GSH Corporation Ltd : Singapore"s GSH Corp is new owner of Sutera Harbour - 4

KOTA KINABALU: Singapore-based GSH Corp Ltd will soon become the new owner of the Sutera Harbour Resort, a sprawling 150ha seafront property here.

GSH, listed on the Main Board of the Singapore Exchange, will acquire a majority stake of 77.5 per cent equity in Sutera Harbour Group Sdn Bhd which will own the resort after a restructuring exercise.

GSH, through two of its wholly-owned subsidiaries Ocean View Ventures Pte Ltd and Ocean View Point Pte Ltd, has entered into agreements to acquire stakes in two separate land parcels within Sutera Harbour.

The properties measuring 4.89ha and 5.30ha respectively, were acquired for a future luxury condominium development project.

GSH is a growing property development company in China and Malaysia led by its executive chairman Sam Goi.

Goi is also the executive chairman of Tee Yih Jia Group, a global food and beverage group with operations in Singapore, Malaysia, the United States, Europe and China, as well as Yangzhou Junhe Real Estate Group, a growing property development company in China.

On top of that he is also the vice-chairman of three other main board-listed companies in Singapore.

GSH chief executive officer Gilbert Ee said the company anticipates robust potential for prime real estate here that is fast becoming a property hotspot in Malaysia, fuelled by strong tourism growth from North East Asian countries such as South Korea, Japan, Hong Kong and China.

“Visitors from these countries are growing exponentially and today account for more than half of total international arrivals to Sabah, and of these, more than a third come from Hong Kong and China.

“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,” Ee said.

Sutera Harbour Resort Group president Datuk Edward Ong Han Nam described the partnership as an exciting joint venture “as it will propel the resort to the next level of tourism development in Sabah”.

Ong, who is also the founder and developer of the resort, said he was confident the partnership will bring the much desired high-end development into the state.

Sutera Harbour Resort comprises The Pacific Sutera Hotel, The Magellan Sutera Resort and the Sutera Harbour Marina, Golf and Country Club.

GSH Corporation Ltd : Singapore"s GSH Corp is new owner of Sutera Harbour - 4