KOTA KINABALU: Vinci Construction Grands Projets Sdn Bhd has been awarded the main contract to complete Jesselton Residences in Kota Kinabalu, Sabah, by Palikota Sdn Bhd.
Palikota is a wholly-owned subsidiary of Jesselton Waterfront Holdings Sdn Bhd (Jesselton Group), and Vinci Construction is a wholly-owned subsidiary of Vinci, a French concessions and construction company founded in 1899 as Societe Generale d’Enterprises.
Projects undertaken by Vinci Construction in Kuala Lumpur include the Berjaya Times Square and Berjaya Central Park, which incorporate the Ritz Carlton Residences and offices for Bangkok Bank. In Kota Kinabalu, Vinci Construction is building Menara Hap Seng in the central business district (CBD).
Jesselton Group executive chairman Datuk David Chu expressed confidence that with the appointment of Vinci Construction, purchasers will be assured of quality finishes and construction.
Jesselton Residences has a gross development value of RM700 million and is scheduled to be completed by July 2016. The development features three towers comprising 333 luxury condominium units and a premium mall in the podium. The mall will have 123 lots spread over three floors with a net lettable area of 80,000 sq ft. The building has 28 storeys and will be the tallest building in the Kota Kinabalu CBD waterfront area.
The selling price of the units starts from RM700 per sq ft with built-ups ranging from 1,669 sq ft to 2,266 sq ft. The mixed development was first launched in December 2011 with a take-up rate of 80%.
About 80% of buyers are Sabahans. The rest are from countries such as China, Hong Kong, Japan and South Korea with direct flights to the Kota Kinabalu International Airport.
This article first appeared in The Edge Financial Daily, on January 2, 2015.