Mah Sing Group Bhd will enter the Sabah property market with a mixed development, Sutera Avenue, with an estimated gross development value (GDV) of RM830 million over 3.50 hectares.
The land is located in a prime commercial site along the Coastal Highway in Kota Kinabalu’s Central Business District(CBD).
Group managing director Tan Sri Leong Hoy Kum said:" We are keen to enter the Sabah market due to the vibrancy of its economy, which has benefited from the wealth of natural resources including oil palm, timber and oil and gas.
"Tourist trade is strong and provides a large market catchment, coupled with the domestic population base," he said in a statement today.
The land is located in a prime commercial site along the Coastal Highway in Kota Kinabalu’s Central Business District(CBD).
Group managing director Tan Sri Leong Hoy Kum said:" We are keen to enter the Sabah market due to the vibrancy of its economy, which has benefited from the wealth of natural resources including oil palm, timber and oil and gas.
"Tourist trade is strong and provides a large market catchment, coupled with the domestic population base," he said in a statement today.
Mah Sing said based on preliminary plans, it intends to offer multi-storey shop offices fronting the Coastal Highway and complemented by street mall retail lots and serviced apartments for the first phase of 1.72 hectares.
This is Mah Sing's second land deal in as many months, as the developer has a landbanking target of acquiring new projects, with potential GDV of RM5 billion this year.
Mah Singh said with the acquisition of Sutera Avenue, the group’s landbank now stands at 496.14 hectares with remaining GDV and unbilled sales worth an estimated RM16.27 billion, giving the Group strong earnings visibility for the next five-seven years.
Leong said the company will develop Sutera Avenue over five years, and intends to commence registration of interest by the second half of this year, as early as the third quarter. -- BERNAMA
This is Mah Sing's second land deal in as many months, as the developer has a landbanking target of acquiring new projects, with potential GDV of RM5 billion this year.
Mah Singh said with the acquisition of Sutera Avenue, the group’s landbank now stands at 496.14 hectares with remaining GDV and unbilled sales worth an estimated RM16.27 billion, giving the Group strong earnings visibility for the next five-seven years.
Leong said the company will develop Sutera Avenue over five years, and intends to commence registration of interest by the second half of this year, as early as the third quarter. -- BERNAMA
Read More: http://www.btimes.com.my/Current_News/BTIMES/articles/20120326203549/Article/index_html
that's mean the main attraction for investors to invest in this state is the wealth of natural resources including oil palm, timber, oil and gas, and also the number of tourists arrival every year..
ReplyDeletehopefully more investors will attracted by our natural resources and potential market in the near future. but I would like to urge the government to not only focused on west coast of Sabah but in east coast as well in order to balance economic development in both areas..
Thanks for the reply..
DeleteFYI, West coast, east coast & interior were all part of the Sabah Development corridor initiatives...
Glad to hear that Mah Sing Group finds Sabah economy vibrant and could provide large market catchment. These are the factors that are attractive to investors to invest in our state and hopefully more investors will be coming over in the near future.
ReplyDeleteMah Sing Group's entrance to Sabah will also help bring up the local economics by creating more job opportunities and boost the local market , this is a good thing for Sabah.
ReplyDeleteThanks for jotting down a comment or two...
DeleteMah Sing is one of the most successful property developer in Malaysia (like Wong Kok in Sabah)...with all the money this company spend in Sabah, im sure that the spilling effect can be see in an instant...
Semoga lebih banyak syarikat yang berpotensi membuat pelaburan di Sabah agar ekonomi boleh diperkembangkan.
ReplyDeleteYes, that's all of us is hoping for also...
DeleteMah Sing know well that Sabah has great potential.
ReplyDeleteProperty in Sabah will fly high with Mah Sing group.
ReplyDeleteAnother step to boost local economy.
ReplyDelete"Tourist trade is strong and provides a large market catchment, coupled with the domestic population base,"
ReplyDeleteIndustri pelancongan akan menjadi salah satu sumber pendapatan yang amat penting juga.
With Mah Sing huge investment in different nature of business, indeed the Sabah economy will expand widely.
ReplyDeleteProper financial and natural resources management will bring more profits in the future.
ReplyDeleteIndeed. More profit means that more allocation for better road & infrastructure for Sabah...
Delete