RM1 Billion New Development in Kota Kinabalu
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Princess Heights Project, a RM1 billion project in the Menggatal district in Sabah is being jointly developed by OCR Group Bhd and Permaju Industries Bhd's 70%-owned subsidiary Hardie Development Sdn Bhd. It is located on 44.28ha of land belonging to Hardie Development.
The two development companies intend to share 50:50 profit and develop Stage 2 and Stage 3 of the project.
Stage 2 of the project consist of Phase 1E (four-storey hypermarket) and Phase 1F (80 units of three-storey terraced shop/offices). Meanwhile, stage 3 has been allocated for future development of commercial and residential properties, including e-commerce and lifestyle hub.
Excluding Phase 1E, the gross development of the project is RM1 billion. Upon completion, Phase 1E will be leased to MYDIN Mohamed Holdings Bhd for a period of 20 years for the establishment and operation of its hypermarket and retail business. The total collectable rental is estimated at RM433 million.
Executive Director of Permaju Industries, Yvonne Chai Woon Yun said, “The Princess Heights project, will capitalise on the opportunities and benefits arising from the growth potential of Sabah’s property market. Going forward, we believe this project will further contribute to the company’s future earnings and improve its financial performance.”