The Shore, a residential-commercial hybrid involving tripartite giant companies here, is pegged to boost the tourism and economy in Kota Kinabalu, said Chief Minister Datuk Seri Panglima Musa Aman.
According to Musa, the collaboration between leading Malaysian property developer Titijaya Land Berhad, China's world-leading construction company China Railway Engineering Corporation (CREC) (M) Sdn Bhd, and Singapore's internationally renowned service residence owner-operators The Ascott Limited, marks another Malaysian and foreign investor initiative to develop the state's tourism activities.
"With Titijaya's expertise in the property development business, I believe this project will feature the highest quality of development" said the Chief Minister when witnessing the Titijaya-CREC and Titijaya-The Ascott agreement signing ceremony in Le Meridien on Monday, February 27.
"I commend Titijaya for bringing in CREC and The Ascott, as part of its efforts to introduce further development in Sabah. This project will boost business and tourism related activities in the state, and particularly in the capital, Kota Kinabalu.
"As you can see, Kota Kinabalu has seen a lot of growth in recent years. This has been made possible through our consistent efforts to encourage development and to partner with investors who are confident in what we have to offer as a destination - for tourism, trade and business" he added.
Musa hoped, apart from the tourism prospects, The Shore project would also spur more opportunities and investments from China, with Sabah as her choice of project development sites.
He also believed that CREC, a company that has 100 years of track record, ranked 57th among Fortune World Top 500 Enterprises and seventh among top 500 Chinese enterprises in 2016, presents diversified opportunities and a chance to nurture the Chinese and Malaysian government bilateral relationship.
"Sabah is a thriving market and there is increasing demand for property. The property prices here in Sabah are also relatively cheaper compared to other places in this region, such as Singapore. With on-going improvements in infrastructure, we believe we will continue to see the interest of investors and buyers to invest in Sabah" said Musa, whose speech was delivered by Deputy Chief Minister and Industrial Development minister Datuk Seri Panglima Raymond Tan Shu Kiah.
"Investments such as the one we are witnessing today should act as an impetus for other local companies to be involved in high-value projects. There are other spin-offs from such projects, such as job creation and the offering of products and services to meet needs of a new market once projects are completed" he added.
The Chief Minister also urged the state's regular visiting tourists to embark on the Malaysia My Second Home initiative and turn Sabah into their second home.
"With expertise by The Ascott, internationally known as one of the leading service residence owner-operators, the management of this project will be the first international brand of serviced residence here in Kota Kinabalu" said Musa.
"This serviced suites project made up of 350 keys will surely provide high-class experience to travellers and those who wish to call Sabah home. It is our hope that the project will benefit Sabah in all aspects in the long run" he concluded.
Titijaya Land Berhad Group managing director Tan Sri Lim Soon Peng and deputy managing director Lim Poh Yit, China Railway Engineering Corp (M) Sdn Bhd managing director Wang Youping, The Ascott International Management Malaysia country general manager Philip Lim as well as The People's Republic of China in Kota Kinabalu Consul General, Chen Peijie, were also present at the ceremony.