KOTA KINABALU: The Shore, a luxury RM575 million commercial development project, is expected to boost business- and tourism-related activities in Sabah.
Sabah Chief Minister, Datuk Seri Musa Aman, said construction of the 0.74-hectare project would start in May and be completed within the next four years.
Musa said the project was timely as Kota Kinabalu has been experiencing a lot of growth in recent years.
“This is made possible through the state government’s consistent efforts to encourage development and to partner with investors who are confident in what Sabah has to offer as a destination for tourism, trade and businesses,” he said at the signing of the framework agreement for the project here Monday.
The text of his speech was read by Deputy Chief Minister, Datuk Raymond Tan Shu Kiah, who is also State Industrial Development Minister.
Titijaya Land Bhd and CRED (M) Sdn Bhd signed the agreement to develop the project.
Meanwhile, Titijaya signed a management agreement with The Ascott Ltd to manage the Citadines Waterfront Kota Kinabalu which is the project’s serviced apartment units.
Musa said besides the tourism prospects, the state government also hoped the project would spur more opportunities and investments from China.
He said Sabah was a thriving market with increasing demand for properties, which were relatively cheaper compared to other places in the region.
“Sabah’s strategic location in Asia-Pacific is one of the reasons for its 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.
Meanwhile, in line with Malaysia’s ‘My Second Home’ programme, Musa said, the government wanted tourists, especially those who regularly travelled to the state, to make Sabah their second home.