MARA Inc to jointly develop RM500m condominium in Kota Kinabalu next year


Rural Development Minister Datuk Seri Mahdzir Khalid said the joint development between MARA Inc and Axventure Sdn Bhd would begin in the first quarter of next year and was expected to be completed within three years.

KOTA KINABALU: MARA Corporation Sdn Bhd, via its subsidiary MARA Incorporated Sdn Bhd (MARA Inc), will be partaking in its first condominium development project here next year.

Rural Development Minister Datuk Seri Mahdzir Khalid said the joint development between MARA Inc and Axventure Sdn Bhd would begin in the first quarter of next year and was expected to be completed within three years.

He said the RM500 million project includes two seven-storey residential towers, 441 housing units and would be built on 5.48 hectares of land in the city’s Signal Hill area.

"This project will also be used as an example of housing development initiatives under Malaysia My Second Home (MM2H) programme which will bring many benefits to Sabah’s economy through the entry of foreign investors and tourists,” he told reporters here today.

Earlier, Mahdzir attended a groundbreaking ceremony for the proposed project which was officiated by Sabah Chief Minister Datuk Seri Hajiji Mohd Noor.

Commenting further, Mahdzir said the proposed project would enhance the property landscape of Kota Kinabalu, which is anticipated to portray a modern lifestyle in line with current developments.

"A total of 14 shop lots with an area of ​​20,000 square feet are also provided to traders who will be selected according to the suitability of modern concept business activities.

"Through this project, I believe Sabah will be able to continue to grow in line with the aspirations of rural development and further help improve the local economy,” Mahdzir said.

He also noted that the project was expected to create 2,000 to 3,000 job opportunities in the state.

Meanwhile, Hajiji said the condominium project would attract foreign investors to Sabah through the MM2H programme.

"The construction of the project is timely because the state government is actively seeking foreign investors, especially in the manufacturing and tourism sectors,” he said.

The chief minister said the Sabah government welcomes the construction of the project which is expected to create many job opportunities for the people of Sabah. - Bernama

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