Monday, 27 February 2017

(NST) Titijaya Land and CREC tie up for KK's The Shore

KOTA KINABALU: Leading property developer Titijaya Land Bhd and Chinese entity China Railway Engineering Corporation (CREC) Development (M) Sdn Bhd will collaborate on 'The Shore', marking their first joint-project in east Malaysia. 

The companies inked a framework agreement (FA) here for the mixed-used commercial hub located in the city centre, which has a gross development value of RM575 million. 

The FA comes after the signing of a share sale agreement to acquire share capital of Sri Komakmur Development Sdn Bhd (SKDSB) at RM70.9 million. 

SKDSB owns three parcels of land in Sabah totalling 75.44 acres (30.5 hectares). 

"The Shore takes 1.82 acres (0.73 hectare) from the total.

"We expect the project to take up to four years to complete. Construction is expected to start sometime this year," said Titijaya deputy managing director Lim Poh Yit.

This is the second collaboration for Titijaya and CREC, after their first project at Embassy Row in Kuala Lumpur was inked late last year. 

During the event today, a serviced residence management agreement was also signed between Titijaya and The Ascott Ltd for the latter to manage the serviced residence component of The Shore.