SGX-listed GSH Corp is new owner of Sutera Harbour Resort (Update)

KOTA KINABALU: One of Sabah’s premier resorts is beginning the new year with a change of ownership after Singapore Exchange-listed property developer GSH Corp Ltd has acquired a 77.5% stake in Sutera Harbour Group Sdn Bhd, the owner and operator of the Sutera Harbour Resort here.

GSH, through two of its wholly-owned subsidiaries Ocean View Ventures Pte Ltd and Ocean View Point Pte Ltd, is also acquiring two separate land parcels totalling nearly 10ha within the 154ha Sutera Harbour property for future luxury condominium development.

GSH is a property development company with interests in China and Malaysia and is headed by Sam Goi, the executive chairman of Tee Yih Jia Group.

Tee Yih Jia is a global food and beverage group with operations in Singapore, Malaysia, the United States, Europe and China.

“Kota Kinabalu is a rising property hotspot in Malaysia and we see robust potential for prime real estate in the city, fuelled by strong tourism growth from South Korea, Japan, Hong Kong and China,” said GSH chief executive Gilbert Ee yesterday.

“The number of visitors from these countries is growing exponentially and accounts for more than half of total international arrivals to Sabah, with more than a third of them from Hong Kong and China,” he said.

“Apart from tourism, the Sabah has experienced strong gross domestic product growth in 2012, thanks to its key sectors of agriculture and oil and gas. With such strong fundamentals, we see great potential in Kota Kinabalu’s luxury hospitality sector as well as premier resort homes.” Ee added. He said Sutera Harbour and its surrounding properties were positioned to benefit from this growth.

“Its location is within 10 minutes from the city and yet provides a quiet, exclusive and secure ocean-front property with spectacular scenery. “This is a rare find anywhere in Asia and we are excited at the opportunities that this property will bring to GSH,” Ee added.

Sutera Harbour Resort group president Datuk Edward Ong Han Nam, the founder and developer of Sutera Harbour, said he was excited with the deal as it would propel the resort to the next level of tourism development in Sabah.