KOTA KINABALU – In its first foray into Sabah’s property development market Majlis Amanah Rakyat (Mara) subsidiary, Mara Incorporated Sdn Bhd will be collaborating with Axventure Sdn Bhd to build a 441-unit condominium development worth about RM500 million.
Rural Development Minister Datuk Seri Mahdzir Khalid said the proposed development located at Signal Hill, near here, will likely take-off in the first quarter of next year.
He said it will also be the first for Mara to build a commercial-type residential development in Sabah.
“We decided to choose Kota Kinabalu because of Sabah’s reputation as a tourist destination.
“Tourists would prefer Kota Kinabalu. It has a mountain, sea and islands.
“Many tourists in the Asian region spoke of Sabah, they especially talk about the popular island of Sipadan,” he told reporters after the groundbreaking ceremony at a five-star resort here, today.
The proposed development called “The Eminence” is sited at a 2.21ha land in Signal Hill, where Mara is expected to build a twin-tower residential condominium block, seven-storey parking lot, a swimming pool, a children’s playground, gymnasium, and recreational facilities.
Earlier during the opening, Sabah Chief Minister Datuk Seri Hajiji Mohd Noor said The Eminence would be able to generate up to 1,000 jobs for the locals, while also awarding subcontracts to local contractors.
“The project offers a potential opportunity to 1,000 locals apart from the various economic spin-offs to Sabah.
“It is a good project since it can attract the interests of foreign investors into Sabah via the Malaysia My Second Home programme,” he said.
On the same note, Hajiji also highlighted the state government’s effort in providing homes to locals, saying the Sabah Housing and Town Development Board (LPPB) is in the midst of constructing 175 low-cost houses in Kemabong, Sukau, Melalap and Beluran under the 12th Malaysia Plan.
He said LPPB has completed 29,218 low-cost houses across Sabah since the 11th Malaysia Plan, while 21,800 houses were built in 32 People’s Housing Projects (PPR).
“Four PPR projects are currently under construction in Pitas, Tagasan (Semporna), Kionsom (Inanam) and Lahad datu,” he said.
Commenting on the shutting down of Kolej Poly-Tech Mara in Semporna, Mahdzir said this was due to the college operating at a loss. He said the accumulated loss from 2010 until now was around RM28.5 million.
“We are also feeling guilty (that it had to be closed). It has a maximum capacity of 600 students but there are only 196 students left at present,” he said. – The Vibes, November 30, 2021
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