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Coca-Cola collector :-)
550 Posts
Discussion Starter · #1 ·

An inspirational development is created at the heart of Kota Kinabalu City when Suria Capital Holdings Berhad transform the existing Kota Kinabalu Port into a world-class Jesselton Waterfront.

The development will utilized the full potential of the Kota Kinabalu beautiful waterfront to attract the potential tourist from six different continents to the State of Sabah .

The Jesselton Waterfront is to be implemented in 3 phases over the next 15-year period will be the center-stage of Kota Kinabalu urbanization scheme together with the rapid growth in infrastructure, population and tourism industry.

Penang Skyscrapers Hunter
11,398 Posts
hope they don't destroy the sea while building that

Coca-Cola collector :-)
550 Posts
Discussion Starter · #4 ·

Jesselton, the Colonial name for Kota Kinabalu, is derived from former British Resident Sir Charles Jessel from the British North Borneo Company.

The RM1.5 billion project called the Jesselton Waterfront will be spread over a period of 8-year and its immediate phase consisting of restaurants, retail kiosks and a futsal center had already been completed. The ambitious project combining social, economic and culture elements will be sprawled over 50.21 acres of the existing site of former Kota Kinabalu Port where its operations had been moved to the high-tech Sepangar Bay Container Port.

Jesselton Waterfront is made up of Phase One 23.25 acres and Phase Two 26.96 acres. Since the State Capital is the main entry point for regional and international visitors, Jesselton Waterfront is to play host to them by serving as the transit point.

Modeled after Victoria & Albert Waterfront, South Africa, Jesselton Waterfront is to become the city’s latest tourism frontier.

Some of the facilities included are five-star marina hotel, five star boutique hotel, office tower, commercial complex, international restaurants, maritime museum and international cruise ship terminal.

Conceptualised along a theme of affluent and elite waterfront community, the Jesselton Waterfront resident and workforce alike will enjoy benefits and services herein unseen and unheard of in Sabah – underlining its powerful appeal to both investor and visitors.

Jesselton Waterfront is conceived to create a modern and friendly atmosphere focal point for people to work, play, shop, dine and indulge in the awesome fun of Sun, Sea and Sand.

Coca-Cola collector :-)
550 Posts
Discussion Starter · #5 ·

I think the sea is destroyed by looking at the perspective..... see tat island extending out into the sea? IT IS GONE........
no la.. the new perspective shows that the sea is not being destroyed by the project... because the old rendering show that the sea is being destroyed kan?? well, the new rendering is not.......

44,615 Posts
IJM calls off Sabah condo, hotel plan
Published: 2008/07/29

IJM Corp Bhd's property unit will not develop its earlier planned condominium and boutique hotel in Kota Kinabalu, Sabah.

"IJM Properties Sdn Bhd and Suria Capital Holdings have mutually agreed not to proceed with the joint venture for the development of a 16-storey condominium and 11-storey boutique hotel," it told Bursa Malaysia yesterday.

The developments were to be housed under Zone 1 within the port area at Jalan Tanjung Lipat, Kota Kinabalu, which is being developed into a tourism-related mixed development known as the Jesselton Waterfront Project.

....too bad...

44,615 Posts
Suria Capital calls off MoUs
By Jose Barrock
Email us your feedback at [email protected]

KUALA LUMPUR: Suria Capital Holdings Bhd is not proceeding with its proposed joint ventures (JVs) with Glomac Bhd and IJM Corp Bhd announced last January, the company told Bursa Malaysia.

The Sabah state-controlled Suria Capital and IJM Corp, had signed an MoU to jointly build a 16-storey condominium, the Suria Vista, and an 11-storey six-star boutique hotel at the Jesselton Waterfront Project. IJM yesterday announced that the two companies had mutually agreed not to proceed with the project.

Similarly, Glomac signed an MoU with Suria Capital to develop a 23.2-acre (9.4ha) land at the Jesselton Waterfront Project. Glomac announced that, “in view that both parties have failed to arrive to an agreement on issues that are critical in order to crystalise the proposed JV, Glomac has decided not to proceed with the proposed JV”.

It is not clear what the issues stated by Glomac are.

In a separate announcement to Bursa Malaysia, Suria Capital said its MoU with Kota Kinabalu Pavilion Sdn Bhd to develop a 10-storey commercial and office building was still being negotiated.

The MoUs for the three projects were signed in late January in conjunction with the launching of the Sabah Development Corridor.

The impact of the two deals being scuttled is unclear, but should be minimal as no real work is likely to have commenced.
For the first three months of FY2008, Suria Capital posted a net profit of RM10.1 million on the back of RM68.7 million in revenue.

The Sabah government, via Warisan Harta Sabah Sdn Bhd and Yayasan Sabah Sdn Bhd, controls about 50% of Suria Capital’s equity.

44,615 Posts
Suria Capital looks for strategic partners

SURIA Capital Holdings Bhd is actively looking for strategic transhipment partners for its new Sapangar Bay Container Port (SBCP) in efforts to establish the terminal as the transhipment hub in East Malaysia and the Brunei-Indonesia-Malaysia-Philippines East Asean Growth Area (BIMP-EAGA).

The ideal strategic transhipment partners are main line and port operators that will rapidly contribute to volume growth at SBCP. With transhipment, the port will not have to rely solely on import and export shipments.

The RM400mil SBCP commenced operation in July last year.

An artist's impression of Jesselton Waterfront.

Suria Capital’s wholly owned subsidiary, Sabah Ports Sdn Bhd manages SBCP and seven other ports in Sabah.

Group managing director Datuk Abu Bakar Abas told StarBiz that the group was working towards streamlining its port operations for Lahad Datu, Sandakan and Tawau to be feeder ports to SBCP.

“We are working closely towards this and various shipping agents have agreed in principle.

“We hope the additional throughput generated through this effort will entice main line operators and this in turn, will pave the way for SBCP’s regional hub business,” he said.

Additionally, Abu Bakar stressed that the group would continue to focus on organic growth for its port operations and related services.

Datuk Abu Bakar Abas “We will focus on organic growth for all our port operations business, to leverage on our existing strength.

“We will also continue to expand our bunkering and logistics businesses for the provision of storage facilities and oil trading activities.

“This includes the provision of additional logistic services at various ports to capture a bigger market share,” he said.

He said the port expansion plan would capitalise on the approved service project tax incentive.

Sabah Ports has been granted approval by the Finance Ministry for tax incentive applied under the Approved Service Project.

On future prospects, Abu Bakar said the Sabah Development Corridor would have a good impact on its port business as the ports would be maritime gateways to the state.

On short term strategies, Abu Bakar said Suria Capital planned to improve container yard planning and focus on cost reduction for Sabah Ports, especially at SBCP.

“We are also looking into domestic hubbing initiatives to create the critical mass needed to entice main liners to directly call at our ports.

“We support the removal of the congestion surcharge after achieving the desired efficiency for ports in the east coast of Sabah.

“The move will enable the ports to increase charges for equipment usage,” he said, adding that the group was also seeking a port tariff review that had been used for 30 years.

Overall, Sabah Ports targets to handle around 300, 000 TEUs (twenty-foot equivalent units) of which 250,000 TEUs is estimated to be handled by SBCP this year.

For the first six months of this year, SBCP already handled 95,000 TEUs.

For its property and development segment, Abu Bakar said Suria Capital planned to kick start the development of its flagship project, the RM1.5bil Jesselton Waterfront via strategic alliances with reputable developers and contractors.

Its proposed joint ventures with Glomac Bhd and IJM Corp Bhd for the Jesselton Waterfront was called off late July.

“This was due to the inability of all parties to reach a mutual agreement on several pertinent issues. The decision has been made to ensure neither parties settled for a disadvantageous position in terms of return and project management,” Abu Bakar said.

The Jesselton Waterfront project includes modern hotels, condominiums, a commercial complex, international restaurants and a maritime museum.

Abu Bakar said currently Suria was in the midst of talking to other developers with wide experience in high-end property development.

“The potential partners or developers have significant experience in the specific precincts to be developed namely the five-star hotels and high-end waterfront condominiums.

“Suria is now looking forward to signing the joint venture agreements subject to the issuance of land title to us by the state government (as per port privatisation agreement),” he said.

The first precinct of the Jesselton Waterfront project is expected to be launched by the first quarter of next year.

The Jesselton Watefront project is undertaken by another Suria Capital subsidiary, Suria Bumiria Sdn Bhd.

On Suria Capital’s contract and engineering business, Abu Bakar said the group aimed to expand it into a full-fledged construction company from a mere project management company.

“We also plan to explore the oil and gas contract engineering sector,” he said.

6,417 Posts
Inspiring world-class waterfront living.

Phase 1 (Immediate):
• 5 Star Hotels • Fine Dining Restaurants and Cafes • Luxury Waterfront Condominiums
• Signature Offices • Lifestyle Mall • Marina Facilities • Promenade Walk

Phase 2 (Future):
• International Cruise Terminal • Hotels • Commercial Units • Residential Waterfront Bungalows
• Luxury Waterfront Condominiums • Office Towers • Maritime Museum • Mini Theme Park • Duty-Free Zone

• Cruise Terminal Complex • Shopping Arcade • Thematic Retail Outlets • Waterfront Luxury Villa • Boutique Hotel
• Upgraded Local Ferry Terminal • Floating Seafront Restaurant • Marina Facilities • The Marina – Clubhouse • Specialty Shops
• The Aquarium • Luxury Waterfront Condominiums • International Bazaar – Shopping and Food Court
• Duty-Free Complex and Entertainment Centre • Maritime Museum • Landscaped Plaza • 5 Star Marina Hotel • Promenade Walk

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