|Subject||MEMORANDUM OF UNDERSTANDING
FURTHER EXTENSION OF THE MEMORANDUM OF UNDERSTANDING (MOU) BETWEEN GABUNGAN AQRS BERHAD (GBGAQRS OR THE COMPANY) AND TERA CAPITAL LTD. (TERA CAPITAL)
Reference is made to the announcements dated 20 July 2017, 19 October 2017, 16 January 2018, 13 April 2018, 28 May 2018, 28 August 2018 and 28 November 2018 made by the Company pertaining to the MOU between the Company and Tera Capital.
(Unless otherwise defined, the terms and abbreviations used herein shall have the same meanings as defined in the aforesaid announcements.)
The Board of Directors of GBGAQRS wishes to update that Suria Capital Berhad has officially forwarded the updated land title
GBGAQRS has worked closely with Tera Capital on the development components and products and finalized the Master Plan. The Board of Directors of GBGAQRS is pleased to update that the Development Plan has been submitted as scheduled to Dewan Bandaraya Kota Kinabalu (DBKK) on 14 December 2018. GBGAQRS has also completed the phase 1 site investigation (S.I.) works in April 2018. These marked further progress of milestones for the development of One Jesselton Waterfront.
Based on the finalized master plan, below are updates for respective components:
Premier Lifestyle Mall
One Jesselton Waterfront Premier Lifestyle Mall is strategically located between the Jesselton Point Ferry Terminal and International Cruise Terminal. The 4-storey mall has total net lettable area of 390,000 square feet with 2 basements for carparks. It is connected to the main road drop-off and BRT (400 meters away) at level G and a porte-cochere from the main road into level LG which is dedicated for limousines and coaches. At level LG, the mall opens up to the 30-meter width waterfront boardwalk which links to JP Ferry Terminal and International Cruise Terminal (ICT). At the North-East side of level LG, the mall is fronting the main Boulevard of Jesselton Waterfront City.
Tera Capital will work closely with GBGAQRS to shortlist and appoint an international mall operator from China and/or Singapore to operate the premier lifestyle mall which will add premium and attraction to international tourists and local Sabahan.
4-Star Hotel & Spa
Under the MOU, Tera Capital will invest and jointly develop a 4-star hotel with GBGAQRS according to the design concept provided by Tera Capital. The 4-star hotel has 432 rooms with 800 seating capacity banquet ballroom at level 1. At level 4 is where the Aroma Therapy SPA Center is housed, providing a rejuvenating retreats to the visitors. At Level 31, a rooftop sky bar offering a chilling and dining experience with a splendid Kota Kinabalu sunset view. The 4-star hotel is poised to be one of the most sought-after hotel for tourists due to its mesmerizing waterfront location. It will also provide accommodation for the delegates to Kota Kinabalu Convention Center (KKCC) which is merely 800 meters away when it begins operation in 2019.
Luxury Condominium and Service Residence
Please refer to the announcement of GBGAQRS that was made to Bursa Malaysia Securities Berhad on 28 December 2018 in respect of the Appointment of Tera Realty as exclusive international marketing agent for China. Tera Realty owns Tera Sotheby’s International Realty, which owns the Sotheby’s International Realty brokerage franchise for Greater Shanghai.
GBGAQRS and Tera Capital have collaborated and finalized the master plan and develop the products of One Jesselton Waterfront. The luxury condominium and service residence have progressed to marketing and preview launching stage with the appointment of Tera Realty as an exclusive international marketing agent.
Detailed design of the premier lifestyle mall and 4-star hotel & spa have also been developed and require additional refinement before its finalisation. Therefore, GBGAQRS and Tera Capital have on 31 December 2018, mutually agreed to further extend the MOU on collaboration of One Jesselton Waterfront Premier Lifestyle Mall and 4-Star Hotel until 30 June 2019.
The Company will make the appropriate announcement on any new development to the MOU.
This announcement is dated 31 December 2018.
|Company Name||GABUNGAN AQRS BERHAD|
|Date Announced||31 Dec 2018|
|Category||General Announcement for PLC|