iProp Realty: Mixed Development Land For Sale – Penampang, Kota Kinabalu, Sabah

Mixed Development Land For Sale – Penampang, Kota Kinabalu, Sabah

Google Map Location please click here

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 next to main road. It is accessible via Jalan Penampang Tambunan and Jalan Kg. Sukang (Bukit Padang). In the future there is a link between the said land and Jalan Bundusan.

Details:

Land area is approx. 11 acres comes with mixed development order (DO) approved for high rise residential, commercial and mall with RM650million GDV.
The current main road will be widen by the Government soon.
Currently this is the only parcel of land alone this road being approved for mixed development.
Tenure is 99 years lease.
Asking price is RM55 million (negotiable).

Points to note:

Land cost is lower than Peninsula
Housing prices are comparable to Peninsula
Higher profit margin compared to Peninsula
Less competitors compared to Peninsula market
Opportunity to capture foreign investors from Japan, Taiwan, Korea, Hong Kong and China
KK government is on track to transform KK into a world class Nature Resort City by 2020
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..
Government agencies are more friendly and ruling are more relax compared to Peninsula.
Best of all, this piece of land comes with approval, if there is no change to the original plan, construction may commence in the next 6 to 8 months time. Investment return can be realised in the shortest duration.
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.