GSH buys majority stake in Sutera Harbour - Business Times

KOTA KINABALU, Sabah: Sutera Harbour Resort has announced a
joint venture partnership with GSH Corporation Ltd, a company listed on the Main Board of the Singapore Exchange.

Under the partnership, GSH will acquire a 77.5 per cent stake in Sutera Harbour Group Sdn Bhd, which will own Sutera Harbour Resort after the restructuring.

In addition, GSH, through two of its wholly-owned subsidiaries, Ocean View Ventures Pte Ltd and Ocean View Point Pte Ltd, have entered into agreements to acquire stakes in two separate land parcels, measuring 4.89 hectares (ha) and 5.29ha respectively within the 155.14ha Sutera Harbour property for future luxury condominium development.

GSH is a growing property development company in China and Malaysia led by its executive chairman, Sam Goi, who is also the executive chairman of Tee Yih Jia Group, a global food and beverage group, and Yangzhou Junhe Real Estate Group, a property development company in China.

Goi is also the vice chairman of three other main board-listed companies in Singapore.

GSH chief executive officer Gilbert Ee said Kota Kinabalu is a rising property hotspot in Malaysia and the company sees robust potential for prime real estate in the city, fuelled by strong tourism growth from Northeast Asian countries such as Korea, Japan, Hong Kong and China.

He said visitors from these countries are growing exponentially and today account for more than half of total international arrivals to Sabah.

“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,” he said in a statement issued by Sutera Harbour here today.

Sutera Harbour Resort is located within 10 minutes from the city and yet provides a quiet, exclusive and secure ocean-front property with spectacular scenery.

Sutera Harbour Resort Group president Datuk Edward Ong Han Nam, who is the founder and developer of Sutera Harbour Resort, was excited with the joint venture with GSH, as it would propel the resort to the next level of tourism development in the state.– Bernama

GSH buys majority stake in Sutera Harbour - Business Times