KOTA KINABALU 4/11/2012: Sabah will boom in the next 10 years with billions of investment by the government, Petronas and international companies.
Kota Kinabalu has the potential to become the jewel of South East Asia due to the beauty of our nature and our people, Tan Sri Dato’ Seri Haji Megat Najmuddin Megat Khas, chairman of Asian Pac Holdings Bhd, said at the launching of Loft C, 110 units of luxury serviced residences of KK Times Square Phase II, here on Friday.
The total investment cost for KK Times Square Phase II is RM570 million. KK Times Square is developed by Syarikat Kapasi Sdn Bhd, a wholly owned subsidiary of Asian Pac Holdings Bhd.
The eight-acre of KK Times Square Phase I comprises shop offices, the 15 acres of Phase II will include shopping, food and beverage, leisure and entertainment centre, exterior shops, and five blocks of serviced residences.
The five blocks of serviced residences, namely Loft A, B, C, D and E, will house 631 units in total.
Loft C, with its spectacular sea view, offers various types of designs from 1+1 bedrooms to 4+1 bedrooms, ranging from 704 square feet to 4,171 square feet.
With an average selling price of RM983 per square foot, the price of Loft C units ranges from RM754,000 to RM2,818,000.
Residents of Loft will also enjoy a three-acre Eco Deck, a greenery park with landscaped water feature, garden and sculptured lawns, equipped with gym facilities, children’s playground and covered walk path providing access and recreation.
In addition, KK Times Square will feature an internationally renowned four-storey Imago shopping mall measuring 800,000 square feet of lettable space upon completion of the final phase.
Megat Najmuddin said Petronas would be spending RM45 billion in the next 10 years in Sabah, while the government would also spend billions in upgrading the infrastructure in the State.
With the money and investment into Sabah by the government, Petronas and international companies, Megat Najmuddin said it was his hope that Sabah would boom in the next 10 years.
To achieve this, Megat Najmuddin said Sabah need to bring in more talents from overseas and Peninsular Malaysia to develop Sabah into a destination like Dubai or Singapore.
“We don’t want second grade development in the State.
“We must upgrade the city to something like Dubai and Singapore, and it is important to make that dream come true,” he stressed.
KK Times Square, as Megat Najmuddin said, was constructed using first class materials and engaged first class architects to produce first class architectural design.
He believed that the KK Times Square project, which he said to be the only kind of integrated living in Malaysia, would uplift Kota Kinabalu to a new level.
“KK Times Square offers all-in-one lifestyle package.
“You can live here, you can work, you can play at this place.”
Meanwhile, Dato’ Mustapha bin Buang, managing director of Asian Pac Holdings Bhd, said the construction of Phase II had reached 30 to 40 per cent and it was expected to be completed in the first quarter of 2014.
Mustapha said Loft A, B, D, E, which were launched previously, had an average take-up rate of 80 per cent.
“Loft B was launched a year back and it has a good take-up rate of 93 per cent,” he said, adding that majority of the buyers were locals.
With the launching of Loft C, Asian Pac Holdings Bhd is offering 11 per cent guaranteed rental return over two years, which is 5.5 per cent per annum. Those who purchase for their own stay will receive five per cent plus two per cent special rebate.
The first 50 purchasers on Friday were entitled to a business class ticket to Paris for one person worth between RM10,000 and RM20,000.
Also present at the launching were Asian Pac Holdings Bhd senior manager of sales Lilian Lung and group accountant Y.Y. Liew.
by Chok Sim Yee