KOTA KINABALU, Nov 30 – Mara Corporation Sdn Bhd (Mara Corp) is venturing into Sabah’s property market for the first time with a 441-unit condominium on the prime Signal Hill overlooking the city.
Rural Development Minister Datuk Seri Mahdzir Khalid said that the company was keen to tap into the market which was a big tourism and travel earner pre-pandemic due to its many nature attractions.
“It is known for its mountains, sea and many islands. So we are using this as an initiative for the Malaysia My Second Home (MM2H) programme among others to attract foreign investors and visitors,” he said during the groundbreaking ceremony at a hotel here today.
He said that the project would be able to regenerate the slow economy for many sectors by providing jobs to some 2,000 people from locals, to professionals, semi professionals and support staff.
The project, set on prime land in the city, which has a view of both the sea and the mountains, will have two residential blocks, 14 shop lots incorporating a sky deck and other modern amenities, housed in 5.48 acres of land. Its partner in this venture is Axventure Sdn Bhd.
It is expected to kick off in the first quarter of next year, and is expected to be completed within three years. Prices have yet to be determined.
Sabah Chief Minister Datuk Hajiji Noor, who was also present at the launch said it was a good project that could attract foreign investors to Sabah, while creating an economic spin-off in the surrounding area.
“I believe the timing of the project is right because the state government has succeeded in attracting several new investments in the manufacturing and tourism sectors,” he said, adding that these investors would definitely need basic amenities including houses.