Reputation More Important Than RM20million Loss for KK's Developer
Jesselton Waterfront Holdings Sdn Bhd, Group Executive Chairman and first-time property developer, Tan Sri Datuk David Chu said his company is proud to see customers for his Jesselton Residences happy with the completion and delivery of their quality condominiums.
"We had to pay more than RM20 million to the purchaser for late delivery due to the first main contractor that was sacked because it lacked financial resources to complete the project", Chu said.
Subsequently, Chu engaged Vinci Group a french contractor to complete the project seeing their confident involvement with Berjaya Group's projects and it's performance for the recent completed Shell Plaza in Kota Kinabalu.
Chu said he was not concerned about profits, but is keen to gain from having a good reputation in the industry.
His first property development features three towers comprising 333 luxury condominium units and a premium mall.
The mall has some 123 lots spread over three floors with a net lettable area of 80,000sqft.
The current selling price for the remaining available residential units averages at RM1200 per sqft with build-ups ranging from 1,669sqft to 2,266sqft. The mixed development was first launched in December 2011.
About 80 percent of purchasers are Sabahan. The rest are mostly from China, Hong Kong, Japan and South Korea.
Jesselton Residences is the first waterfront condominium development located in the CBD. Towering at 28-storey, it makes this development the tallest building in Kota Kinabalu CBD waterfront area.