Sabah state government has always welcomed private property entities to venture into its property market, said state Local Government and Housing Minister Datuk Seri Hajiji Haji Noor.
He said various initiatives and programmes were introduced to attract local and foreign investors to venture into the state such as â€˜Malaysia My Second Home' (MM2H).
"In line with this initiative, we also encourage foreigners and tourists, especially those who regularly travel to Sabah, to make this their second home.
"Undoubtedly, Kota Kinabalu is the ideal location to apply for MMH2, given its strategic location and accessibility and increasing demand for properties" he told reporters after a groundbreaking ceremony for The Shore development project here Tuesday.
The project, a collaboration between Titijaya Land Bhd and China Railway Engineering Corp, comprises 561 exclusive suites in a 25-storey luxury mixed commercial development with a gross development value of RM575 million, he said.
"We are bringing investment opportunities from mainland China to the domestic market, particularly to Sabah through this collaboration.
"This is in line with the main objectives of One Belt One Road to improve connectivity and cooperation between countries to increase infrastructure and trade exercises" Hajiji said.
He said growth and investments would be spurred by mega public infrastructure projects in Sabah such as the Pan Borneo Highway, RM1 billion Bus Rapid Transport, as well as the expansion of its tourism industry into the real estate sector.