Thursday, 2 March 2017

(The Star) Firm marks site for 25-storey commercial and residential development

KOTA KINABALU: A prime piece of land in the city centre will be the site of the first commercial development in Sabah for main board-listed Titijaya Land Bhd.

The company’s inaugural venture in the state is a 25-storey commercial development costing some RM575mil that include Sabah’s first dedicated service residence suites.

Titijaya deputy managing director Lim Poh Yit said The Shore development would be completed in about two years and its service residences would be managed by The Ascott Ltd.

He said Titijaya Land was teaming up with the China Railways Engineering Corp Development (CREC) Sdn Bhd for the construction of The Shore.

Lim said this at the signing of the framework agreement between Titijaya Land and CRECD and The Ascott for the project here on Monday.

Among those present were Deputy Chief Minister Datuk Raymond Tan, representing Chief Minister Datuk Seri Musa Aman, and Titijaya Land managing director Tan Sri Lim Soon Peng.

Lim said with CREC’s involvement in The Shore, the development would attract more investors from China to Sabah.

He said Titiland Jaya was acquiring another company, Sri Komakmur Development Sdn Bhd, for RM70.9mil and the firm owned three parcels of land in the state totalling 30.1ha.

Among these was the 0.73ha plot for the Shore development.

He said Titijaya Land and CREC were keen to explore other collaborations in Sabah and work on more landmarks in the state.

In his speech read out by Tan, Musa said Sabah’s strategic location in the Asia Pacific region is one of the reasons for the state’s development and growth in the construction sector.

“This is a contributing factor for Sabah to ensure its marketability remains stable, offering a bright future for the state’s development sector,” he said.

“Investments such as the one we are witnessing today should act as an impetus for other local companies to be involved in high-value projects.

“There are other spin-offs from such projects, such as job creation and the offering of products and services to meet the needs of a new market once projects are completed,” Musa added.