Based on 2022’s Property outlook, 2021’s Malaysia Property Price Index has shown a significant growth in the market as we step into recovery from the pandemic.
As we step into the new year, major projects have begun to launch within the first month of the year in East Malaysia, especially, Sabah.
Here are some of the major events welcoming us into the Year of the Tiger:
1. City Hall Reveals 5 Year Tourism Plan
Photo credit: The Borneo Post
Just before the new year, City Hall revealed a five-year strategic tourism plan to boost Sabah’s tourism sector which was launched by Assistant Minister to the Chief Minister, Datuk Abidin Madingkir.
According to Abidin, this five-year strategic plan will serve as a guide for Kota Kinabalu City Hall in terms of repairing and planning its assets and tourist goods, as well as revitalising the tourism industry.
During the event, Mayor Datuk Noorliza Awang Alip noted that conserving Australia Place and the colonial-era structures along Gaya Street will shape the identity of Kota Kinabalu.
2. Alpha Land Groundbreaking For i-Park Light Industry
Alpha Land Development(Alpha Land) presented their new concept when their subsidiary Starworld Development Sdn Bhd, held a groundbreaking ceremony for their upcoming project, i-Park Light Industry in Penampang.
According to Alpha Land director, Edwin Fong, i-Park is the era of digital networks, which makes it suitable for micro and medium-sized enterprises(SMEs) with location at its advantage as it connects you to the Pan Borneo Highway.
3. Foreigners Can Buy Properties In Sabah For RM600K
The State Government has decided to ease the restrictions on foreigners purchasing properties by decreasing the minimum criteria for high-rise residential units from RM1 million to RM600,000.
Sabah Economic Advisory Council (SEAC) Chairman Tan Sri David Chu stated the pandemic left a significant impact on developers the last two years.
David said the housing market was in desperate need of international buyers as the local market was unable to absorb the existing supply of houses.
Read more at Foreigners Can Now Buy Sabah Properties for RM600K.
4. Supplementary Agreement For Wisma KOSAN
Koperasi Serbaguna Sanya Berhad (KOSAN) held a Supplementary Agreement Signing Ceremony with the developer for the development of Wisma KOSAN land.
However, since August 2015, KOSAN and the developer, Harmoni Bumiria Sdn Bhd, have been working on developing the Wisma KOSAN site at the intersection of Jalan Tuaran and Jalan Teluk Likas as it had been delayed for many years due to unforeseen circumstances.
The developer and KOSAN have agreed to develop the site into a mixed-use complex including commercial, office space, and 650 Service Suites, known as the LikasVue project. For individuals looking to invest in or own a property in the Likas neighbourhood, the development will offer an investment opportunity.
5. Jesselton Quay Central Lighting Up Ceremony
Chief Minister Datuk Seri Hajiji Noor launched a project known as Kota Kinabalu’s brand new, sparkling edition - the Jesselton Quay Central at the Sabah International Convention Centre.
According to Hajiji, Jesselton Quay and One Jesselton Waterfront, and the complementary developments in the vicinity, will transform this waterfront area into a new-look city destination.
He added that as part of the first phase of the Jesselton Quay mixed-development project, the completed JQC is located on 6.6ha of prime land at the Kota Kinabalu Port and would serve as an extension of the Kota Kinabalu City central business district.
Read more at Jesselton Quay Central Lights Up Kota Kinabalu City.
6. State Signs 3 Project MoUs Worth RM4.3 Billion
Photo credit: NST
The State Government, Yayasan Sabah, and investors signed three Memorandums of Understanding (MoUs) worth RM4.3 billion in accordance with the Sabah International Business and Economic Summit (SIBES) 2022.
The first MoU was signed between the Sabah Ministry of Agriculture and Fisheries, which is under the State government and BorneoMed Sdn Bhd. The second MoU was signed by the State Government, through the Sabah Ministry of Industrial Development (MID), and SBH Kibing Solar New Materials (M) Sdn Bhd, investors from China.
The third MoU was signed by Yayasan Sabah and Pavilion Kota Kinabalu Sdn Bhd.