Knight Frank's 1st Half 2019 Highlights on Kota Kinabalu's Retail Property Market
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The total retail space of shopping complexes in Kota Kinabalu stood at 6.03 million sq ft with occupancy rate hovering at approximately 83% during the review period.
The first duty-free mall in East Malaysia offering high-end brands for tourists and locals alike is now open for business at the ground floor of Jesselton Mall. In collaboration with Valiram Group, premium brands including Hugo Boss, Michael Kors, Polo Ralph Lauren, Swiss Watch Gallery, Lacoste, Tory Burch, Tumi, Versace Wear + When, Godiva and TWG Tea are now available at the boutique lifestyle mall.
The ITCC shopping mall has been in operations for 1.5 years and the ground floor of the mall has achieved 80% occupancy during the review period. Notable operators that have recently entered the mall include Domino’s Pizza, Watson, Guardian and Secret Recipe.
Effective from 1st January 2019, 1 Borneo Hypermall and Oceanus Mall were taken over by their respective new management body, United 1 Borneo Hypermall Sdn Bhd and Oceanus Mall Management Sdn Bhd, entities that are incorporated by the owners of units in the mall to safeguard their interests.
Petrofiq Sdn Bhd had withdrawn from their revival project of the longabandoned Star City Mall when neither the company nor the landowner, Sabah Urban Development Corporation Sdn Bhd (SUDC), could settle tax payments demanded by the Inland Revenue Board. It is reported that there is a new joint venture agreement between SUDC and China’s Fujian Provincial People’s Government to set up a special vehicle company to undertake the redevelopment of the project site.
Hardie Development Sdn Bhd, a 70% owned subsidiary of Permaju Industries Bhd has on 25th March 2019 entered into a Memorandum of Understanding with O&C Construction Sdn Bhd to jointly complete the remaining phases of the Princess Heights Project in Menggatal, Kota Kinabalu. Phase 2 of the project comprises a a four-storey hypermarket which will be leased to “Mydin” for a period of 20 years and 80 units of threestorey terraced shop offices. Meanwhile, the remaining of the project has been allocated for the future development of commercial and residential properties, including e-commerce and lifestyle hub.