Asian Pac Plans RM295 Million Sabah Mixed Development

Asian Pac Holdings Bhd plans to develop a RM295 million mixed-use project in Karamunsing, Sabah, through its wholly owned subsidiary Cahaya Riang Sdn Bhd, following a development agreement with the United Sabah Chinese Communities Association of Kota Kinabalu and the Sabah United Chinese Chambers of Commerce. The project will combine commercial properties and serviced apartments on jointly owned leasehold land. According to the development details reported by The Star, the proposed project will comprise 573 commercial lots and serviced apartments across a 119,479-square-foot leasehold parcel.

The land is jointly owned by the two organizations involved in the agreement. The development's estimated gross development value is RM295 million, while the projected construction and development cost is RM183 million, excluding the entitlements allocated to the landowners. The figures outline the project's anticipated value and estimated expenditure.

Under the agreement, the two landowners will receive entitlements valued at RM62 million. This package includes RM9 million in cash and an office building valued at RM42 million.

The remaining RM11 million entitlement will be settled through payments and may include serviced apartment units or cash, according to the reported agreement terms. The project is expected to begin in the third quarter of 2028, with completion targeted for the third quarter of 2031. These timelines establish the proposed construction schedule for the mixed-use development in Karamunsing.