Kota Kinabalu: Sabah Development Bank Berhad (SDB) has reiterated its commitment to supporting a practical, sustainable, and commercially viable revival of the delayed PacifiCity project, following recent statements by individuals claiming to represent purchasers.
In a statement on Thursday, the bank clarified that the development is currently managed by a court-appointed Private Liquidator whose duties include identifying, evaluating, and facilitating potential white knight investors following the winding up of the original developer.
Addressing claims in media reports regarding alleged unpaid fees or payments, SDB stated it does not know of, nor has records relating to, such matters, adding it has no information suggesting revival efforts have ceased because of them.
The bank also denied insinuations that it had stalled or obstructed revival efforts, explaining that while two parties previously submitted preliminary proposals following tender exercises and engagements, both ultimately withdrew after assessing the substantial capital required to complete the development.
Efforts to revive the stalled venture remain active after SDB and the Private Liquidator received a fresh proposal from an interested party on Sept 14, which is presently under review.
SDB noted that while it recognises purchasers’ legitimate concerns, the High Court had on July 31, 2025 dismissed legal proceedings brought by a group of buyers seeking compensation, affirming SDB’s role strictly as project financier and placing responsibility for losses on the wound-up developer.
Guided by the court’s ruling and sound commercial considerations, SDB said it cannot revisit adjudicated compensation claims but will continue working constructively with the liquidator, purchasers, government agencies, and stakeholders to facilitate credible revival proposals.
