February 6, 2024 -- Suria Capital Holdings Berhad is pleased to announce that the company has entered into a joint venture agreement (JVA) with BEDI Development Sdn Bhd, a subsidiary of EXSIM Development Sdn Bhd (which is a well-established Kuala Lumpur based property developer), for the development of integrated mixed-commercial projects on two prime parcels of land in Kota Kinabalu, Sabah.
This marks a significant milestone for Suria's property development division, following the success of the Jesselton Quay Central (JQC) completion in 2023, serving as the inaugural phase of the Jesselton Quay waterfront development led by Suria and SBC Group.
The lands include the Jesselton Point Ferry Terminal in Kota Kinabalu, along with 10 acres of the Kota Kinabalu Port wharf and its surrounding water body. Collectively, these parcels span approximately 2.543 hectares and 11.69 hectares, respectively. The mixed-commercial developments will also encompass the redevelopment of a dedicated international cruise terminal and ferry terminal within the vicinity.
At a glance
- Company
- Suria Capital Holdings Berhad
- Announcement
- Partnership
- Location
- Kota Kinabalu, Sabah
Key figures
- Area of first land parcel
- approximately 2.543 hectares
- Area of second land parcel
- 11.69 hectares
- Kota Kinabalu Port wharf land
- 10 acres
People
- Datuk Ng Kiat MinGroup Managing Director of Suria Capital
Products and programs
Expressing enthusiasm for the collaboration, Datuk Ng Kiat Min, Group Managing Director of Suria Capital, stated, 'We are thrilled to partner with BEDI Development for these two significant parcels of land. Leveraging their prime geographical location fronting the South China Sea against the backdrop of Mount Kinabalu, the proposed development is conceptualised along a theme of an affluent and elite waterfront community.'
The JVA formalises the shared intentions of Suria and BEDI, outlining their respective rights and obligations concerning the development, construction, and completion of the project as the developers.
Surrounded by waterfront developments such as Jesselton Quay, Sabah International Convention Centre, and Kota Kinabalu Convention City, the mixed-commercial project will seamlessly integrate into the overall vision of the Jesselton Waterfront City masterplan.
Suria and BEDI Development look forward to the successful realisation of the proposed Jesselton Waterfront City envisioning it as a catalyst to propel Kota Kinabalu city into the epitome of vibrant waterfront living and a premier destination for upscale waterfront living.
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In brief
Suria Capital Holdings Berhad says it has signed a joint venture agreement with BEDI Development Sdn Bhd, a subsidiary of EXSIM Development Sdn Bhd, to develop mixed-commercial properties on two sites in Kota Kinabalu, Sabah. The sites include the Jesselton Point Ferry Terminal and land at Kota Kinabalu Port, with stated areas of approximately 2.543 hectares and 11.69 hectares, respectively. The proposed work includes redeveloping an international cruise terminal and a ferry terminal. The company says the project will form part of the Jesselton Waterfront City masterplan and follows the 2023 completion of Jesselton Quay Central. Suria Capital Group Managing Director Datuk Ng Kiat Min described the sites’ waterfront setting as a foundation for the development concept. The agreement sets out the parties’ rights and responsibilities for developing and completing the project.
Key takeaways
- Suria Capital and BEDI Development have entered a joint venture agreement for two Kota Kinabalu sites.
- The sites are stated to cover approximately 2.543 hectares and 11.69 hectares.
- Plans include mixed-commercial development and redevelopment of cruise and ferry terminals.
- The project is intended to fit within the Jesselton Waterfront City masterplan.
