CONSTRUCTION of The Shore, the first full-fledged serviced residences in Kota Kinabalu, has started and is expected to be completed in 2022.
The Shore is a 25-storey tower comprising 561 units of serviced apartments with a gross development value of RM575 million.
It is being developed by Titijaya Land Bhd and China Railway Engineering Corp Development (M) Sdn Bhd, one of the world’s largest construction companies, via a joint-venture company.
The Shore is the first joint-property development project between the two companies in Kota Kinabalu.
The ground-breaking was held last month at the project’s 0.74ha site, witnessed by Sabah Local Government and Housing Minister Datuk Seri Panglima Haji Noor.
“With this ground-breaking ceremony, we have officially opened a new chapter in the corporate history of Titijaya, that is expanding our presence in Sabah,” said Titijaya group managing director Lim Poh Yit.
The Shore’s selling price starts from RM453,000 per unit, with the built-up area ranging from 409 to 541 sq ft.
According to Lim, half of the units have been taken up by local and foreign investors.
He said The Shore was the only quality branded serviced apartment in Sabah which was affordable.
When completed, The Shore will be the tallest building in the city centre.
It will have the highest observation deck in Borneo and be equipped with a rotating sky bar.
The building will sit on a prime area in the central business district.
Lim said The Shore would offer higher-quality accommodation for the local community and boost Sabah’s business and tourism activities.
“The demand for hotels in Kota Kinabalu has been on the rise, driven by increasing direct flights into the city,” he said.
The Shore will be managed by The Ascott Ltd for 15 years.
Ascott is the world’s largest international serviced residence owner-operator.