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Wednesday, May 9, 2012

Suria plans landmark project in Sabah

KOTA KINABALU: Suria Capital Holdings Bhd's venture into property and development is now taking shape after securing 9.4ha here for a landmark project.

The group, which is involved in ports operations, bunkering services, construction and engineering, aims to have a mixed development there to complement Yayasan Sabah's proposed Sabah International Convention Centre (SICC) nearby.

Suria group chairman Tan Sri Ibrahim Menudin said it now has the land title after paying half of the RM142 million land premium.

"Before we begin the process to develop the land, the management is in discussion with some groups, which we hope to conclude before the next annual general meeting (AGM).

"This project located next to the Kota Kinabalu port and the upcoming SICC will be a new landmark in the state capital," Ibrahim said after the group's AGM at Sabah Ports Sdn Bhd office at Sapangar Bay Port here yesterday.

He said the project will involve a gross development value of RM1.8 billion, with construction spanning five to eight years.

"The mixed development will include two hotels where we are looking at 800 to 1,000 rooms, plus commercial, retail and residential lots," he added.

Ibrahim said besides the 5,000-capacity SICC, Yayasan Sabah reportedly will also build two hotels within the 10ha location.

"We are not involved in that but as of now, I think they are in the process of doing a traffic flow study there to avoid congestion."

Suria Group recorded RM276.01 million revenue last year, up eight per cent from RM254.97 million in 2010.

Its pre-tax profit dropped to RM74.35 million from RM 75.56 million previously.

By Business Times

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