LABUAN: Labuan, the Malaysian international business and financial hub, is set for a significant transformation with the proposed RM38 million Waterfront Development Project (Phase 1) to generate economic benefits and enhance tourism offerings in the island federal territory.
The project will be located at Victoria Harbour Beach, the site of the old wet market in downtown Labuan.
Minister in the Prime Minister’s Department (Federal Territories) Datuk Seri Dr Zaliha Mustafa visited the project site today and was briefed on the development plans by the Labuan Building Planning and Control Department acting director Ag Aizal Ag Anak.
Dr Zaliha highlighted that the project is expected to encourage investments, stimulate economic activities, and create economic clusters, ultimately bolstering the tourism sector.
According to the briefing, the proposed development will include recreational spaces, gastronomy experiences, venues for social gatherings and public events, a food bazaar, sea sports activities, water cruises, aesthetic lighting enhancements, water taxi services, and parking facilities.
The project is part of a broader effort to realise the Chase City vision under the Labuan Local Plan 2040.
It aligns with the Labuan Development Blueprint 2030 and initiatives focused on smart tourism, green and safe city concepts, public recreation, and socio-economic sustainability.
Funded under the 13th Malaysia Plan (RMK13), the initiative involves multiple government agencies, including the Department of Federal Territories (JWP), Labuan Corporation (LC), the Ministry of Tourism and Culture, and the Public Works Department (PWD), alongside tourism-related associations and private firms.
A key aspect of the project is the enhancement of nightlife attractions in the area. Plans include a Labuan flea market/uptown Market, night trails, a stargazing trail, seaside night restaurants, and bistros.
Dr Zaliha emphasised that the development would generate long term economic benefits for the local community, ensuring sustainable economic growth for the island.
