CHINA-BASED property developer, Country Garden Holdings Co Ltd, has acquired 11 hectares of prime waterfront land in Danga Bay, Johor Baru, for almost RM1 billion from Iskandar Waterfront Holdings Sdn Bhd.
“The land purchase is the first and biggest investment to date by an investor from mainland China within Flagship ‘A’ of Iskandar Malaysia,” said Country Garden and Iskandar Waterfront in a joint statement.
The prime site would be developed for an integrated development project with a gross development value of RM18 billion, it said.
“We are confident and upbeat about the business outlook in Iskandar Malaysia and are very happy to be one of the first from China to invest in a big way in the southern growth corridor,” Country Garden President/Executive Director Mo Bin was quoted as saying in the statement.
The project, spanning three development phases, will begin with the construction of a luxury clubhouse, commercial tower, shopping mall, high-end condominium and serviced apartments.
Country Garden’s, which is one of the top 10 developers in China, was acknowledged as Forbes Asia‘s FAB 30 Companies, with an estimated market value of US$7.6 billion (US$1.00=RM3.04).