Suria Capital Holdings Bhd is leading the development of Jesselton Waterfront City (JWC), a RM9.2 billion integrated waterfront project in Kota Kinabalu, Sabah. The project is a result of the concession agreements between Suria Capital and the state government, which aimed to revitalize the Kota Kinabalu Port (KK Port) area.
The decision to turn the site into a waterfront development stems from the concession agreements, which required Suria Capital to develop a new greenfield container port at Sapanggar Bay Container Port and relocate container operations from KK Port.
According to Suria Capital group managing director Datuk Ahmad Rizal Dahli, the company was tasked to manage all the ports in Sabah after signing a privatisation agreement in 2003. As part of the arrangement, Suria Capital relocated some of the major activities in KK Port to the Sapangar Port.
The JWC project encompasses a 75-acre area, including the state-owned Sabah International Convention Centre and the planned Kota Kinabalu Convention City. Suria Capital has partnered with two property developers, SBC Corp Bhd and BEDI Development Sdn Bhd, to develop the project.
Suria Capital signed two joint ventures with BEDI Development in 2024 to develop Jesselton Docklands, which comprises 34.81 acres of land. The development features a mix of residential, commercial, and recreational components.
The RM1.8 billion Jesselton Quay development, which is part of the JWC project, is inspired by the state’s maritime heritage. The development features 700 commercial suites and 216 retail units.
They are also leveraging their expertise to construct a new ferry terminal and an international cruise terminal (ICT) hub within the JWC project. The ICT is expected to accommodate two cruise ships simultaneously.
Aquawalk Group Bhd has announced plans to develop a 73,054 sq ft oceanarium at The Bedrock, named Aquaria KK.
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Suria Capital has made port management and operations its core business since the early 2000s. However, the company has ventured into other industries, including logistics and bunkering, seaport passenger gateway, and construction and energy.
As Suria Capital progresses with the development of JWC, it is likely to further expand its presence in the property development industry. The company’s property division is still relatively young, but it has significantly contributed to the group’s earnings.
In 2024, port operations accounted for 87.1% of the group’s revenue, while property development and leasing contributed 2.1%. By 2025, the revenue mix had changed, with port operations contributing 57.6% and property development increasing to 31.3%.
Suria Capital recorded RM81.11 million in property revenue in 2025 after the Jesselton Docklands 1 land deal became unconditional. They plan to continue looking into other segments of the industry with caution.
The development of JWC is not the first instance of a port area being repurposed for commercial use – similar projects have been undertaken in other parts of the world, such as the redevelopment of Singapore River in Singapore, where smart networks are being developed.
Suria Capital’s efforts to develop JWC are expected to have a significant impact on the local economy, particularly in terms of boosting the tourism industry. The development of the ICT hub and the oceanarium are likely to attract more tourists to the area, which could lead to increased revenue for local businesses.
It is a significant project.
