Yayasan Islam Terengganu (YIT), in collaboration with a real estate company, will build a four-star hotel here estimated to cost RM100 million early next year.
Situated next to Wisma Darul Iman, the 20-storey hotel will incorporate Islamic features in its facade.
YIT director Md Kamaru Al-Amin said the foundation would have an estimated 30 per cent shareholding in the project and the balance would be held by a joint venture partner.
The hotel, when completed and operational in 2014, will be the biggest project to be undertaken by the foundation which was also planning several smaller projects, he told Bernama in an interview on Sunday.
YIT currently owned a 20-room hotel in Jalan Sultan Sulaiman.
Md Kamaru Al-Amin Ismail also said YIT planned to develop its land bank in Terengganu to generate income.
"We have decided in principle to commercially develop 29.6 hectares of land, owned by the foundation, in Kemaman, Besut, Setiu and Kuala Terengganu," he told Bernama here on Sunday.
Md Kamaru Al-Amin said the foundation welcomed the private sector to come forward if they were interested to jointly develop the land.
He added the foundation would also build 30 office and shop houses to generate rental income.- Bernama
