KINABALU: The property market in the city will remain stable for years bolstered by the active developments, tourism and growing businesses. Leading property developer Mah Sing Executive Director Datuk Lim Kiu Hock on Saturday said he foresees the State's economy continuing to grow well due to these encouraging indicators with the support of a government which focused on developing the State. "Right now there are a lot of developments taking place and we hardly see any abandoned projects here. "The State is well managed, a lot of resources, at the same time enjoying a boom in tourism," he said during the celebration of the developer's 20th anniversary and opening of its Kota Kinabalu Convention Centre sales gallery, here, Saturday.
ADVERTISEMENT
Based on a study conducted by the Mah Sing group, Lim maintained investments on local property are viable in spite of an overpriced land value.
ADVERTISEMENT
He said developers just need to churn out the "right pricing for the right products."Lim added prices of land in the city would continue to be on the uptrend, saying a city located adjacent to a beach is always lucrative anywhere in the world. "Of course with more development and city's expansion the prices of land will gradually go down," said Lim, adding that Mah Sing also expressed interest in venturing into developing the affordable range segment. The country's second top earning company currently has two ongoing projects in the city with a gross development value (GDV) of RM2 billion, namely Sutera Avenue with an estimated GDV of over RM500 million and the Kota Kinabalu Convention Centre (KKCC) worth RM1.4 billion. Mah Sing which is expected to start physical work next year on the KKCC project was given a development option on another parcel of 5.5 acres of land adjacent to the project. The site of KKCC currently sits on 9.33 acres and is located next to the being-developed Sabah International Convention Centre. On May 29, Mah Sing entered a development agreement with Yayasan Sabah to develop their land bank. KKCC will comprise a 300-room five-star hotel, 330 room four-star hotel, 348 room three-star hotel, a five-storey corporate office, 299-units of residential apartments and a five-storey car park podium. According to Mah Sing, they are now in the midst of discussion with the Accor hotel management firm to bring in the Pullman brand to Sabah for the five-star hotel undertaking and they are also banking on the cruise ship docking bay to attract visitors.
