CapitaLand to lead S$3.2b Iskandar project

SINGAPORE — The Republic’s links with Malaysia’s Iskandar region are set to deepen, with CapitaLand, Singapore’s largest listed developer, leading a joint venture to develop a project there worth about S$3.2 billion.

The development at Danga Bay will include a waterfront residential community comprising high-rise and landed homes along with a marina, shopping mall, offices and recreational facilities. The joint venture will acquire 3.1 million sq ft of freehold land for S$324 million for the project, which will have an estimated total gross floor area of 11 million sq ft.

 CapitaLand to lead S$3.2b Iskandar project

It is expected to be developed in phases over a period of 10 to 12 years, CapitaLand said yesterday.

CapitaLand Malaysia will hold 51 per cent of the joint venture, Malaysian company Iskandar Waterfront will own 40 per cent and Singapore investment giant Temasek Holdings will have the remaining 9 per cent.

Prime Minister Lee Hsien Loong and his Malaysian counterpart Najib Razak witnessed the signing of the agreement at Danga Bay Convention Centre, Johor Baru, yesterday.

This was followed by a trip to Medini where the two Prime Ministers unveiled Afiniti Medini and Avira, two wellness projects that were announced in 2011 as a key collaboration between Singapore and Malaysia in Iskandar.

Afiniti Medini, which broke ground yesterday, will be a 5-acre corporate retreat comprising a corporate training centre, a wellness centre, strata residences and serviced apartments, among other offerings.

Up to 147 strata residences will be launched in Phase One in the second quarter this year with the properties priced from RM700 to RM800 (S$280 to S$320) per sq ft, said the Ascott, one of the partners appointed for the project.

Avira, taking about 210 acres, will offer terrace houses, semi-detached homes, condominiums as well as a wellness sanctuary.

Phase One will see 458 units of terrace homes launched in July. At about 2,200 sq ft each, the terrace houses will be priced under RM1 million.

Mr Lee expressed satisfaction over the progress of the Iskandar projects yesterday.

He said: “The Malaysian government has shown a lot of commitment in developing the Iskandar projects and a lot of investments have come in, with a significant amount of them coming from Singapore.”

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