This article first appeared in City & Country, The Edge Malaysia Weekly on January 11, 2021 - January 17, 2021
Launched in January 2019, the Jesselton Twin Towers development by Kota Kinabalu-based real estate developer Jesselton Waterfront Holdings Sdn Bhd is currently 55% taken up.
According to executive chairman Tan Sri David Chu, around 20% of the buyers are foreigners, mainly from China, Hong Kong, South Korea, Brunei and other neighbouring countries. “A couple of them are from the US and the rest are local Sabahan, with a few from Sarawak and Kuala Lumpur,” he says via an email interview.
Chu says foreign buyers, in particular, look for iconic buildings with sea and sunset views as well as those in a safe or gated-and-guarded environment when investing overseas. “Jesselton Twin Towers meets all these criteria. With the Consulate General of the Republic of China’s Kota Kinabalu office located across the road from the development and with China State Construction Engineering Corp Ltd as [the main contractor], Jesselton Twin Towers has attracted many foreign buyers, especially those from China.
“We would say about 70% of the buyers are buying for their own stay, whether they are foreigners on the Malaysia My Second Home (MM2H) programme or locals looking to upgrade,” he says.
Located on a 4.88-acre parcel with 999 years in land tenure in Damai, Kota Kinabalu — just 10 minutes from the city centre — the RM800 million Jesselton Twin Towers development offers 819 units in two 56-storey towers with a commercial annex.
The built-ups for the units range from 649 to 2,041 sq ft while the penthouses measure from 3,725 to 6,982 sq ft. Available units are priced from RM529,000 to RM2.15 million, and the penthouses, from RM3.95 million to RM7.6 million.
According to Chu, construction of Towers A and B has reached the 19th and 25th floors respectively and is scheduled to be completed by 4Q2022.
Meanwhile, owing to the Covid-19 pandemic, the developer is facing challenges in terms of international sales and the import of foreign skilled workers, as borders are still closed. “Our overseas agencies are still marketing the project in their respective countries with our digital marketing tools such as an electronic 3D model and 3D walkthrough.
“Marketing presentations are also being carried out via our social media and conferencing apps. This is the new normal in the market. We believe sales from foreign buyers will return once a vaccine is available and people are free to travel,” says Chu, who remains optimistic about the demand, especially for residential properties.
He says developing the first “super high-rise building in Sabah” itself is already a great challenge in terms of technical, manpower and material resources. To address these matters, the company has collaborated with established partners such as CSCEC, Meinhardt Group, Mitsubishi Electric, PERI and ROCA.
“We believe that by bringing world-class players into our team, many challenges can be dealt with easily, buyers and investors will have more confidence in the project and, thus, property prices will appreciate steadily,” he says.
A notable facility at the development is a double-storey private rooftop, the Sky Club, on Levels 54 and 55 of both towers, which will offer a sunset bar, sky café, sky gardens, sky terraces, private sky lounges, private sky dining, lounge and library.
“Jesselton Twin Towers will also boast panoramic views of the Sabah Golf & Country Club’s 18-hole golf course, Mount Kinabalu and Likas Bay,” says Chu.
Other facilities at the podium’s recreational deck will include a 50m salt-water lap pool, Jacuzzi, children’s splash pool, gymnasium, dance studio, steam and sauna, function halls, meeting room, pavilions, children’s play area, lounge deck, drivers’ lounge, lawn and garden. Jesselton Twin Towers will also come with a four-tier security system, including 24-hour CCTV surveillance and security services, card access and panic buttons in the car park area.
Chu says Jesselton Twin Towers is situated in the affluent neighbourhood of Damai in the Luyang district, which comprises mainly landed properties and bungalows. The development is located strategically between the Jalan Lintas Highway and Jalan Damai, and is a mere 10-minute drive to the city centre as well as the Kota Kinabalu International Airport.
It is surrounded by amenities such as hospitals (KPJ Sabah Specialist Hospital, KPJ Damai Wellness Centre and Queen Elizabeth II Hospital), schools (Sabah Tshung Tsin Secondary School and Kian Kok Middle School), shopping and recreation (City Mall and commercial centres in Damai and Foh Sang) and the Sabah Golf & Country Club.
“Our priority and focus is on Jesselton Twin Towers now, as it will be not only a new icon in Kota Kinabalu’s skyline but also the tallest landmark in Borneo,” says Chu.
The company also has a project in the pipeline: Jesselton Heights in Luyang, another high-end condominium adjacent to the Sabah Golf & Country Club. With an estimated gross development value of RM500 million, it will comprise 725 units in three 33-storey blocks, he says.
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