Sports and Recreational Council or the State Government itself.
