Sunday, February 26, 2012

RM3b Aeropod project at Tanjung Aru takes off

Kota Kinabalu: A RM3 billion mixed commercial development that will see the Tanjung Aru Railway Station getting a major facelift has begun with the launch of the Aeropod by internationally-renowned Malaysian developer, SP Setia Berhad, Saturday.

The ambitious project would be done in five phases and includes retail offices, three hotels (including a 5-star hotel). They are expected to be completed between eight and 10 years from now.

Preparation of the infrastructures as well as construction of the State Railway Department headquarters at the present station would be done under Phase One.

Costing more than RM200 million, the first phase is expected to be completed in three years.

The launching ceremony was a culmination of more than three years of studies conducted by SP Setia to know Sabah and bring their worldwide knowledge in terms of property development into the State.

Officiating at the event, Chief Minister Datuk Seri Musa Aman said the State Government welcomed such initiative as Sabah aimed to continue positioning itself as a main gateway for investments from within the region, including through the region of Brunei Darussalam, Indonesia, Malaysia, Philippines-East Asean Growth Area (BIMP-EAGA).

He said in tandem with the aim, the real estate market has also become stronger in recent years with increased investor interest and overall confidence in Sabah's economic growth.

"We are seeing an upward trend in real estate value not only in Kota Kinabalu, but also in other major towns like Sandakan, Tawau and Lahad Datu," he said.

Musa who is also State Finance Minister said the redevelopment and modernisation of the railway station, which is situated within SP Setia's Aeropod, is especially important as the State enters the second phase of the Sabah Development Corridor (SDC).

He said the Aeropod's proximity to the Kota Kinabalu International Airport (KKIA) and integration with the Tanjung Aru railway station will allow it to benefit from the projected growth in tourist arrivals to Sabah.

"The development of tourism calls for a number of initiatives, including improvement of our transport systems, such as the redevelopment and modernisation of the Tanjung Aru Railway Station.

"This is one of a number of efforts that will provide an impetus to Sabah to attract a greater number of visitors, helping the SDC achieve part of its goals.

"The second phase will run until 2015 and will see the SDC pursuing an ambitious list of development projects to generate employment and income for Malaysians in Sabah, and to help jump-start sustainable economic growth," he added.

Musa said that the cumulative planned investment that has reached RM63 billion, almost four times the target value set in 2010 now that the SDC is entering its second phase of growth.

He also said that the railway line from Tanjung Aru to Tenom has been around since the early 1900s and is steeped in history as a transportation link built by the British to transport produce from the inland to the coast for export.

Continue reading (Incl. Pic) at: RM3b Aeropod project at Tanjung Aru takes off

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