State-owned Yayasan Sabah (YS) has signed a landmark joint venture with a Kuala Lumpur-based real estate developer to build a RM7 billion mixed commercial project on a famous coastline in the state. Under the agreement, Tegas Bangsa Sdn Bhd (TBSB), a company under the Pavilion Real Estate Investment Trust (Pavilion REIT), will be responsible for developing 158 hectares of land belonging to Yayasan Sabah at Kampung Meruntum, Lok Kawi, in Putatan near here. Yayasan Sabah director Jamalul Kiram said the development will include a theme park, condominium blocks, hotels, a shopping complex, and offices. He was happy to strike the deal with TBSB, a special purpose vehicle of Pavilion REIT, which he said is responsible for developing some of the biggest shopping malls in the nation's capital. "We've been trying to get developers to work on this place for some time. Now, we've managed to get Pavilion REIT to do it. The projected gross development value (GDV) of the proposed development is estimated at RM7 billion. It will take between 10 and 12 years to develop this project at Putatan," he told reporters after a signing ceremony with TBSB's representatives at the state administrative building here today.