Iskandar Malaysia fetched new integrated development project with new record high land price after the China Guang Zhou developer R&F Properties. Sin-Hao Yuan Land, a property firm linked to a Singapore developer inked a deal with Iskandar awaterfront Holdings to buy six parcels of land totalling 15ha in land size in Danga Bay for RM1.6 billion. The land is located just next to the place of upcoming 3.2 billion Singapore Dollar township joint develop by CapitalLand Malaysia and Temasek Holdings.
At RM998 per square feet (psf), the sale set a new benchmark for commercial land transactions in Johor Bahru, beating even the landmark RM4.5 billion deal between the Johor Sultan and China’s Guang Zhou developer R&F Properties, which was agreed at RM891 psf.
Sin-Hao Yuan Land aims to build the Malaysia tallest to be tower in Danga Bay as part of its project in Iskandar Malaysia. The integrated development have total gross development value of RM8 billion, comprising of high end residential, commercial and retail properties. Sin- Hao Yuan Land is linked to Singapore Developer Hao Yuan Investment, controlled by Singapore permanent resident Du Zhen Zeng.
The integrated development project will be built by joint venture with Iskandar Waterfront Holdings (IWH), a Malaysia property developer which have the most land in Iskandar Malaysia. Sin-Hao Yuan will have 60% stake in the joint venture vehicle, Pristine Sun Properties, with Iskandar Waterfront Holdings controlling the rest.
Sin-Hao Yuan Land said the integrated development will feature a “the tallest iconic tower in Peninsular Malaysia and a landmark tower in Iskandar Malaysia”. However, it did not specify the height of the planned tower. Currently the tallest tower in Malaysia is the 88-storey Petronas Tower in capital of Malaysia Kuala Lumpur, at 452 meter height.
The Iskandar Waterfront Holdings executive director Mr Lim said he expects the upscale development to provide long term recurring income for both parties. Sin-Hao Yuan Land’s latest plan come on the back of rising China interest in Iskandar. China developer Country Garden have the integrated development with Gross Development Value of RM18 billion, Zhuoda has joint venture with Iskandar Investment Berhad IIB to joint develop integrated development in Medini and latest purchased of land by Guang Zhou developer R&F Properties.
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