China’s developer Country Garden Holding and Johor State investment arm Kumpulan Prasarana Rakyat Johor (KPRJ) have joint venture to drawn out plans for a massive reclamation project to build luxury residential property at Pendas area in southern Johor, close to Singapore.
The new project is being dubbed Forest City.
Sources said that the new project could occupy land area of “a few thousand acres,” which would make it one of Iskandar Malaysia’s largest projects compares to Sunway Group new city and town projects at Medini South and Pendas area.
Industry sources said that such a reclamation project could be the largest reclamation project in the Malaysia, and that the developers for such mega projects must have strong financial resources.
KPRJ is the state government’s investment arm that owns 30% stake in Iskandar Waterfront Holdings IWH. Iskandar Waterfront Holding has 1,619ha of land bank in Iskandar Malaysia stretching along the coastal line of Flagship A, Flagship B and Flagship C, which is the premium land area of Iskandar Malaysia.
Country Garden itself already well-known in the Iskandar Malaysia Flaghsip A, Johor Bahru for its maiden project in Malaysia, Country Garden at Danga Bay. Country Garden at Danga Bay has creates the miracle in Malaysia property market when it launched 9,000 condominium units at one go last year August and receives the sales of 70% within 3 months.
Previous reports have indicated that the Johor state government is considering creating Malaysia’s biggest duty free zone in this reclaimed land area, leveraging on its proximity to Singapore.
The location of the new Country Garden-KPRJ development is close to Singapore tycoon Peter Lim’s billion dolar Motorsports City project, which will include a Formula One-compliant racing test track as well as showrooms, garages and entertainment outlets which spreads over 109ha.
The new Country Garden-KPRJ project illustrates the growing interest among China developers in Iskandar Malaysia. The China developers already have a strong presence in the Flagship A, Johor Bahru area.
3 months ago Chine developers Guangzhou developer R&F Properties Holding surprise the Iskandar Malaysia land prices with breaking record price of RM891 per sq ft or RM4.5bil deal for 47ha of land in the vicinity of the old Customs, Immigration and Quarantine Complex. China state-backed Greenland Group announced this month to invest a US$3.3 billion deal in 2 residential and hotel projects in Johor Bahru, Flagship A, Iskandar Malaysia.
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