Development Land For Sale – Penampang, Kota Kinabalu, Sabah
Penampang is located approx. 6km south east of Kota Kinabalu town. It is a densely populated area, especially along Jalan Bundusan. Some of the well-known developments such as Beverly Hills, Taman Golfview, Taman Intan, Taman Farmosa, Taman Perdana, Bundusan Commercial Centre, Fu Guan Industrial Centre and Taman Penampang Phase 2 are all located within this vicinity.
The subject property is located approx. 500m from Beverly Hill Phase 3 Apartments and is surrounded by existing developments.
Details:
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Land area is approx. 5.6 acres comes with development order (DO) approved for 32 units of 3 storey semi-detached houses and 4 units of 3 storey bungalows. The land owner is in the midst of converting the existing DO to highrise building to achieve higher GDV.
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Tenure is 99 years lease.
- Asking price is RM12 million (negotiable).
Points to note:
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Land cost is lower than Peninsula
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Housing prices are comparable to Peninsula
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Higher profit margin compared to Peninsula
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Opportunity to capture foreign investors from Japan, Taiwan, Korea, Hong Kong and China
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KK government is on track to transform KK into a world class Nature Resort City by 2020
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Big developers saw the potential of Sabah, many are planning to enter into Sabah markets and some are already invested heavily in KK and other parts of Sabah, namely SP Setia, Mah Sing, Asianpac, IJM, Ireka, Bolton etc..
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Government agencies are more friendly and ruling are more relax compared to Peninsula.
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The land owner is a local developer, he can provide advice to the new owner pertaining to matters relating to the authorities (if there is any amendment to the original plan) and construction matters.
Reading Materials:
For enquiry on the exact location, other development land and any other enquiries, please do not hesitate to contact iProp at:
+6 011 1218 2230 or email us at iprop.admin@gmail.com.
