Billiion Ringgit development in Kota Kinabalu

Posted on : 09-04-2012 | By : Sabah Today | In : News

9th April, 2012

KOTA KINABALU: A new billion-ringgit commercial development is set to change the city’s landscape and provide more facilities and better convenience for shoppers and tourists.

The Pacific Parade project is a mixed commercial development featuring a retail mall, departmental stores, restaurants, entertainment & leisure centres, luxury condominiums, office towers and hotels.

It is to be developed in phases over a 25-acre land adjacent to the Sabah Civil Service Welfare and Recreational Council (MAKSAK) building in Likas here.

The prime commercial and enterprise development has a 2.5 million sq ft gross floor area with a combined gross development value of RM2 billion.

The development includes 2,500 commercial lots, 1,000 luxurious condominiums, apartment towers, office buildings, hotels and 3,000 car parks.

The main contractor for the Pacific Parade (formerly KK Mega Mall) is MCC Overseas (M) Sdn Bhd, a wholly owned subsidiary of MCC Overseas Ltd., an international engineering service company controlled by Metallurgical Corporation of China Ltd. (MCC), one of the Fortune 500 companies of the world.

Ideal Prestige Sdn Bhd, the developer of the project under the new shareholder, had entered into an agreement with the MCC Overseas (M) Sdn Bhd to appoint the latter as the turnkey contractor in Nov 2011.

The Pacific Parade is the first project undertaken by MCC in Sabah.

According to KP Kuok, the Managing Director of Ideal Prestige Sdn Bhd, the company is currently working with its specialist consultants to further improve the retail mall design and layout including making plans to upgrade many of its facilities to make Pacific Parade a leading commercial, entertainment and food & beverage hub for Kota Kinabalu.

Kuok said the revamped development was expected to take seven to eight years to complete and he hoped to tap the expertise of MCC to make Pacific Parade a development of international standards in terms of quality, finishing and workmanship.

He said the MCC would lend its experience in international commercial mall development to the developer to ensure that the development would be a ‘state-of-the-art’ design for a modern urban lifestyle.

“The malls today are no longer just places to buy things; they are an essential part of urban living and must provide entertainment and lifestyle for the whole family.

“Malls that do not evolve to provide this and just remain as places to buy things will soon be eclipsed and will not attract patrons,” Kuok said adding that “this is our experience not only in China but also worldwide,” said Kuok.

Meanwhile, Chairman of MCC, Zou Weimin and his deputies, Zhangshou and Li Jiyang yesterday visited the Pacific Parade project site in Likas, here.

Zou expressed optimism that the retail mall under Phase 1 of the project would be completed by end of December next year as scheduled.

The retail mall will be built on par with international standards, with the full technical expertise and support from MCC’s head office in China, he said.

MCC is one of the largest engineering and construction companies in China, with dominant market position in the construction of domestic steel plants. It is 100 per cent owned by the Government of China.

It has a wide range of business activities including engineering procuring and works (EPC), equipment manufacturing, resource development, property development and paper making.

MCC has just completed the construction of Universal Studios in Sentosa Island, Singapore for the Genting Resorts World Group.

(Source: New Sabah Times)