Suria Capital Holdings Berhad (Suria Capital) had entered into a joint-venture agreement with SBC Corporation Berhad (SBC) to develop Jesselton Quay Project that will comprise construction and development of commercial suites, retail mall, retail units, office towers and hotel. Once completed, the Jesselton Quay Project is poised to become an iconic landscape as Kota Kinabalu city’s new waterfront and premier tourism frontier which is marina focus complete with its own cruise terminal.
The Jesselton Quay Project, that carries a minimum net sale value of RM1.8 billion, will be built on a 16.25 acre prime port land which is strategically located at the waterfront of Kota Kinabalu city centre area and to the northern fringes of the central business district of Kota Kinabalu city at the Tanjung Lipat locality. It has good connectivity to key roads, highways and ports. The port land used to be the Kota Kinabalu Container Port before the operation was relocated to Sapangar Bay Container Port in 2007.
Under on the joint-venture agreement, SBC shall be responsible for all matters relating to the Project including the implementation and completion of the Jesselton Quay Project at its own cost and expense while Suria Capital shall provide the development land, assist and facilitate in the implementation of the project.
Expected to commence in the first quarter of 2014, the project has an estimated development period of eight years. It will be developed in three precincts comprising the Commercial Suites, Retail Mall (including retail units) and Signature Precinct, that will include Signature Offices, Hotel and Office.
Once completed, the Jesselton Quay Project would be able to cater to the anticipated demand for commercial properties within the prime Kota Kinabalu waterfront area and is expected to attract both local and international home buyers and investors. In recent years, property development projects in the Kota Kinabalu city area have received strong interest from investors.
With the development land’s strategic and prime location, Suria Capital believes that the venture provides an opportunity to participate in the development of a prime land into a development project.
The company is very positive with the prospect of the project as a new commercial hub since the development land is situated right at the waterfront of Kota Kinabalu city centre with its strategic location offering a panoramic view of the South China Sea.
Property development projects in the Kota Kinabalu city area especially the waterfront area had increased rapidly with the commencement of major developments such as condominiums, retails and offices which had received strong interest from investors due to a variety of reasons including Kota Kinabalu’s attraction as a tourists destination, the rising urbanization in Kota Kinabalu as well as the economic growth of Sabah.