By Sharen Kaur
sharen@nstp.com.my
Published in NST on October 26, 2012
KUALA LUMPUR: Sabah's economy will remain robust with more projects coming up in the oil and gas (O&G), oil palm, construction and tourism sectors, businessman Tan Sri Megat Najmuddin Megat Khas said.
In the O&G sector for example, Petroliam Nasional Bhd (Petronas) plans to invest around RM45 billion in the upstream and downstream activities, following the discovery of new gas fields offshore.
The federal government is spending several billion ringgit on infrastructure development and tourism, he added.
Megat Najmuddin - who sits on the board of Petronas, Formis Resources Bhd, Tradewinds Corp Bhd and MajuPerak Holdings Bhd is bullish that the local economy will continue to be strong, attracting local and foreign investors.
"Despite being in backwaters, Sabah's gross domestic product (GDP) for the worst two years of the global crises in 2008 and 2009 has been strong, at 7.7 per cent and 3.3 per cent.
"Going forward, the state's GDP is projected to be above seven per cent per annum for the next few years," he said on Tuesday, after the launch of Imago, a retail mall project in Kota Kinabalu by Asian Pac Holdings Bhd.
Megat Najmuddin, who is chairman of Asian Pac, said investors can no longer ignore Sabah.
He added that well-planned developments will also be sought after as the Sabahans now have higher disposable income.
Imago is part of Phase 2 of the on-going KK Times Square project by Asian Pac, its flagship integrated development in Kota Kinabalu.
Phase 2 includes The Loft Residences, comprising 631 units of serviced apartments. So far, Asian Pac has launched 531 units and 65-70 per cent have been sold.
The company will be launching the final 100 units next month, ranging between RM700,000 and RM2.5 million.
KK Times Square, which is being developed at a cost of RM565 million comprising 12 blocks of 5-8 storey signature offices, was first built in 2007.
Megat Najmuddin said the price for the signature offices had gone up steadily in the last five years.
sharen@nstp.com.my
Published in NST on October 26, 2012
KUALA LUMPUR: Sabah's economy will remain robust with more projects coming up in the oil and gas (O&G), oil palm, construction and tourism sectors, businessman Tan Sri Megat Najmuddin Megat Khas said.
In the O&G sector for example, Petroliam Nasional Bhd (Petronas) plans to invest around RM45 billion in the upstream and downstream activities, following the discovery of new gas fields offshore.
The federal government is spending several billion ringgit on infrastructure development and tourism, he added.
Megat Najmuddin - who sits on the board of Petronas, Formis Resources Bhd, Tradewinds Corp Bhd and MajuPerak Holdings Bhd is bullish that the local economy will continue to be strong, attracting local and foreign investors.
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"Going forward, the state's GDP is projected to be above seven per cent per annum for the next few years," he said on Tuesday, after the launch of Imago, a retail mall project in Kota Kinabalu by Asian Pac Holdings Bhd.
Megat Najmuddin, who is chairman of Asian Pac, said investors can no longer ignore Sabah.
He added that well-planned developments will also be sought after as the Sabahans now have higher disposable income.
Imago is part of Phase 2 of the on-going KK Times Square project by Asian Pac, its flagship integrated development in Kota Kinabalu.
Phase 2 includes The Loft Residences, comprising 631 units of serviced apartments. So far, Asian Pac has launched 531 units and 65-70 per cent have been sold.
The company will be launching the final 100 units next month, ranging between RM700,000 and RM2.5 million.
KK Times Square, which is being developed at a cost of RM565 million comprising 12 blocks of 5-8 storey signature offices, was first built in 2007.
Megat Najmuddin said the price for the signature offices had gone up steadily in the last five years.
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