Suria Capital Optimistic On Its Business Developments Despite 2023 Headwinds

Suria Capital Holdings Berhad operator of Sabah’s major ports and oil terminals, in its 2022 annual report said it anticipates 2023 to be challenging due to global external factors, however, it remains optimistic that the positive developments surrounding its businesses will bode well moving forward as it progresses and repositions itself for sustainable growth.

Its main core which is the port business, the extended concession period for Sabah Ports Sdn Bhd up till the year 2064 enables it to continue its port expansion and upgrading programme. The long-term plan for the development of the Sapangar Bay Integrated Port which comprises Sapangar Bay Container Port, Sapangar Bay Oil Terminal, and Sapangar Bay Conventional Cargo Terminal is intact it said.

  • Construction works are currently underway and scheduled to be completed by 2025. Upon completion, Sapangar Bay Container Port is expected to handle an increased capacity of up to 1 million twenty-foot equivalent units, from 500,000 TEU currently. Concurrently, the construction works for the additional jetty at Sapangar Bay Oil Terminal is progressing rapidly to meet the targeted operational commencement in the 3rd quarter of 2023.

Sapangar Bay Conventional Cargo Terminal, being the last component of Sapangar Bay Integrated Port, will be constructed in year 2023 with completion anticipated in 2027 to cater for general cargo handling and provision of ancillary services for the oil and gas sector.

On 16 January 2023, Sabah Ports had received approval from the State Cabinet of Sabah to enter into a strategic collaboration with DP World, a leading provider of worldwide smart end-to-end supply chain logistics. The negotiations and signing of the definitive agreements for the proposed collaboration between Sabah Ports and DPW are expected to be concluded in 2023. This would mark DPW’s maiden foray with a Malaysian seaport.

On the property front, phase two of Jesselton Quay which is to be developed on the remaining 10.3 acres of land is expected to commence by end of the year 2023 with completion targeted in 2030. The group will own the commercial shops within the heritage precinct of Jesselton Quay which will be completed in 2027.

As for the remaining parcels of land at Kota Kinabalu Port, SuriaGroup will be looking to form a strategic partnership with a reputable developer to implement the development of both the 7 acres and 28.9 acres of commercial land. The 7 acres of land is part of the ex-container yard of Kota Kinabalu Port that is readily available to be developed.

On the other hand, the 28.9 acres land consists of the main wharf of Kota Kinabalu Port and a large portion of the water body which requires reclamation works to be undertaken prior to commencing development.

Previous articleTixCarte Aims To Be Southeast Asia’s Largest Ticketing Engine
Next articleChinese Tourists Flock To Gambling Hub Macau For Labour Day Holiday


Please enter your comment!
Please enter your name here