Aquawalk to develop new RM70.5mil oceanarium in Sabah

 

KUALA LUMPUR: Aquawalk Group Bhd's (Aquawalk) upcoming Aquaria KK project in Kota Kinabalu, Sabah, is estimated to cost RM70.5 million and is targeted for completion by 2029. 

In a filing with Bursa Malaysia today, the group said the oceanarium, which will be wholly owned by Aquawalk, will be funded via a combination of its initial public offering (IPO) proceeds of RM39.6 million, internally generated funds and, where appropriate, bank borrowings. 

"Aquawalk KK Sdn Bhd has entered into a 30-year lease agreement with Jesselton Docklands 1 Sdn Bhd for approximately 73,054 square feet of premises within the Bedrock at Jesselton Docklands, Kota Kinabalu, Sabah. 

"This will be the group's first venture into Sabah, further expanding its portfolio, which includes Aquaria KLCC, Aquaria Phuket and a 40 per cent equity interest in Jakarta Aquarium and Safari," it said. 

Aquawalk group executive chairman Datuk Simon Foong said the project represents a key milestone in its regional growth plans. 

"Our expansion into Sabah strengthens our position in the marine attractions industry and allows us to extend our brand into a high-growth tourism market.

"With its prime waterfront location, the Bedrock at Jesselton Docklands offers a compelling platform for Aquaria KK to become a key tourism landmark in Sabah," he said. 

Aquawalk said the oceanarium will be wholly owned by the group, instead of the earlier planned 60:40 joint venture, to streamline execution and retain full operational control. 

With a built-up area comparable to Aquaria KLCC, the new facility is projected to attract about 360,000 visitors annually, supported by growing tourist arrivals to Sabah. 

Foong said the project is expected to enhance the group's recurring income base and strengthen long-term earnings visibility. 

"With our proven track record in developing and operating world-class marine attractions, we are confident in delivering a compelling visitor experience in Kota Kinabalu," he added.

nst online.