Kuala Lumpur: Aquawalk Group Berhad said its subsidiary, Aquawalk KK Sdn Bhd, has entered into a 30-year lease agreement with Jesselton Docklands 1 Sdn Bhd to develop and operate a premier oceanarium to be named “Aquaria KK” costing RM70.5 million.
It would be the Group’s first venture into Sabah and is expected to elevate the state as a premier coastal city comparable with the best in the world.
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“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.
“We aim for Aquaria KK to be an attraction that Sabah and Malaysia can be proud of,” said Group Executive Chairman of Aquawalk, Dato’ Simon Foong.
AGB operates several world-class aquaria including at KLCC, Phuket and Jakarta and the Sabah undertaking would occupy some 73,054 sq ft within the Bedrock at Jesselton Docklands, here.
“This represents a key milestone in our regional expansion strategy. 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.”
Aquaria KLCC attracts more than one million visitors annually. The new KK oceanarium is projected to attract approximately 360,000 visitors per annum.
The lease agreement was entered into with Jesselton Docklands 1 Sdn Bhd, the developer of the Jesselton Docklands project in Kota Kinabalu. Jesselton Docklands is a 35-acre port regeneration development located within the central business district, with an estimated gross development value of approximately RM4.2 billion.
The development site fronts the waterfront and is intended to be developed as an integrated cultural, financial and tourism hub. The development is planned to be undertaken in five plots, namely Bedrock, Enclave, Reef, Tides and Holm (collectively referred to as Berth.
The proposed development is expected to comprise, among others, a new international cruise terminal and ferry terminal serving as a maritime gateway to the city, as well as hotels, residential components, a cultural precinct and commercial zones
Aquaria KK is targeted for completion by 2029. The development will be funded via a combination of IPO proceeds of RM39.6 million, 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 60pc 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.
The Group remains well positioned to undertake the investment. As at 31 December 2025, Aquawalk recorded total cash of RM180.9 million and had no outstanding borrowings.
For the financial year ended 31 December 2025, the Group generated net operating cash flow of RM50.4 million, reflecting a strong balance sheet and healthy cash generation to support this expansion comfortably.
Sabah continues to record steady growth in tourist arrivals, particularly from international markets, supported by expanding direct air connectivity from key regional cities.
This supports a favourable demand outlook for the Group’s expansion into Kota Kinabalu.
