SINGAPORE (June 8): Singapore-listed property developer GSH Corporation has sold off all the 100 units released at Coral Bay @Sutera, an ocean-fronting luxury condominium in Kota Kinabalu, Sabah. This comes less than a month after the units were released at its May 12 launch.
The 460-unit Coral Bay sits on 528,000 sq ft of land, and is located within the gated community of Sutera Harbour Resort, in the east Malaysian state. The 99-year leasehold development comprises eight 12-storey residential towers, featuring two- to four-bedroom units from 1,500 to 3,500 sq ft; dual-key units from 2,000 to 5,000 sq ft; and penthouses from 3,500 to 9,000 sq ft. Prices start from S$770,768 (RM2.3 million).
Of the 100 units purchased, 30% were by foreigners – 20% by buyers from Hong Kong and mainland China, 5% by buyers from Singapore, and 5% by those from Korea, Taiwan and Australia. The remaining 70% of units were bought by Malaysians.
GSH’s CEO, Gilbert Ee, believes that the strong take-up for Coral Bay stems from demand fuelled by a shortage of luxury properties in Kota Kinabalu in recent years.
Coral Bay — GSH’s second residential project in Malaysia — is located close to Kota Kinabalu’s city centre. The development, designed by Singapore-based Swan & MacClaren, overlooks the South China Sea and the five Marine Park islands.
GSH is working on Coral Bay’s next phase of sales, and is gearing up for launches in Singapore, Malaysia, Korea and China.
Source: The Edge