Heart of Kota Kinabalu
It’s has been a while the project stop from progressing. Back in 2005, when 1 Borneo started selling and constructing, KK Mega mall was the main project that competing but despite good location and competitive selling prices, 1Borneo still leading all the way. Why? This is due to few jokers within the company start to quarrel due to greed!!! Anyway the project will start constructions soon by Mr Kuok (2nd generation of Kuok family, legend of Malaysia riches family and was listed in world list as dominator of Sugar supply).
This project expected to the prelaunch soon as early as next month offering various type of exciting investment worth considering especially for commercial shopping units. New developer expected to offer competitive prices and bring in different concept of mix tenant to make it more live and enjoying shopping environment. It’s going to be another area which investor should never miss due to location and surrounding “matured” residential area. With more than 20 condominium project expected to be built within 2-3KM from this mall (along Jln Tuaran, Likas, Signal Hill and Tanjung Lipat), this will boost the potential of this mall further in the near future. Anyway wait for the coming exciting event, press release below would be out next week and I personally expect this project to be done and completed with very very low uncompletion risk. New developer simply would not fail us again!!! Happy Investing.
You cannot Grow Land..CK Wong & MY RiCH DAD
Future News….
STALLED LIKAS MEGAMALL PROJECT TO RESTART SOON
MAKSAK and Ideal Prestige Sdn Bhd, under new ownership have inked an agreement to resume the project by next month. The 1st phase comprising almost 1.5 million square feet of commercial space and over 1800 car parks will be completed by Christmas 2013 according to the developers.
Represented by Datuk Henrynus Amin who is also the Secretary General of PBS, the Company announced that it would honor all the Sales & Purchase Agreements (over 350) previously entered into by the original developer. Datuk Henrynus said that these lucky purchasers would already see the value of their investments being doubled or even more. He said that reports from established valuation companies show that ground floor lots in Center-Point and Merdeka Mall are already exceeding RM3000 psf. He compared this with similar sized lots in Sungai Wang in Kuala Lumpur now exceeding RM25,000 psf whereas these same lots were only RM800 psf. just 15 years ago. He added that the new development to be called “PACIFIC PARADE” was modelled after Sungai Wang and 1 Utama, both considered to be commercially more successful than the “glamour malls” like the Pavillion in KLCC and Lot 10 in Kuala Lumpur.
Datuk Henrynus said “Our strong Chinese linkages will open the doors to Chinese products, Chinese capital, Chinese technology, Chinese resources and much more Chinese tourists. We will provide direct trade linkages between our shop lot buyers and China manufacturers and trade houses to ensure that they have a fantastic range of products to sell at very good margins.” He added that at present traders are only able to sell what is being offered by Peninsula suppliers thereby limiting both the range and the profit margins as these goods would have passed through several middlemen before reaching Sabah. “We will use our Chinese partners’ connections influence and experience to get the best deals on a direct basis for our customers. We are not just selling shop lots but also “Livelihood Opportunities” said Datuk Henrynus. He added that the success of the development would be dependent on its traders and it would therefore be in the interests of the developer to ensure that its traders succeeded.
The Pacific Parade is taglined as “The New Heart of Kota Kinabalu” and will be the biggest entertainment hub for both tourists and KK families. “We will be bringing in some of the best eateries from Malaysia, Singapore, Thailand, Indonesia and the Philippines and this will be “gourmet paradise”. With over 1000 condominiums on the site and our huge catchment area and matured market will be able to generate enough business to support these food outlets. We are mindful of the fact that surrounding our prime site are more than 10 large schools and we must therefore cater for this untapped market as well” added Datuk Henrynus.
The development has its Sales Office on site opposite the Sabah Trade Center and will be opening up for advance bookings of both its commercial shop lots and condominiums which are priced very competitively at starting prices of RM590 psf. whereas most developments of similar quality and comparable locations now sell for over RM800 psf. The developer however stressed that these prices were only for the 1st phase and later phases would carry much higher prices due to escalating construction costs.
Related posts:
TNBC Motor Sdn. Bhd.
Lot 1, Neutron Point,
Jalan Lintas Khidmat,
Kolombong, 88300
Kota Kinabalu
Tel: 088-438000
Fax: 088-439000
{ 30 comments… read them below or add one }
Hi ck, is this news reliable? I can’t seem to find news related to this relaunching of pacific parade anywhere else. I am one of the 350 buyers and apparently I have not received any good news.
wait and see next month it’s not too long about 11 day’s more.
Dear CK
RM25,000 psf in Sungai Wang is a bit far fetched. Should be RM2,500?
Hi Chan, RM2500 is too cheap for Sg Wang….. I heard the price is hovering around RM10k to 18k p.s.f.
For RM25k p.s.f. i believe its for the best spot in the plaza
Agreed steven you are right.
wow! I read that in the papers too. Thanks for enlightening.
this mall will be one of all those mall’s coming up GOD know’s what will happen next.is it worth investing? not sure is it a good buy? how to know that? is it going to be a fast grwoing establishment? all these Q? are very important…but location wise it’s very good.. but look at likas square more or less at the same area and it has a condo plus a condotell on top of it ,is likas square doing good or not ?
Sound good! I wanted to hear from the Maksak first. The last time, one developer who claimed to take over the deal just made some noise and then gone silent. So what about Likas square? The place was so bad, the one I viewed, mould inside and outside the condo due to bad workmanship. Rain slipping into the condo. It has a beautiful view and location.
where is the exact location of this mall??anyone??
Dude, it is the vacant land opposite Likas Squre. Used to be a MAKSAK multipurpose hall there.
I don’t think you can compare Likas Square with this PP. The concept of PP is totally different from LS. The development plan has a very good mix of shoplots (affordable due to smaller size) to bring in more business & variety, Bintang Walk concept to promote places for people to hang-out, hotels to bring in the tourists, condos to bring in residents. Besides the Likas area has more than 10 schools, with a very matured middle to upper class population around. At one time, there was even talk of a medical center around this area. Years ago, I thought CityMall would flop because its location is in the middle of nowhere. Look at CityMall now – you cannot just ignore a good investment opportunity if you come across one because someone else will take it. PP is promoting a lifestyle theme which appeals to locals and tourists under one roof. With it central location (Heart of KK) and easy accessibility, this is a good investment. Go and check it out at their office for more details. When PP takes off, the winners are the buyers now.
are they going to participate at shareda expo next week?
They should have release a picture of it the development so that we could know how it looks like
Btw, the information at daily express is a bit different than yours CK…2.5 million sqf mall is bigger than 1borneo
May I have the contact number of pacific parade? Where is the developer office?
Thank You.
Karen
Much informative and useful article… I like it personally…
Heard the new developers have very strong partners-they got MCC from China to come to partner them as turnkey contractor. Read it in Chinese news. MCC is giant co-how did they manage to get MCC in? Must be super strong connections? Also another super sized developer from China going to join them according to market gossip in KL but they will be doing other big projects like FTZ in Sepangar-dunno if true or not.
Hi Guru,
PP had just come out with a newsletter to all their buyers. A new agreement with MAKSAK (the landowner) was signed on 15 Sep 2011 with the key points as follows:
1. Quality of project upgraded from previously 3-star to 5-star in content, finish, styling and management
2. All previous contracts signed will be honoured at previously sold prices conditional upon waiver of any claims.
3. An independent professional property management group appointed to manage the mall upon completion. (Developers will maintain 51% of the development).
4. MCC Construction from China will be the turnkey contractor. MCC is one of China’s largest multinationals with over RM50 billion in assets. They are a company co-invested by China Metallurgical Group Corp and Baosteel Group Corp. (Baosteel produces over 60% of China’s steel production). MCC is a Fortune 500 company – one of the largest 500 companies in the world. A team of 50 engineers and technical staff from China will be arriving to supervise the project.
5. Entire land area is 25 acres of prime commercial land. Phase 1 expected to be completed by Dec 2013. It is rightly dubbed the “Heart of KK” – a city within a city comprising of 1,500,000 sq ft of commercial space, 2,500 retail shoplots, 3,000 car parks, 1,500 condominiums/apartments.
This is the next big thing in KK. Best wishes to all buyers who had got a piece of the action. Happy investing.
Hi Karen – you can call “Ideal Prestige Sdn Bhd” at tel: 088-237555 or fax no: 088-242157. Their office is opposite Sabah Trade Centre in Likas, Kota Kinabalu. Email: sales@pacific-parade.my. Cheers.
Thank you AhJohn for the contact no. I just called and found out ground floor shoplots now for sale, ranging from RM2800.00 to RM2980.00 for 1 square feet!! My Goodness a 250 sqft lot would cost RM700,000.00!!
Hi, Ah Wong. I do have a ground floor unit which selling Rm 2600 per Sft. And still can negotiable.
Oh forgot to mention that their condos are not for sale/booking yet. They said maybe end of this year or early next year baru they start marketing.
Their website is up.
http://www.pacific-parade.my/
Just call up and its rm2500/sqft. its a worth buy?any comments?thanks in advance.
By having 2,500 retail stores, Pacific parade would become the largest shopping mall in the world in terms of no. of stores? Beating dubai mall, south china mall, sm mall asia,west edmonton mall,etc
Little bird said there is some problem with the new players. did you hear about it?
Personally I like this project from the start. who does like a mall with condo in a residential area packed heavily with 10+ schools with 3 solid buildings with big amount of workers/potential lunchers/shoppers (referring to Likas Square, Sabah Trade and the JPAN building)?
I went to ask abt the new management and had a very patient guy answer my all questions the other day. He mentioned his new boss was kind enuff to honor all the old buyers and the old buyers get to keep their lots long-bought-back-then at the old price!! Heck the new management even agrred to pay the old buyers who signed S&P afew years 3% LAD!!
I’m sure there are rumors flying everywhere abt these new players but I for one am the type who will wait and see if the new guys are really do anything to complete the project or not. For sure once physically work has resumed and when a soft re-launching is announced maybe that will be the time to see whether the rumors are true or not.
Dear all…
Is the “KK Megamall” resume construction by 6th November 2011 as briefing early? Have the China Team of engineers arrived? Ground Breaking ceremony? Pls enlighten us who are oversea..TQ
My cousin is letting go one of his units booked for the ground floor retail lots which is very strategically located along the Bintang Walk. For those of you who dont know, the row of retail lots located at the Bintang Walk has no restrictions over the operation hours, which means they can have 24 hours eatery with no problem at all. My cousin is letting go the unit at RM1800 per sq ft, which is about RM1000+ per sq ft cheaper than the developer price. Agreement will be prepared by him through appointed lawyer. Fees will be fully absorbed by him. Any interested taker can contact me at hermanchong@consultant.com TQ.
Was informed that construction has started aleady. Next payment for buyers expected to be in Feb 2012.
Hi Sifu Wong
Personally i think Pacific Parade has got the superb location and pretty
confident that it will become one of the hottest mall in KK.
But the prices either rm2800.00 or rm2980 per sq feet are really
expensive. Suppose if one want to open a boutique shop, just a
very small size shoplot say, 200sq. ft will costs rm560,000.00. Either
purchase it now for future own use (prices consider very high) or renting
from others (rental must be not cheap)
Besides that, once the mall completed, say out of 2500 shop lots,
just take 15% doing the same business, eg. boutique shops, that is
375 already which means hot competition. This is definitely good
for consumers as they have more choices, but i figure it is not easy
for those business owners who will be facing such huge competition under the same roof. KK polulation is not as huge compared to KL.
Can the shop owners manage to make reasonable profit in such
environment?
Other way around, now the price is already rm2800, how much future
appreciation can it be? Or my thinking is too negative?
Can Mr Sifu Wong or others please enlighten me with different positive ideas?
Tkanks.
Hi,
I also think its abit expensive..anyway I bought one unit;) but not at 2800. I got in back n 2009 at the price of below RM1100 which currently selling at RM 3000!! How good the mall going to be..we need to see how developer actions plans..I have no doubt over Mr Kuok family..He is second generation of Kuok..leading Of Malaysian richest family. happy Investing.
You cannot Grow Land..Ckwong