KOTA KINABALU: With 17 malls offering a total net lettable area of 4.59 million square feet, the retail market in Kota Kinabalu is currently ranked at third in Malaysia after Klang Valley and Penang.
Mayor Datuk Abidin Madingkir said Kota Kinabalu had been deemed to be more advanced as a retail destination than most West Malaysia cities, and it will continue to grow.
“With household income in Kota Kinabalu being perceived to have increased, combined with the tourism sector vigorusly growing, all of which makes for a strong retail environment, Kota Kinabalu has made its mark as one of the hotspots for retail outside of Kuala Lumpur and Penang, Johor Bahru, Kuching and Malacca.
“Nine other retail centres are set to be completed by 2016. Centres that could expect to have a significant impact on the existing retail landscape in the city include Aeropod at Tanjung Aru by SP Setia Group, Lifestyle Mall at Jesselton Waterfront, KK Sea-Water Front Mall, PacifiCity, Grand Merdeka and Imago at KK Times Square, just to name a few. Coming up will be the Sutera Avenue by Mah Sing Group,” he said when launching the Sabah Property Expo 2015 at 1Borneo Hypermall yesterday.
The mayor added that Sabah’s economy had demonstrated its resilience many times, particularly in the challenges faced during the economic slowdown of the late 1990s and recent global economic downturn.
The state’s steady growth over the past decade, especially in the tourism sector, along with the oil and gas and manufacturing industries had made Sabah the go-to place for most domestic and foreign investors. In fact, there are even a number of foreign financial institutions that can now be found in Kota Kinabalu.
“While currently playing its role in the Economic Transformation Programme, fronted by the Sabah Economic Development and Investment Authority (SEDIA), the aggressive implementation of the Sabah Development Corridor (SDC) initiative, supported by elevated oil palm revenues, have seen Sabah’s real estate market sector recording a high demand.
“Property values in Sabah are reportedly appreciating in all segments as prices for residential, commercial and industrial units are estimated to increase by 5 to 10 per cent over the next few years,” he explained.
At the same time, Abidin also mentioned a total of RM135 billion worth of cumulative investments have been planned and committed by the federal government since the launch of SDC in 2008, of which about RM45 billion had been released.
“The prominent factor will very much be in increasing economic performance and livability. The strong development impulses generated have seen the expansion of more premium property developments within a 5km radius of Kota Kinabalu, making the state capital an attractive investment destination for investors, local and foreign.
“Thus, many property developers have been enticed to maximise their opportunities in Sabah. While these property projects, be it commercial or residential are mainly concentrated in the city areas, there have also been signs of development in rural areas as well,” he added.
In relation to potential buyers, Abidin stressed Kota Kinabalu has a proven track record for being one of the more popular retirement and holiday destinations for many foreign countries due to the weather, improved infrastructure, scenic beauty of the state and reasonable living costs.
Combined with the domestic demand mostly from wealthy Malaysians with large cash reserves and limited alternative investment properties, he added there can be no mistake that Kota Kinabalu would be an ideal choice for purchasers, whether it is for investment purposes or to reside in.
My ex contractor friend turn businessmen told me Asiapac call him as consultant. Basement flooded again. He told me need to dismantle whole basement and redo again with waterproofing concrete. Just to help you with latest news. Opening will be delay again till June
seriously...davidchew. better buy now instead of waiting at unrealistic price. You will miss out a lot of profit when this counter fly comparing to how much you may lose
My businessmen turn consoultant friend called me. Imago Mall may miss opening again, miss Xmas opening, miss CNY opening, now Mac opening postpone to June or October...basement flooding cause local council not approve. Just help inform you here.
davidchew come on....your 'EX' friend is so special....easily change profession...from Contractor turn to Businessman Man then turn to Consultant...Soon might turn to Spiderman then Batman...Hahaha...
davidchew My Ex Contractor friend turn consultant told me that the pool they wanted to to at basement is actually a large Aquarium for people to enjoy...with big shark fish and blue whale.
seriously...davidchew. better buy now instead of waiting at unrealistic price. You will miss out a lot of profit when this counter fly comparing to how much you may lose
My friend from beggar turn millionaire told me. Is not pool, that thy going make. Thy going have RND lab in basement. Doing research on dinosaur DNA. If everything goes well. They will open in June or Oct with Jurassic park. Then this share will shoot up so high..till the moon.
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Posted by IVAN2222 > 2015-01-23 16:54 | Report Abuse
wish asiapac can back to 0.35 soon...i bought too much at 0.34....no money cash to average down