Sabah a vibrant market for property — Bina Puri

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KOTA KINABALU: The market for construction and property sectors remains vibrant in Sabah, with many upcoming projects rolling out especially in Kota Kinabalu.

UPCOMING: Artist’s impression illustrates One Jesselton@Kepayan (above) and Jesselton View (below); two of Bina Puri’s future property developments in Kota Kinabalu.

With this in mind, building construction group Bina Puri Holdings Bhd (Bina Puri) remains as one of prospective beneficiaries getting a ‘slice of the pie’, given its established presence in the northern Malaysian Borneo state.

“Here in Sabah, I believe the boost would be on tourism,” said its executive director Matthew Tee during a recent briefing with the media on the group’s properties in Sabah.

Currently, Bina Puri has completed two flagship residential properties and one commercial hub in Kota Kinabalu. These residential properties: the high-end Jesselton Condominium in the Damai area, and the medium cost, four-storey walk-up Malawa Court apartments in Sepangar, gather a combined value of some RM83.1 million.

The commercial property Alamesra Commercial Centre, comprising blocks of shop and office, is worth RM85 million.

On the construction segment, Bina Puri is engaged in many projects involving institutions and road works in Kota Kinabalu. The latest construction project completed by the group was the phase one of its RM162-million contract with Universiti Malaysia Sabah, which was ahead of the targeted completion date by three month. Phase two, which will comprise new lecture halls, is expected to be finished by this May.

“These are a few of our projects in Sabah. Going forward, we will be focusing on two future projects, namely an apartment project called Jesselton View and a proposed condominium development named One Jesselton@Kepayan,” added Tee.

With an estimated gross development value (GDV) of RM66 million, the 16-storey Jesselton View comprising 80 units of apartments is slated to commence construction next month.

On the other hand, Tee disclosed that One Jesselton@Kepayan was still in the design stage. As such, construction would take another nine months to kick off.

“But we have bought the land. Tentatively, the condominium development should reach about RM75 million in GDV,” he added.