The Bedrock review: is it worth buying?

Location

The project sits in Jesselton Docklands, Jalan Haji Saman, on the city-centre shoreline. Boats to Gaya, Manukan and Sapi islands in Tunku Abdul Rahman Marine Park leave from the Jesselton Point terminal beside the site. Suria Sabah is next door and Gaya Street is a short walk away. Kota Kinabalu International Airport is about 15 minutes by road, and Signal Hill rises behind the towers.

Kota Kinabalu has no urban rail. A central address within walking distance of shops, offices and the ferries counts for more here than in a city with a rail network.

Pros & cons

Rental outlook

Most letting demand in central Kota Kinabalu is tied to visitors rather than local office jobs. Island day trips, diving and Borneo nature tours all pass through this part of the waterfront, which favours furnished short-stay units. Expect demand to rise and fall with the tourist seasons.

We have not seen reliable rent data for comparable furnished suites in central Kota Kinabalu, so we do not quote a yield. As a cost check: a compact suite at RM532,400 with a 90% loan costs about RM2,036 a month in instalments, plus RM176 to RM195 in maintenance. Net letting income needs to clear about RM2,210 to RM2,230 a month to cover financing and maintenance.

Supply is the main risk. With 1,080 suites in one precinct, many owners will be letting similar units at the same time. Units with a better level, facing or layout are likely to let first.

Who should buy

• Buy a compact or mid suite if you want a furnished letting unit on the central Kota Kinabalu waterfront.
• Buy a dual-key suite if you want to use one side and let the other.
• Consider Residensi Bayu Damai if you need two to four bedrooms for own stay in Kota Kinabalu.
• Skip if you need residential title, a car park bay tied to the unit, or rental income in the near term.

The Bedrock vs Residensi Bayu Damai

Both projects involve BEDI Development, an EXSIM Group company. Residensi Bayu Damai is cheaper to enter and costs about half as much per square foot (about RM695 psf against RM1,369 to RM1,517), but its layouts are larger and it sits in Likas, away from the central waterfront. See Residensi Bayu Damai.

Key facts

These details come from the project's marketing materials. Check them against the sale and purchase agreement before signing.

Developer track record

Jesselton Docklands 1 Sdn Bhd is the developer. Its two shareholders, at 50% each, are Suria Capital Holdings Berhad, the listed company that runs Kota Kinabalu Port, and BEDI Development Sdn Bhd, part of EXSIM Group. The Jesselton Point ferry terminal is among the joint venture's parcels. In 2023 Suria Capital finished Jesselton Quay Central. EXSIM has developed property since 2008, mainly high-rise in the Klang Valley and Penang. Its Bukit Jalil project, The Rainz, received a FIABCI World Prix d'Excellence award in 2023. Before you commit, visit finished EXSIM buildings to judge finishing and building management.