Mahsing entered into a Joint Development Agreement with Paduan Hebat Sdn Bhd proposed joint development of a parcel of prime leasehold commercial land measuring approximately 4.26 acres known as Lot 37, Harbour City, Kota Kinabalu in the locality of Sembulan District of Kota Kinabalu Negeri Sabah .
Mahsing is also granted an exclusive option to jointly develop with Paduan Hebat in respect of further two (2) parcels of adjacent commercial land measuring approximately 4.408 acres.
The Land is sited on a very prime and highly visible location in Kota Kinabalu Central Business District. It is located diagonally opposite the 5-star Sutera Harbour Resort and KK Times Square, and has direct road frontage to the Coastal Highway, one of Kota Kinabalu's main thoroughfares. Other landmarks nearby
include the Sabah UMNO building, Ming Garden Hotel and Asia City.
Based on preliminary plans, the Land is proposed for a niche development with an estimated gross development value of approximately RM360 million for the 4.26 acres Land and RM470 million for the 4.408 acres Option Land. Tentatively called Sutera Avenue, the proposed joint development comprises multi-storey shop offices fronting the Coastal Highway and complemented by street mall retail lots as well as serviced apartments.
The Proposed Joint Development is expected to commence by the first half of 2013.
