Kota Kinabalu
Kota Kinabalu
Lahad Datu
Kota Belud

Sayang Sabah - The voice of Sabahans

Launching of Sabah Property Expo by Abidin Madingkir

sabah property

KOTA KINABALU: The property values of all segments in the state capital have been projected to increase by 5-10 per cent next year following the aggressive implementation of the Sabah Development Corridor (SDC).

City Hall Mayor Datuk Abidin Madingkir said the rapid development has seen the expansion of more premium property development within a 5km radius of Kota Kinabalu, making the state capital an attractive investment destination for overseas investors.

Speaking at the launching of Sabah Property Expo on August 8-10 cum 8th anniversary celebration of Sabah Property magazine at Suria Sabah on Friday, he said the healthy growth has also put Kota Kinabalu in 3rd
spot after Klang Valley and Penang as a retail destination in Malaysia.

In term of retailers’ sales turnover, he said Kota Kinabalu comes 3rd after Kuala Lumpur and Penang, above Johor Bahru, Kuching and Malacca.

“Now there are 17 malls in Kota Kinabalu offering a total net able area of 4.59 million sq ft. Nine other retails centres are poised to be completed by 2016,” noted Abidin.

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 Seawater Front Mall, Pacific City, Grand Merdeka and Imago at KK Times Square, he said.

The supply of high-rise residential units is growing strongly in Kota Kinabalu, with selling prices of selected projects having exceeded RM1,000 per sq ft, he added.

“Buyers are a combination of domestic and foreign buyers and Kota Kinabalu is also a popular retirement and holiday destination for many East Asian countries due to the weather, improved infrastructure, scenic beauty and reasonable living cost,” said Abidin.

He noted domestic demand is mostly from wealthy Malaysians with large cash reserves and limited alternative investment opportunities.

The Sabah property rises in its preliminary stage with many of the country’s biggest developers are making their presence felt in the state as Gabungan Aqrs Berhad from Kuala Lumpur, has plans to develop along the coastal highway in the city centre, he said.

Abidin also urged developers, architects and engineers involved in hillside development must adhere to all the guidelines set by City Hall and other regulating agencies.

“It has come to my observations that people now have the tendency to develop at hillside perhaps due to shortage of flat lands, which are mostly condominiums and high-rise buildings.”

“May I take this opportunity to remind developers that it is very important to observe the proper guidelines for this kind of development, to avoid any arising problem in the future,” he said.


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