More foreigners expected to stay in Jesselton Residences
KOTA KINABALU: Jesselton Group has entered into a strategic collaboration with Taiwan-based CSX Holdings Sdn Bhd on the puchase of its units in Jesselton Residences.
Both companies signed a sale and purchase agreement for CSX Holdings to bulk purchase the 26 remaining units in Jesselton Residences waterfront condominium for RM51.9 million.
The signing was done by Jesselton Group founder Tan Sri David Chu and CSK Holdings chairman Charles Tsao on Wednesday.
The RM51.9 million worth of investment purported to target Taiwanese and foreign investors boosted Jesselton Residence’s profile.
CSX Holdings managing director Anson Ng said they were attracted to purchase the units due to its strategic location in the heart of the city and he strongly believes that Jesselton Residences can provide investors with sustainable profit and growth return through its developer’s strong capital and risk management skill.
Jesselton Group and CSX Holdings collaboratively strives to elevate the international presence of Jesselton Residences and make Sabah more appealing for foreign investment.
CSX Holdings is a real estate investment group founded by Tsao and Ng with diversified investments in apartments, office buildings and industrial factories at strategic locations such as Klang Valley and Kota Kinabalu.
Presently, CSX Holdings has invested a total property value of approximately RM300 million with over 250 total property units. CSX Holdings’ portfolio of Sabah’s real estate investments include Sutera Bay, Bay Suites and Banyan Valley developments.
Jesselton Group is a reputable property development group in Sabah founded by Chu who is committed to create exceptional living spaces that inspire and bring enrichment to the lives of residents in his developments.
Through its subsidiary, Palikota Sdn Bhd, Jesselton Group has completed Jesselton Residences & Jesselton Mall in 2017 with a Gross Development Value (GDV) of RM700 million. Jesselton Group has also recently completed Jesselton Twin Towers, the tallest building being built in Borneo with a GDV of RM800 million.
Jesselton Residences was the first building development to be approved with a height of 28 storeys in Kota Kinabalu city waterfront during its launch.
This newfound achievement in the building height of Jesselton Residences has initiated a trend of high-rise property developments in the northern region of Kota Kinabalu City.
With the upcoming surrounding developments including The Peninsula and the redevelopment of Kota Kinabalu International Cruise & Ferry Terminal that are linking Hyatt Centric Hotel, Suria Sabah Shopping Mall, Jesselton Quay and Jesselton Residences & Jesselton Mall in the whole of the KK City northern region. It will be the new KK City Centre with seamless connectivity of shopping, food and beverage outlets, hotels and tourist stops within the next five to eight years like in Singapore Orchard Road, Singapore Marina Boulevard and Kuala Lumpur Pavilion Bukit Bintang.
Built by French conglomerate Vinci Construction and managed by international renowned property consultant Knight Frank, Jesselton Residences distinguishes itself as the exclusive high-end residential condominium along the waterfront of Kota Kinabalu City and this has drawn a significant number of international expatriates to choose it as their preferred living location.
Currently, about 32 per cent of the occupied units in Jesselton Residences are owned or leased by foreigners, particularly expatriates from South Korea, China, Taiwan, Hong Kong, and several European countries.
With CSX Holdings’ acquisition of these 26 units, predominantly projected to attract Taiwanese and foreigner buyers to live, the percentage of foreigner residents in Jesselton Residences is expected to be raised to 40 per cent. This will mark an unprecedented high in Sabah’s condominium development history.