RM7 Billion Mega Development on Sabah Seafront
An upcoming mega mixed development, worth RM7 Billion, will be located on Yayasan Sabah land along a Sabah seafront in Lok Kawi. The project will take about 12 to 15 years to complete and is set to benefit Sabah greatly.
The chief minister of Sabah and chairman of Yayasan Sabah Board of Trustees, Datuk Seri Mohd Shafie Apdal says it will be the largest and most positive property development in Sabah.
“Once this project is developed, it will become another attraction for Sabah because the location is very strategic as it is situated closely with the sea apart from existing several islands that I am sure will not only entice property buyers and investor but also tourists coming to Sabah in the coming years.
“Actually the location was one of the areas that had become an attraction to property investors but because of the Covid-19 outbreak, their intention was stunted."
“But now, YS has taken an initiative via this development project which we welcomed and lauded will bring many job opportunities as well as benefit local contractors,” Shafie said.
The joint venture development is between YS and Tegas Bangsa Sdn Bhd, a special purpose vehicle company of Pavilion Real Estate Investment Trust (Pavilion REIT) to develop the land based on a mixed touristic and commercial development. Shafie has full confidence in this joint venture project and the company has vast and credible experience in construction and strong financial position to deliver the project.
“I believe this is a good initiative, first-time YS ever signed a joint development with a private sector with a magnitude of RM7 billion to develop the project. It has never been there before and the land size is also not the biggest as we also have Benta Wawasan that are in millions."
“I believe under the current environment, not only in terms of getting liquidity into the system, people will have ample employment opportunities and provide chances for locals among small contractors in building up this location of the project."
“Indeed, I am so pleased and hope construction would start soon as possible and the development plan is in the pipeline. So the faster the better for all."
“If there is any hiccup, do not hesitate. I will be around to facilitate and I, myself, will monitor the progress of this project in the location site that is also near the KK Resort City project,” he said.
"Rm7b Seafront Venture | Daily Express Online - Sabah's Leading News Portal". Dailyexpress.Com.My, 2020, http://www.dailyexpress.com.my/news/155257/rm7b-seafront-venture/.