Jesselton Waterfront (new project)

Omg......This is so great......

Suria Capital looks for strategic partners


An artist's impression of Jesselton Waterfront.

SURIA Capital Holdings Bhd is actively looking for strategic transhipment partners for its new Sapangar Bay Container Port (SBCP) in efforts to establish the terminal as the transhipment hub in East Malaysia and the Brunei-Indonesia-Malaysia-Philippines East Asean Growth Area (BIMP-EAGA).

The ideal strategic transhipment partners are main line and port operators that will rapidly contribute to volume growth at SBCP. With transhipment, the port will not have to rely solely on import and export shipments.

The RM400mil SBCP commenced operation in July last year.

Suria Capital’s wholly owned subsidiary, Sabah Ports Sdn Bhd manages SBCP and seven other ports in Sabah.

Group managing director Datuk Abu Bakar Abas told StarBiz that the group was working towards streamlining its port operations for Lahad Datu, Sandakan and Tawau to be feeder ports to SBCP.

“We are working closely towards this and various shipping agents have agreed in principle.

“We hope the additional throughput generated through this effort will entice main line operators and this in turn, will pave the way for SBCP’s regional hub business,” he said.

Additionally, Abu Bakar stressed that the group would continue to focus on organic growth for its port operations and related services.

“We will focus on organic growth for all our port operations business, to leverage on our existing strength.

“We will also continue to expand our bunkering and logistics businesses for the provision of storage facilities and oil trading activities.

“This includes the provision of additional logistic services at various ports to capture a bigger market share,” he said.

He said the port expansion plan would capitalise on the approved service project tax incentive.

Sabah Ports has been granted approval by the Finance Ministry for tax incentive applied under the Approved Service Project.

On future prospects, Abu Bakar said the Sabah Development Corridor would have a good impact on its port business as the ports would be maritime gateways to the state.

On short term strategies, Abu Bakar said Suria Capital planned to improve container yard planning and focus on cost reduction for Sabah Ports, especially at SBCP.

“We are also looking into domestic hubbing initiatives to create the critical mass needed to entice main liners to directly call at our ports.

“We support the removal of the congestion surcharge after achieving the desired efficiency for ports in the east coast of Sabah.

“The move will enable the ports to increase charges for equipment usage,” he said, adding that the group was also seeking a port tariff review that had been used for 30 years.

Overall, Sabah Ports targets to handle around 300, 000 TEUs (twenty-foot equivalent units) of which 250,000 TEUs is estimated to be handled by SBCP this year.

For the first six months of this year, SBCP already handled 95,000 TEUs.

For its property and development segment, Abu Bakar said Suria Capital planned to kick start the development of its flagship project, the RM1.5bil Jesselton Waterfront via strategic alliances with reputable developers and contractors.

Its proposed joint ventures with Glomac Bhd and IJM Corp Bhd for the Jesselton Waterfront was called off late July.

“This was due to the inability of all parties to reach a mutual agreement on several pertinent issues. The decision has been made to ensure neither parties settled for a disadvantageous position in terms of return and project management,” Abu Bakar said.

The Jesselton Waterfront project includes modern hotels, condominiums, a commercial complex, international restaurants and a maritime museum.

Abu Bakar said currently Suria was in the midst of talking to other developers with wide experience in high-end property development.

“The potential partners or developers have significant experience in the specific precincts to be developed namely the five-star hotels and high-end waterfront condominiums.

“Suria is now looking forward to signing the joint venture agreements subject to the issuance of land title to us by the state government (as per port privatisation agreement),” he said.

The first precinct of the Jesselton Waterfront project is expected to be launched by the first quarter of next year.

The Jesselton Watefront project is undertaken by another Suria Capital subsidiary, Suria Bumiria Sdn Bhd.

On Suria Capital’s contract and engineering business, Abu Bakar said the group aimed to expand it into a full-fledged construction company from a mere project management company.

“We also plan to explore the oil and gas contract engineering sector,” he said.

ko ada kana mangana sama pelansungan kah my lady?

This is great!

Anyway, thanks for the info lady.

sedang dalam pembinaan ni kan? sa harap dengan siapnya projek ini, dapat menarik lebih ramai pelancung dan pelabur dari luar masuk ke Sabah..mungkin juga mnjadi salah satu mercutanda di Sabah ini.

Thats great!

Thank our lady for the info. Ngak tahu sempatkah kita semua menikmati kemudahan ini.

sampat tu bro...dun wori

hehe..sempat tue......maybe take another 10 year..la..nie project siap..hehe

Lady_Evarna wrote:

hehe..sempat tue......maybe take another 10 year..la..nie project siap..hehe

Lama juga projek ni siap kan. Agak-agak siapa yang akan mendapat faedah daripada terbinanya Jesselton Waterfront ni ya? Developer? Pengguna? Sailor?

Kita juga berharap kepada kerajaan supaya seimbangkan arus pembangunan antara bandar dengan luar bandar sebab saya perhatikan semakin terbangun dan tercanggih kawasan bandar tetapi banyak kawasan kampung di Sabah ni yang masih mundur terutama jalan raya.