Mah Sing Group Bhd recently achieved a new milestone for its ongoing Sutera Avenue @ Kota Kinabalu project in Sabah, with a topping up ceremony for the structural completion of the project held late last week.
The occasion also marked the project as being on schedule for full completion by the first quarter of 2017, said Mah Sing.
The RM502 million development, featuring components such as the Lifestyle Shop-Offices, Festive Avenue Retail shops and The Residences, will sit on a 4.26-acre site close to Kota Kinabalu’s iconic Sutera Harbour Resort vicinity.
Mah Sing’s chief sales officer James Bruyns (pictured) said the commercial components of the development, Lifestyle Shop-Offices and Festive Avenue Retail, is fully sold and 75 per cent sold respectively.
“Sutera Avenue’s inherent feature, being an integrated development with a very strategic location, bodes well for its outlook as an effective property acquisition for retail yield or capital appreciation,” he said.
The Lifestyle Shop-Offices take the shape of 18 blocks measuring 10 storeys each, boasting sky bar concepts on the top of the buildings. For sale, the built-up areas reserved for sky bars measure 5,549sq ft and 9,386sq ft, and these are priced at RM12.8million and RM7.3million respectively.
Festive Avenue Retail offers two-storey retail outlets laid out in a first-of-a-kind street mall concept for Kota Kinabalu, with a 50ft wide pedestrian boulevard on the ground floor coupled with wide frontage for units on the top floor, which are served by escalators.
The retail units come in built-ups that start from 2,616sq ft, and according to the developer, these are suitable for boutique shops, gourmet outlets and other niche outlet concepts. Prices start from RM3.68 million.
Meanwhile, Mah Sing said the project’s residential offering, The Residences, will comprise 320 units housed in three towers. Priced from RM574,000, the units will feature built-ups ranging between 726sq ft and 1,220sq ft.
The serviced apartments sit atop the mall and offer facilities such as an infinity pool, playground and gym as well as necessary security features such as 24-hour surveillance, access cards to car park and lift lobby, closed circuit television (CCTV) and a secured reception lobby.
The project site also benefits from proximity to Sabah’s Coastal Highway, putting it in good position to leverage on a good volume of local and tourist visitations, making it a potential new hotspot for the state capital.