(Front row from left) Suria Capital group managing director Datuk Ng Kiat Min, chairman Datuk Faisyal Yusof Hamdain Diego, Jesselton Docklands 2 Sdn Bhd director Lim Aik Hoe and Kong Chung Vui at the signing ceremony.

KUALA LUMPUR (Sept 11): Sabah-based port operator Suria Capital Holdings Bhd (KL:SURIA) said it has signed a new joint development agreement (JDA) to formalise the development of a mixed commercial project within the Kota Kinabalu port area.

The project, dubbed the "Jesselton Docklands 2," spans 11.54 hectares and will be jointly developed by Jesselton Docklands 2 Sdn Bhd, a joint venture between Suria Capital and BEDI Development, a 75%-owned subsidiary of property developer EXSIM Development Sdn Bhd.

According to Suria Capital, this agreement follows an earlier JDA signed with Jesselton Docklands 1 Sdn Bhd in June this year, covering a 2.543-hectare site adjacent to the new project.

"Together, Suria Capital and BEDI’s landmark initiatives will redefine Kota Kinabalu’s skyline and provide a strategic blueprint for Sabah’s sustained growth as a premier tourism destination," said Suria Capital group managing director Datuk Ng Kiat Min in a statement on Wednesday.

The Jesselton Docklands 2 project is part of the broader Jesselton Waterfront City plan, which includes tourism and commercial features connected to key landmarks such as Jesselton Quay and the Sabah International Convention Centre.

"The signing lays the groundwork for our strategic planning and sets key milestones in alignment with the Jesselton Docklands Master Plan, which forms part of the broader Jesselton Waterfront City development. It ensures we proceed in a coordinated and effective manner, with the goal of delivering a profound and lasting impact on Sabah’s tourism sector," Ng added.

The project is scheduled to begin in 2026 and will be developed in phases over 15 years. It will feature commercial and residential spaces, a luxury hotel, a cruise terminal, an international school, and a wellness center, aiming to attract millions of visitors.

Suria Capital added that the project's timeline will depend on market conditions, the successful completion of each phase, and the performance obligations of both joint venture partners.

Shares in Suria Capital closed one sen or 0.5% lower at RM2 on Wednesday, valuing the company at RM691.64 million.