Titijaya formalises collaboration with China’s CREC for RM575 million GDV
BEIJING: Titijaya Land Bhd (Titijaya), a Bursa Malaysia Main Market Listed Company involved in property development, has formalised its collaboration with CREC Development (M) Sdn Bhd (CRECD) to collaborate on a property development project known as The Shore in Kota Kinabalu, Sabah, which has a gross development value (GDV) of RM575 million.
Both parties exchanged the memorandum of understanding, witnessed by the Prime Minister, Dato Seri Najib Abdul Razak in Beijing on Sunday.
CREC is one of the world’s largest construction companies. It is also the JV partner with Titijaya on a project at Embassy Row.
Titijaya group managing director Tan Sri Lim Soon Peng said through the collaboration with CREC, both parties will be leveraging on each other’s capabilities to make this project a success.
“We are honoured to have CREC’s trust to work together for the second project,” he said in a statement.
“Jointly, we will be tapping into the growing property market in Sabah and aim to attract more investors from China, particularly those who favour the commercial and residential property industry, as well as investments in hospitality properties.”
Sabah is a popular tourism location, which is ranked at 6th on the 2016 Overseas Retirement Annual Index for the Best Places in the World to Retire. In recent years, it has become a place of choice as investments for investors and top tourist destination for the Chinese.
Located on the last vacant land in the heart of Kota Kinabalu City Centre, The Shore is a new waterfront premium class hub that entails luxury mixed- use commercial hub docked within a prime waterfront enclave of Kota Kinabalu.
Its unique U-shape design makes it the first of its kind within the vicinity. With 25 storeys in total, the development shall comprise 561 units in build-up sizes ranging from 409 square feet and 541 square feet. The project is expected to be completed within 48 months from the commencement of construction.