RESIDENTIAL and commercial facilities are being built in Labuan's International Off-shore Financial Centre to accommodate the growing expatriate population.
Quality office space is also being built to supplement the stock.
A Malaysian Commission official in Hong Kong said work was expected to be finished by the end of next year.
The park's superstructure was being built now, the official said, adding that the project would help ease the shortage of first-class office space and housing for expatriates and locals.
The office space shortage was partly behind Bank Negara, the central bank, allowing off-shore firms to operate from Kuala Lumpur until the end of this year, when they must move their operations to Labuan.
The financial park will have state-of-the-art information and security systems, a gymnasium, leisure sports and recreational facilities, restaurants, private clubs and an international school. The development is estimated to cost US$150 million.
The official said the whole development, spread over more than four hectares, would be a self-contained, integrated complex.