RM1.8b KK waterfront project formalised
Published on: Tuesday, March 17, 2015
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Kuala Lumpur: Gabungan AQRS Bhd (GBGAQRS) and Suria Capital Holdings Bhd (Suria) have formalised a joint venture agreement to undertake a prime mixed development on a 2.8 hectare (ha)site within the vicinity of Kota Kinabalu Port with an estimated Net Sale Value (NSV) of RM1.8 billion.In a joint statement, they said the project, named One Jesselton Waterfront, was aimed at capturing a slice of Sabah's sizeable property market potential.

The land parcel was part of the 9.41 ha allocated to Suria by the State Government.

One Jesselton Waterfront will feature a shopping mall, the One Jesselton Mall, corporate offices, retail lots, serviced suites, apartments and a condo residence, alongside car park facilities and a ferry ticketing office.

"Suria will be entitled to 18 per cent of the total NSV of the project both in considerations of cash and kind.

"There will be an initial cash payment of RM12 million, followed by a payment in kind valued at RM166.4 million to be settled in three years, following execution of the initial cash consideration. the statement said.

"On the fifth anniversary of the completion of the payment in kind transaction, there will be a final cash payment of RM19.6 million or the balance 18 per cent of the total NSV for the project, whichever is higher," the statement said.

GBGAQRS Executive Director Datuk Azizan Bin Jaafar said: "Suria's willingness to accept a large portion of its entitlement in kind demonstrates their belief in GBGAQRS and the future value of this iconic project."

Meanwhile, Suria Chairman Datuk Faisyal Yusof Hamdein Diego said the planned development will complement the proposed International Cruise Terminal.

The entire waterfront area is poised to become an iconic landscape as the city's premier tourism frontier catering for both local and foreign patrons, he added.


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