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Monday, January 11, 2010

Sutera Harbour Resort up for sale?

The five-star 956-room Sutera Harbour Resort in Kota Kinabalu, Sabah, is up for sale for an estimated RM1.5 billion, sources say.

Sprawling over 155.5 hectares of reclaimed land, the asset includes two hotels - The Pacific Sutera and The Magellen Sutera, a 27-hole golf and country club and a 104-berth Sutera Harbour Marina.

The Pacific Sutera and The Magellen Sutera have 500 and 456 rooms, respectively.

The property is understood to be owned by Singaporean Datuk Edward Ong Han Nam through OCK group of companies.

Sutera Harbour, which opened in 1998, is said to have met several real estate agents for a possible disposal of the property.
It is unclear if any offers have been made.

Sutera Harbour neither confirmed nor denied if the property has been put up for sale when contacted.

"As far as the management is concerned, there is no change in the corporate structure of the company," Sutera Harbour Resort director of public relations Nilakrisna James said in an e-mail to Business Times (BT).

This OCK Investment Pte Ltd's project was reported for a planned RM1.2 billion resort-cum-residential development. OCK is a family-owned company which is mainly involved in the construction and property development.

In an agreement with the Sabah state government, the state had the option to take up to a 20 per cent stake in the Sutera Harbour Resort project. However, BT was unable to ascertain if the state had exercised the option.

By Business Times (by Vasantha Ganesan)

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