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Wednesday, April 15, 2009

Plans for RM220m housing projects in KK industrial park

KKIP Sdn Bhd (KSB), developer of the Kota Kinabalu Industrial Park (KKIP) in Sabah, will launch four housing projects worth RM220 million within the 1,344.51ha integrated park, its chief said.

From June this year, KSB will offer 750 houses, priced from RM190,000 to RM500,000 each. They include apartments, terraced and semi-detached houses, bungalows and townhouses.

These are the first of a series of houses the company is building at KKIP to facilitate growth, chief executive officer Datuk Chong Hon Len said.

"The Sabah property market is stable. Prices are appreciating in value despite the turmoil. There is demand accelerated by activities at KKIP, and we are optimistic on sales," Chong told Business Times in Kuala Lumpur recently.

KSB, which is owned by the Sabah state Government, was set up in 1994 to manage developments at KKIP, which is a premier growth centre in the Brunei-Indonesia-Malaysia-Philippines East Asean Growth Area (BIMP-EAGA) region.

KKIP encompasses residential, commercial and industrial zones, which could reap in more than RM15 billion in gross development value over the next ten to 15 years, Chong said.

KSB is projecting a population of 50,000 by the end of the development.

For its fiscal year ending December 31 2008, the company has forecast a revenue of RM100 million from land and property sale, which is higher than previous years, Chong said.

KSB is selling 140ha of industrial land.

"We will continue to build and invest, albeit cautiously. There is no good or bad time in an economic cycle. We just have to be careful. The industrial zone is 75 per cent developed, so the focus will be to strengthen the other two zones," Chong said.

Chong said 137 manufacturing firms and 11 training and research institutions have set foot at KKIP. Around 45 factories are under construction.

KKIP is aimed at players in the resource-based industries, which includes forestry, palm oil, cocoa, agricultural, livestock, fisheries, and silica.

It is also for non-resource based industries such as electronics and electrical, metal and plastic, automotive and transportation, and warehousing.

By Business Times (By Sharen Kaur)

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