KUALA LUMPUR: Mah Sing Group Bhd will develop Kota Kinabalu Convention City (KKCC), a waterfront integrated development with RM1.4 billion gross development value (GDV), in Kota Kinabalu.
Mah Sing group managing director Tan Sri Leong Hoy Kum said the KKCC will be developed on a 3.78ha site. Mah Sing, through subsidiary Convention City Development Sdn Bhd, has signed an agreement with Yayasan Sabah to buy 3.37ha of the 3.78ha site for RM164 million.
"The remaining 0.41ha was acquired for RM21.9 million from Sasinma Sdn Bhd, together with a building contiguous to the project," Leong said in a statement yesterday. The total investment for the 3.78ha at RM184.9 million is equivalent to 13.2 per cent of the estimated GDV.
"KKCC will be to Kota Kinabalu what KLCC is to Kuala Lumpur, becoming a landmark that will put Sabah on the world map," Leong said.
Besides KKCC, Convention City Development is also entitled to exercise an option for 2.40ha of adjacent land.
Leong said this may generate additional GDV of RM600 million, potentially bringing up the GDV of Kota Kinabalu Convention City to RM2 billion. "We may exercise the option for an entitlement price of RM117 million within two years from the issuance of the separate issue document of title," he added - Business Times
Mah Sing group managing director Tan Sri Leong Hoy Kum said the KKCC will be developed on a 3.78ha site. Mah Sing, through subsidiary Convention City Development Sdn Bhd, has signed an agreement with Yayasan Sabah to buy 3.37ha of the 3.78ha site for RM164 million.
"The remaining 0.41ha was acquired for RM21.9 million from Sasinma Sdn Bhd, together with a building contiguous to the project," Leong said in a statement yesterday. The total investment for the 3.78ha at RM184.9 million is equivalent to 13.2 per cent of the estimated GDV.
Leong said this may generate additional GDV of RM600 million, potentially bringing up the GDV of Kota Kinabalu Convention City to RM2 billion. "We may exercise the option for an entitlement price of RM117 million within two years from the issuance of the separate issue document of title," he added - Business Times
