KOTA KINABALU (Sept 30): Ho Hup Group’s maiden project in Kota Kinabalu, The Crown Service Suites, is 60% taken up. The project, which carries a gross development value (GDV) of RM590 million, was soft-launched in June last year.
“Despite the soft market, the response to The Crown Service Suites has been encouraging. We believe the property market here is still going strong,” said Ho Hup Group chief executive officer Datuk Derek Wong Kit-Leong at the unveiling of The Crown sales gallery on Saturday. The event was officiated by Sabah Chief Minister Datuk Seri Mohd Shafie Apdal.
“We witnessed tremendous growth in Kota Kinabalu recently, particularly in infrastructure, and in tourist arrivals from countries such as China, Korea, Japan and Hong Kong. This fuels the tourism real estate sector here,” Wong said.
The Crown Service Suites comprises four towers of 14-storey service suites with 323 units in total. The units range from 1,360 sq ft to 1,986 sq ft and are priced between RM1.26 million and RM2.43 million. Meanwhile, its duplex units and penthouses are priced between RM3.07 million and RM4.61 million.
“The pricing of The Crown Service Suites units is competitive. Neighbouring developments in the area are charging between RM1,300 and RM1,500 psf (per square foot) compared to The Crown Service Suites (RM900 psf). There is definitely more room for capital appreciation for our buyers,” said Wong.
“Our units are sizeable, and we are targeting both the local and foreign markets such as Brunei and Hong Kong. We aim for a good mix of owner-occupiers and investors. This is also a commercial titled development, hence operating Airbnb is allowed,” he added.
The Crown Service Suites forms part of The Crown mixed development. The Crown has a total GDV of RM900 million comprising four towers of 14-storey service suites (323 units), one tower of 14-storey hotel (376 rooms), and a two-level commercial and retail component (50,000 sq ft).
Sitting on 4.988 acres (2.02ha) of land, The Crown is located in Kota Kinabalu city centre, facing the Sutera Harbour and KK Waterfront. It is also located next to the Kota Kinabalu Sentral Main Bus Terminal and is 6km away from the Kota Kinabalu International Airport. Nearby landmarks include The Crowne Plaza Hotel and the Imago Shopping Mall. The leasehold development is due for completion in late 2021.
Ho Hup was formed in 1960 as a construction company, and was listed on the Main Market of Bursa Malaysia in 1991 as Ho Hup Construction Company Bhd.
The group has since diversified its activities through three main divisions: construction, civil engineering and property development. Its portfolio of projects includes Aurora Place and Aurora Sovo in Bukit Jalil.
This article first appeared in The Edge Financial Daily, on Sept 30, 2019.
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