Suria Capital Holdings Bhd has proposed to acquire a parcel of land measuring 11.7 hectares from the Sabah government, as reported in New Sabah Times.

The proposed acquisition is for the development of an international cruise terminal (ICT) and related realty in Kota Kinabalu (KK).

"The acquisition is in line with the initiative to develop KK Port as a dedicated ICT in an Entry Point Project under Malaysia's Economic Transformation Programme" it said in a filing to Bursa Malaysia on Friday.

The company is currently awaiting the letter of offer from the state government in relation to the proposed acquisition and will make an announcement upon receipt of the offer letter.

In a separate filing, Suria Capital also announced that it had received the draft titles for the sub-division of the master land title for 9.3 hectares (ha) of KK Port land.

It said with the acceptance and issuance of these titles, the original single master land title had been successfully subdivided into separate parcels of titles-6.5ha for the Jesselton Quay project joint-venture (JV) with SBC Corp Bhd and 2.8ha for the One Jesselton Waterfront project JV with Gabungan AQRS Bhd.

"The approval of the sub-divided titles paves the way for the commencement of works, expected in the last quarter of 2016" it added.

The Jesselton Quay project worth RM1.8 billion will commence with its iconic JQ Central, spanning 1.62ha, consisting of a 25-storey next generation office tower, two 25-storey commercial suites, 37 showroom galleries and a 0.81ha tropical-themed commercial recreation club at the podium rooftop