clock 14-03-2024
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Taiwan-Based Investment Group, CSX Holdings Sdn Bhd and Jesselton Group Form Strategic Collaboration

Jesselton Group and Taiwan-based CSX Holdings Sdn. Bhd. are pleased to announce their strategic collaboration upon signing a Sale and Purchase Agreement to bulk purchase 26 remaining units in Jesselton Residences waterfront condominium for RM51.9 million.

With RM51.9million worth of investment purported to target Taiwanese and foreign investors, this has given a boost to the profile of Jesselton Residences which achieved the closure at an average of around RM2 million per unit, ranging in size from 1,669sqft to 2,342sqft.

CSX Holdings’ Managing Director Mr. Anson Ng said they were attracted to buy the units due to its strategic location at the heart of Kota Kinabalu City centre and he strongly believes that the Jesselton Residences can provide his investors with sustainable profit and return growth through his strong capital and risk management skills.

Jesselton Group and CSX Holdings collaboratively strives to elevate the international presence of Jesselton Residences and make Sabah more appealing for foreign investment.

CSX Holdings is a real estate investment group founded by Mr. Charles Tsao and Mr. Anson Ng with diversified investments in apartments, office buildings and industrial factories at strategic locations such as Klang Valley & Kota Kinabalu, Sabah. Presently, CSX Holdings has invested a total property value of approximately RM300 million with over 250 total property units. CSX Holdings’ portfolio of Sabah’s real estate investments include Sutera Bay, Bay Suites and Banyan Valley developments.

Jesselton Group is a reputable property development group in Sabah founded by Tan Sri Datuk David Chu who is committed to create exceptional living spaces that inspire and bring enrichment to the lives of residents in his developments. Through its subsidiary, Palikota Sdn. Bhd., Jesselton Group has completed Jesselton Residences & Jesselton Mall in year 2017 with a Gross Development Value (GDV) of RM700 million. Jesselton Group has also recently completed Jesselton Twin Towers, the tallest building being built in Borneo with a GDV of RM800 million.

Jesselton Residences was the first building development to be approved with a height of 28-storey in Kota Kinabalu city waterfront during its launch. This newfound achievement in the building height of Jesselton Residences has initiated a trend of high-rise property developments in the northern region of Kota Kinabalu City. With the upcoming surrounding developments including The Peninsula and the redevelopment of Kota Kinabalu International Cruise & Ferry Terminal that are linking Hyatt Centric Hotel, Suria Sabah Shopping Mall, Jesselton Quay and Jesselton Residences & Jesselton Mall in the whole of the KK City northern region. It will be the new KK City Centre with seamless connectivity of shopping, food & beverage outlets, hotels & tourist stops within the next 5 to 8 years like in Singapore Orchard Road, Singapore Marina Boulevard & Kuala Lumpur Pavilion Bukit Bintang.

Built by French conglomerate Vinci Construction & managed by international renowned property consultant Knight Frank, Jesselton Residences distinguishes itself as the exclusive high-end residential condominium along the waterfront of Kota Kinabalu City and this has drawn a significant number of international expatriates to choose it as their preferred living location. Currently, approximately 32% of the occupied units in Jesselton Residences are owned or leased by foreigners, particularly expatriates from South Korea, China, Taiwan, Hong Kong, and several European countries. With CSX Holdings’ acquisition of these 26 units, predominantly projected to attract Taiwanese and foreigner buyers to live, the percentage of foreigner residents in Jesselton Residences is expected to be raised to 40%. This will mark an unprecedented high in Sabah’s condominium development history.

Over the last 2 years, there has been a surge in demand for renovated and fully furnished units at Jesselton Residences, fueled by the post-COVID recovery and a growing influx of foreign investors establishing factories and businesses in Sabah. As an illustration, some notable investments include South Korea's 2nd largest conglomerate SK Nexilis & Hyundai Engineering Group who are investing in copper coil factory, China's Kibing Group investing in silica sand factory for solar glass panel production and Taiwan's Sinyi Realty Group in resort & hotel developments. This has rendered the supply of high- end condominium far short of the demand. A typical fully furnished unit of 2,266sqft & 2,342sqft is fetching a monthly rental range of RM8,000 to RM9,000, 1,669sqft from RM6,000 to RM7,000 and 965sqft at RM4,000 from the recent one-year leasing data at Jesselton Residences. It is believed that the rental rates will rise up higher with the continued influx of foreign expatriates & the business investors from Peninsular Malaysia and overseas countries to Kota Kinabalu due to the short supply of high-end residential condominium in KK city centre.

Jesselton Duty Free, one part of Jesselton Residences, is the first and only downtown travel retail mall in Sabah that offers international travellers an opportunity to shop in a duty-free environment. Since its opening, JDF has introduced a number of luxury brand firsts such as Salvatore Ferragamo, Versace, YSL Beauty, Giorgio Armani Beauty, Hugo Boss, Polo Ralph Lauren and Lacoste. Other leading brands and concepts include Michael Kors, Tory Burch, Tumi, Mont Blanc, Swarovski and a multi-brand Swiss Watch Gallery. This has also elevated the shopping experience for locals to shop for international designer brands without having to travel overseas.

Jesselton Mall also boasts a diverse selection of renowned food and beverage outlets, featuring international establishments such as Beauty in the Pot, Starbucks, Pound, Enso Teppanyaki, Sukhothai, Aji Tori Izakaya, One Two Wines, Poppy + Co Café, etc. With a walking distance to Jesselton Point Ferry Terminal, Kota Kinabalu’s 2nd largest shopping mall Suria Sabah with cineplex, Gaya Street weekend market, KK CBD financial hub, and surrounded by many seafood restaurants, etc., Jesselton Residences is definitely the choice of many foreigners for its convenient and strategic location.

Click to read: Jesselton Twin Towers receives Occupation Certificate

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