Johor land price received historical record high in transaction yesterday. Johor Sultan Ibrahim sold 6 pieces of land within Special Economic Zone Iskandar Malaysia with the total land coverage of 116 acres to China Guangzhou developer R&F Properties with the total price of RM4.5 billion ( Malaysia Dollar). The land price was transacted at RM890 per square feet, breaking the record of previous China developer Country Garden that bought the land at Danga Bay with RM363 per square feet.
According to report submitted by R&F Properties to Hong Kong Securities Exchange, it bought the land at Iskandar Malaysia with above price after negotiation with Johor Sultan Ibrahim. Report said R&F Properties will pay RM100 million as down payment, and the remaining payment will be paid within following 3 years in four time method.
The Chairman of R&F Properties Mr Li said this is the company first oversea land purchase. He mentioned that Malaysia has large Chinese population and at the same time local government implementing policies that attracting foreign buyer, so it is very suitable for the company first foray to oversea market. “Malaysia has strong economic fundamental and supported by huge human population, its properties market has strong potential growth.”
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