Suria Capital and BEDI Development Sdn Bhd ( a 75% owned unit of Exsim Berhad) have entered into two Joint Venture agreement for the purpose of developing two parcels of prime land within Kota Kinabalu Port area respectively measuring approximately 2.543 hectares held under Town Lease in Kota Kinabalu, Sabah.
The developers will undertake the development, construction and completion of the integrated mixed-commercial project on Land 1 and Land 2 respectively, with a collective net development value of approximately RM4.2 billion.
Land 1 of the 23.25 acres was alienated to Suria Capital during the privatisation of Sabah ports in 2003 (Suria Capital’s core business is in the management and operation of the eight major ports in Sabah through its wholly-owned subsidiary Sabah Ports Sdn Bhd). The land lease is for a period of 99 years, commencing from 1 January 2010 until 31 December 2108. Suria Capital had on 21 May 2013 entered into a joint venture agreement with SBC Corporation Berhad to develop the 16.25 acres of the 23.25 acres land as a mixed development project named as Jesselton Quay. The first phase of Jesselton Quay was completed in year 2020 and phase two of the project will commence in year 2024.
Land 2 (being part of the Development Land) was alienated to Suria Capital by the State Government of Sabah in 2017 for the proposed development of an international cruise terminal. The land lease is for a period of 99 years, commencing from 1 January 2018 until 31 December 2116.
