Kota Kinabalu Port will be transformed into a new city, to be known as Jesselton Waterfront City, under redevelopment project which will see among others, the establishment of international cruise and ferry terminal, said Suria Capital Holdings Bhd.
Its chairman Tan Sri Ibrahim Menudin said the project with a gross development value of RM6 billion would be developed in phases in over eight to 10 years on a 21-hectare site.
"The major transformation of the Kota Kinabalu waterfront will be the game changer to recreate the Kota Kinabalu city skyline and ultimately elevate the competitiveness of the city in attracting domestic and foreign investments,” he said at a press conference after Suria Capital’s 36th annual general meeting here today.
He said the first phase of the project which included CityPads - two towers of 25-storey commercial suites -, i-hotel, shops and a recreation club, was currently undergoing.
Ibrahim said the CityPads which had been receiving an encouraging response with a take-up rate of 95 per cent to date was scheduled for completion by end-2020.
"As for the One Jesselton Waterfront development, which consists of retail malls, hotels, service suites and offices, construction is expected to commence in the first quarter of 2020,” he added.
In a separate development, Ibrahim said the group’s engineering arm was currently involved in a RM49.5 million railway upgrading project that would link Halogilat Station and Tenom Station with a total distance of 27 kilometres.
"Suria aims to complete the project by the end of this year despite numerous challenges we are facing, including sourcing for materials,” he added.