Kota Kinabalu
Kota Kinabalu is the capital of the Malaysian state of Sabah located on the northwest coast of the island of Borneo. It was founded in late 1800s by the British North Borneo Company and was the site of perpetual unrest for much of the next 80 years. It was torched and destroyed by the native Bajau rebels and once rebuilt, was harried by raiders and pirates. It was torched by the retreating British early in World War II and what remained of the town was destroyed by Allied bombing in 1945. It joined the Federation of Malaysia in 1963 and received official city status from the Malaysian government in 2000.
Peace now reigns in the city which faces onto the South China Sea and is bordered by Tunku Abdul Rahman Park on one side and Southeast Asia’s largest mountain, Mount Kinabalu, on the other. Kota Kinabalu has an estimated population of 532,129 in the city and 700,000 in the urban area, making it Sabah’s most populous city. There are five major shopping complexes in KK: Centrepoint, Wisma Merdeka, Wawasan Plaza, Karamunsing Complex and KK Plaza. The Gaya Street Fair is held every Sunday morning and is the place where locals come to buy their goods. Like many other urban centres in Malaysia Kota Kinablu is something of a cultural melting pot and this is very much reflected in the available cuisine. Chinese, Malay, Bruneis, Javanese, Filipino and European styles are all readily available.
One of ‘Nature City’s’ main attractions is what lies off its coast. The Tunku Abdul Rahman Islands Park, made up of Mamutik, Manukan, Sapi, Sulug and Gaya islands, is 10 to 20 minutes by boat from Kota Kinabalu city. The island chain is popular among day trippers and water sports enthusiasts. Just further out is the world-renowned diving attraction of Sipadan. The thickly forested, beach ringed island is in the centre of what is widely regarded as one of the richest marine habitats in the world. The diving Mecca features more that 3000 species of fish and hundreds of coral species. The city is well served by rail and road networks and is also accessible by Kota Kinabalu International Airport (BKI).
Buying Property in Kota Kinabalu
Malaysian Prime Minister Datuk Seri Abdullah Ahmad Badawi recently launched the much-awaited Sabah Development Corridor (SDC) with a promise of up to RM16 billion in development funds to be allocated over a five-year period. Under the SDC blueprint, various projects will be implemented to turn the state into a regional trading hub with modern infrastructure and world-class facilities. More than a dozen joint-venture agreements have been signed between local and foreign companies in sectors like tourism, agriculture, logistics and manufacturing. Companies from China, Singapore, Japan and the United States were among those who participated. More on buying property in Kota Kinabalu.
Condos in Kota Kinabalu
There is not yet a huge range of condominium developments in Kota Kinabalu, but with ever-increasing tourist numbers and rising demand for units in the city this could be about the change. The main residential neighbourhoods, which play host to the existing condo projects and are likely to be subject to the attentions of high rise developers in the future, are divided into the villages of Kampung Ganang, Kampung Inanam Laut, Kampung Kepayan, Kampung Likas, Kampung Menggorok, Kampung Sembulan, Kampung Sukang, and Kampung Tanjong Aru. More on buying condos in Kota Kinabalu.
Houses and land in Kota Kinabalu
Sabah, and Kota Kinabalu in particular, is a key area in Malaysia’s developing villa market, with two very different projects leading the way. The Nexus Residence, built along on a 6km beach adjacent to the Nexus Resort, has done much to alert overseas buyers to the attractions of owning a villa in the state. Since launching sales in October 2005, Nexus has staged exhibitions across Asia and beyond for its Precinct Dillenia phase of semi-detached pool villas (1,275sqft) and condo-style spa villas (927-1,176sqft), which have just been completed. Its efforts are paying off, as almost all of the 80 pool villas and over two-thirds of the 163 spa villas have been sold, with Asia-based expatriates making up a large portion of buyers. More on buying houses and land in Kota Kinabalu.
Renovating in PKota Kinabalu property
Malaysian banks sometimes hold auctions of distressed property and this should be the first port of call for those considering taking on a renovation project in Kota Kinabalu. Many units however, are left to fall in disrepair and wind up on auction due to the fact that buyers were hasty in their purchase and ended up with a unit in a bad location, so this should be taken into account. Buyers should also bear in mind that although the low-price renovation projects may be appealing, overseas buyers must buy properties with a minimum cost of RM250,000 (about ?35,000) in most states of Malaysia.
There are hundreds of renovation firms in the region which can handle extensive renovation works such as masonry, tiling, carpentry and interior design. As with any restoration project, there is a significant threat that the buyer might bite of more than they can chew and suddenly see development costs for hidden problems spiral out of control. This danger is negated somewhat for those who need financing from banks. Financial institutions will require a report by a valuation firm so that they can ascertain whether the property provides sufficient security for the loan given. It also provides an indication of whether the property is worth what you are paying. The fees depend on the value of the property although are roughly between RM300 to RM800 for a normal apartment.
Top tips for Kota Kinabalu property
Kota Kinabalu Property buyers guide
Guide to buying Condos in Kota Kinabalu
Guide to buying houses and land in Kota Kinabalu
