Diverse Projects Attract Investors to Kota Kinabalu
Trans Sabah Gas Pipeline in Schedule – More Than RM300 Million Given to Chinese, Non-Islamic Groups
Investors Attracted by Diverse Projects in Kota Kinabalu
The Imago KK Times Square is best known as Kota Kinabalu’s premier shopping destination that has it all and boasts of being one of the largest retails stores in Sabah. Set on 24 hectares of mixed-use development project with office, residential and commercial spaces, the four-level landmark mall stands on 800,000 square feet with retail, entertainment and dining outlets at par with the world’s best. There are more than 300 retail outlets with a tenant occupancy rate of 90 per cent since it opened two years ago.
The Imago shopping mall and the KK Times Square are enjoying their fame because of Asian Pac Holdings, a Malaysian real estate developer. This company has earned its reputation as being attuned to the local market and has more than 100 years of expertise behind its name. As expected, it is mostly preferred by Asian and Chinese developers, consultants and contractors.
Mustapha Buang, the company’s managing director, said that the generalist approach to property development is its primary advantage. Be it wide-scale planning or stand-alone projects, this approach gives them a wider perspective and extends their focus to future potentials of the project at hand. Thus, their portfolio includes a variety of projects – landed real estate, malls and residential towers, township developments and industrial parks.
Asian Pac was originally formed in 1913 and entered Kota Kinabalu in the early 2000s. It is currently managed by young multidisciplinary professionals. It has earned the BCA Green Mark as certified by Singapore’s Building and Construction Authority for its environmentally sound projects.
Buang said that although they value the monetary side of any project, they do not refuse would-be investors and partners who can bring value-added projects in terms of concepts and ideas.
Trans Sabah Gas Pipeline in Schedule
Energy, Green Technology and Water Minister Datuk Seri Dr Maximus Ongkili said that the RM4.53 billion Trans Sabah Gas Pipeline (TSGP) project is on schedule and is entering its final development phase. In fact, contracts will be awarded within the next six months.
The TSGP project is supposed to cut across the state, from Kimanis (west coast) to Sandakan (east coast). A slight delay is currently experienced because some aspects of the projects are being discussed by the Finance Ministry and the Petroliam Nasional Bhd, specifically on the alignment of the project.
Gayang in Tuaran was included in the discussion which would bypass two other locations – Putatan and Kinarut. He however, said that this pipeline will be not enough in the long-term and has to be expanded. Furthermore, the changes will link Kota Belud and Kota Marudu by sea, instead of land.
More Than RM300 Million for Chinese, Non-Islamic Groups in KK
Sabah Minister of Special Tasks Teo Chee Kang said that more than RM188 million were given to non-islamic religious groups and RM145 to Chinese schools from 2004 up to the present by the Sabah government. The government has annual allocations in its budget and given to churches and temples. Sabah is the first state in Malaysia to have annual allocations in its budget for non-islamic groups.
In his visits to the schools, he can say that the allocations were wisely utilized by the schools’ administrators and the students were able to learn in a conducive environment.
Diverse Project Investors are being attracted to Kota Kinabalu due to Asian Pac Holdings, a Malaysian real estate developer, which allows two premier shopping destinations to enjoy their fame. Imago shopping mall and KK Times Square are best known around KK. Click here to read more.