Aquawalk enters 30-year deal for new Sabah project

PETALING JAYA: Aquawalk Group Bhd has entered into a 30-year lease agreement with Jesselton Docklands 1 Sdn Bhd for approximately 73,054 sq ft of premises within the Bedrock at Jesselton Docklands in Kota Kinabalu, Sabah.

In a filing with Bursa Malaysia, Aquawalk, which operates Aquaria KLCC, said the lease was for the development and operation of a new premier oceanarium, to be named as “Aquaria KK”.

“This will be the group’s first venture into Sabah, further expanding its portfolio which includes Aquaria KLCC, Aquaria Phuket and a 40% equity interest in Jakarta Aquarium & Safari.”

Aquaria KK, which will be wholly owned by Aquawalk, is estimated to cost RM70.5mil and is targeted for completion by 2029.

The development will be funded via a combination of initial public offering proceeds of RM39.6mil, with the remaining funded through internally generated funds and, where appropriate, bank borrowings.

“The Kota Kinabalu project was initially envisaged as a 60:40 joint venture, with Aquawalk holding a 60% equity interest.

“Following further evaluation, the group will now undertake the development on a wholly owned basis to streamline execution and retain full operational control,” it said.