Kota Kinabalu, Sabah has a new oceanfront 460-unit luxury condominium, 100 units of which was booked up in a private preview.
100 units valued at RM330 million booked up in private preview
The 100 units at Coral Bay condominium offered up at the preview were instantly booked up and even oversubscribed. The total for the units came to approximately RM330 million or S$111 million. The project is developed by GSH and is situated in the oceanfront gated community of Sutera Harbour Resort. The project has an estimated completion date of 2022.
The luxury development comprises of eight 12-storey towers with apartments ranging in size from 1,500 sq ft for a 2-bedder to 9,000 sq ft penthouses. Prices of the apartments start from RM2.3 million.
Coral Bay is developer’s second foray into Malaysia’s real estate market
This is not GSH’s first foray into the Malaysian real estate market. They also have a hand in building a residential project in Kuala Lumpur in 2016 – the Eaton Residences. They have spotted Kota Kinabalu for its growth potential, calling it one of the fastest-growing cities in South-east Asia.
Perhaps the recent tourism boom has brought substantial investor monies into the state. Sabah has a plethora of natural attractions such as Mount Kinabalu, nature parks, and relatively untouched beaches. With these as a draw, owner-occupiers, investors and even those looking to buy a vacation property or rent holiday apartments may be well-poised to enter the luxury property and rental markets.
While the yields are yet hypothetical, the margins of growth could be sizeable.
Interested to invest? Join us at the Malaysia Home and Investment Expo on the 23 to 24 June 2018.