KUALA LUMPUR (March 26): MAH SING GROUP BHD [] has proposed a commercial property project in Kota Kinabalu’s central business district with a combined gross development value of RM830 million.
It said on Monday its unit Capitol Avenue Development Sdn Bhd had signed a joint development agreement with Paduan Hebat Sdn Bhd to jointly develop a 4.26 acres of prime leaseholde commercial land.
“Under the terms of the agreement, Paduan Hebat agrees with Capitol Avenue to jointly develop the land for an entitlement of RM39 million or approximately RM210 per square foot,” it said.
Mah Sing said Capital Avenue also had the exclusive option to jointly develop with Paduan Hebat another two parcels of adjacent commercial land, measuring 4.408 acres at an entitlement price of RM216.00 per sq foot or RM41.5 million.
It said based on preliminary plans, the proposal was a niche development with an estimated gross development value of approximately RM360 million for the 4.26 acres land and RM470 million for the 4.408 acres option Land.
“Tentatively called Sutera Avenue, the proposed joint development comprises multi-storey shop offices fronting the coastal highway and complemented by street mall retail lots as well as serviced apartments.
It said on Monday its unit Capitol Avenue Development Sdn Bhd had signed a joint development agreement with Paduan Hebat Sdn Bhd to jointly develop a 4.26 acres of prime leaseholde commercial land.
“Under the terms of the agreement, Paduan Hebat agrees with Capitol Avenue to jointly develop the land for an entitlement of RM39 million or approximately RM210 per square foot,” it said.
Mah Sing said Capital Avenue also had the exclusive option to jointly develop with Paduan Hebat another two parcels of adjacent commercial land, measuring 4.408 acres at an entitlement price of RM216.00 per sq foot or RM41.5 million.
It said based on preliminary plans, the proposal was a niche development with an estimated gross development value of approximately RM360 million for the 4.26 acres land and RM470 million for the 4.408 acres option Land.
“Tentatively called Sutera Avenue, the proposed joint development comprises multi-storey shop offices fronting the coastal highway and complemented by street mall retail lots as well as serviced apartments.
