Labuan’s HSBC building for sale
Published on: Thursday, March 09, 2023
By: Sohan Das
The HSBC branch ceased Labuan operations end of 2021 and the building has remained unoccupied since.
Kota Kinabalu: The former two-storey HSBC building that is sitting on prime urban land covering a gross floor area of 12,696 square feet (inclusive of 12 parking bays) on a land area of 7,100 square feet is up for sale under a tender exercise.An estate agent, which posted the notice of sale, indicated that the tender would close on March 21. The HSBC branch ceased Labuan operations end of 2021 and the building has remained unoccupied since.
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HSBC was the second major financial institution with international network to do so. In 2009, the Standard Chartered Bank also pulled out of Labuan and its building was subsequently sold. It is now a franchise food outlet.
HSBC’s colourful history here dates back to decades when, after the World War II, the commercial development of Labuan began with new shophouses. In the early years, HSBC’s presence was known by its desk in the office of trading house Harrison and Crosfield.
Over the years, the bank’s services were widely used by merchants and others. In the 1960s, barter trade with Southern Philippines was lucrative with huge imports of copra from Zamboanga City.
They were purchased by local merchants and sold to traders in Singapore and HSBC providing the service to support the trade. The bank’s services were also used for car and other loans. The building is situated adjacent to the ferry terminal.
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