Jan 06, 2014

    GSH buys Sutera Harbour Resort


    ONE of Sabah's premier resorts is beginning the new year with a change of ownership, after China property developer GSH Corp acquired a 77.5 per cent stake in Sutera Harbour Group, the owner and operator of the Sutera Harbour Resort here.

    GSH, through two of its wholly owned subsidiaries, Ocean View Ventures and Ocean View Point, is also acquiring two separate land parcels totalling nearly 10ha within the 154ha Sutera Harbour property for future luxury-condominium development.

    GSH, listed on the main board of the Singapore Exchange, is a property development company with interests in China and Malaysia, and is headed by Mr Sam Goi, the executive chairman of Tee Yih Jia Group.

    Tee Yih Jia is a global food-and-beverage group with operations in Singapore, Malaysia, the United States, Europe and China.

    "Kota Kinabalu is a rising property hot spot in Malaysia and we see robust potential for prime real estate in the city, fuelled by strong tourism growth from South Korea, Japan, Hong Kong and China," said GSH chief executive Gilbert Ee on Thursday.

    "The number of visitors from these countries is growing exponentially and accounts for more than half of total international arrivals to Sabah, with more than a third of them from Hong Kong and China," he said.

    "Apart from tourism, Sabah has experienced strong gross domestic product growth in 2012, thanks to its key sectors of agriculture and oil and gas. With such strong fundamentals, we see great potential in Kota Kinabalu's luxury hospitality sector, as well as premier resort homes," Mr Ee added.

    He said Sutera Harbour and its surrounding properties were positioned to benefit from this growth.

    "Its location is within 10 minutes from the city, yet provides a quiet, exclusive and secure ocean-front property with spectacular scenery.

    "This is a rare find anywhere in Asia and we are excited at the opportunities that this property will bring to GSH," Mr Ee added.

    Sutera Harbour Resort group president Edward Ong Han Nam, the founder and developer of Sutera Harbour, said he was excited about the deal, as it would propel the resort to the next level of tourism development in Sabah.