Kota Kinabalu: Sabah Development Bank Berhad (SDBank) says it remains supportive of efforts to find a viable solution for the long-abandoned PacifiCity project and understands the concerns of purchasers.
SDBank said it was the project financier, with about RM300 million still outstanding, while the project land is charged to the bank as security but remains registered under Maksak.
It said the High Court dismissed claims against SDBank on July 31, 2025, finding that the bank was merely the financier and that responsibility for purchasers’ losses rested with the developer, which has since been wound up.
Following the developer’s winding-up, the project came under court-appointed liquidators and is now managed by a private liquidator, which has engaged purchasers and relevant government agencies and conducted several tender exercises to identify potential investors or “white knights”.
SDBank said no investor had submitted a firm proposal to date, but it was willing to consider a substantial reduction of its exposure to support a credible rescue plan, adding that the project’s revival ultimately depends on securing an investor capable of providing the significant funding needed to complete the development.