KOTA KINABALU: Rising private investments and expansion of tourism industry in Sabah's real estate sector have led to a booming property market in Kota Kinabalu.
State Local Government and Housing Minister Datuk Hajiji Noor said the market had been resilient between 2008 and 2014.
“Over the past years, economic activities have remarkably improved since the implementation of Sabah development corridor projects, especially those related to tourism.
“The strategy under the tourism development is to target high-yield and long-stay visitors,” he said during the ground-breaking ceremony of Titijaya Land Berhad’s The Shore project here.
Hajiji added that the government also aimed to address property affordability via the “Malaysian My Second Home” scheme and had established an immigration office to facilitate registrations.
Meanwhile, on The Shore, which is Titijaya’s first project in the East Malaysia, will be completed by 2022.
Titijaya deputy group managing director Lim Poh Yit said the 25-storey serviced residence with 561 units has a gross development value of RM575 million.
The selling price starts from RM453,000 per unit with build-up sizes ranging from 409 to 541 square feet.
To date, the take-up rate of the sales is more than 50 per cent.