The state government of Sabah has called on developers to venture into its property market.
Notably, the Kota Kinabalu property market is currently booming, thanks to the expansion of tourism industry and the increase in private investments, reported New Straits Times.
According to State Local Government and Housing Minister Datuk Hajiji Noor, the market had been resilient from 2008 to 2014.
“Over the past years, economic activities have remarkably improved since the implementation of Sabah development corridor projects, especially those related to tourism.”
“The strategy under the tourism development is to target high-yield and long-stay visitors.”
Bernama reported that the state has introduced various programmes and initiatives to encourage local and foreign investors to venture into the state, like the Malaysia My Second Home (MM2H).
“Undoubtedly, Kota Kinabalu is the ideal location to apply for MM2H, given its strategic location and accessibility and increasing demand for properties,” said Hajiji at the ground breaking ceremony of The Shore development project.
A collaboration between China Railway Engineering Corp and Titijaya Land Bhd, The Shore comprises 561 exclusive suites spread across a 25-storey mixed commercial development.
Units at the RM575 million project, which is set to be completed in 2022, are priced from RM453,000, while build-up sizes range between 409 sq ft and 541 sq ft.
“We are bringing investment opportunities from mainland China to the domestic market, particularly to Sabah through this collaboration,” said Hajiji.
“This is in line with the main objectives of One Belt One Road to improve connectivity and cooperation between countries to increase infrastructure and trade exercises.”
Image sourced from NST Online
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