Property developer Asian Pac Holdings Bhd (APHB) has disclosed that its joint-venture project to redevelop a 1.85-acre land in Likas, Kota Kinabalu, Sabah, is expected to comprise about seven retail lots, 1,000 car park bays and 539 service suites.
This compares with the original plan to build a block of 10-storey office tower, one basement of commercial lot and 97 carpark space as set out in the joint venture agreement between APHB’s unit, Harmoni Bumiria Sdn Bhd, and the landowner, Koperasi Serbaguna Sanya Bhd (Kosan).
In its stock filings with Bursa Malaysia, APHB also said under the proposed redevelopment plan, Kosan’s total entitlement of office space to the project would also be revised. Under the proposed redevelopment, Kossan’s entitlement to the project would comprise office space of approximately 36,500 square feet (sq ft) on the first floor, basement commercial lot of 22,305 sq ft and 97 car park bays.
“Therefore, as the developer, Harmoni is entitled to the sales proceeds of the proposed redevelopment less the revised landowner’s entitlement,” APHB said.
APHB acquired a 90% stake in Harmoni for a total cash consideration of RM3.15mil last week from Ikatan Khusus Sdn Bhd, which would continue to hold a 10% stake in Harmoni.