KUALA LUMPUR, Sept 30 — Suria Capital Holdings Bhd announced today that the joint venture agreement (JVA) with Gabungan AQRS Bhd (GBG AQRS) for the development of One Jesselton Waterfront project in Kota Kinabalu, Sabah has been called off.

In a filing to Bursa Malaysia, it said the decision has been reached with GBG AQRS to mutually terminate the JVA subject to the terms and conditions of the termination agreement entered between both parties on September 30, 2021.

"As there continue to be uncertainties in the current market condition due to the Covid-19 pandemic, the construction and the tourism sectors in the state remain unpredictable and this will continue to hinder the progress of One Jesselton Waterfront project.

"Despite all reasonable efforts by Suria Capital and GBG AQRS to move forward with the continuation of the JVA, the boards of Suria Capital and GBG AQRS have come to a conclusion that it is no longer viable for the execution of the project to be pursued,” it said.

On March 2015, Suria Capital and GBG AQRS entered into the JVA to develop a parcel of land measuring 6.28 acres (2.54 hectares) owned by the former. — Bernama