Titijaya, China CREC Joint Venture for Sabah Project
Titijaya Land Bhd and CREC Development (M) Sdn Bhd (CRECD) formalised their collaboration for a property development project in Kota Kinabalu, Sabah, with Prime Minister Datuk Seri Najib Abdul Razak witnessing the signing of the memorandum of understanding.
With a gross development value of RM575 million, The Shore is a premium waterfront hub located at the heart of Kota Kinabalu's city centre.
Featuring a unique U-shape design, the 25-storey luxurious mixed-use commercial hub will have 561 units. It is set to be completed within 48 months from the start of construction works.
"Through the collaboration with CREC, both parties will be leveraging on each other's capabilities to make this project a success" said Tan Sri Lim Soon Peng, group managing director of Titijaya.
"We are honoured to have CREC's trust to work together for the second project. Jointly, we will be tapping into the growing property market in Sabah and we aim to attract more investors from China, particularly those who favour the commercial and residential property industry, as well as investments in hospitality properties.â€
One of the world's biggest construction firms, CREC is also Titijaya's JV partner on a project at Embassy Row.