Singapore’s Pacific Star in Iskandar development with gross development value of RM1.18bil

Singapore‘s Pacific Star Development Pte Ltd is set to develop an integrated mixed-use development project with a gross floor area of about 1.3 million sq ft in Iskandar Malaysia.

Who is this star company who own this prime piece of Puteri Harbour?

The Pacific Star Group is one of Asia’s most successful real estate investment houses with an established track record of high profile transactions and specialist knowledge of prime Asian real estate.
Their familiarity with the investment process is complemented by an intimate knowledge of the workings of the region’s real estate markets, a strong network of global contacts and the backing of domain expertise and industry experience.

Since their establishment in 2001, they have transacted deals in prime properties in key Asian cities valued at over USD6 billion.

They have generated superior investment returns for their clients ranging from over 40% for commercial property transactions to over 100% for divestments of real estate vehicles through public listings.

Pacific Star serves a global investor base spread across Asia, Middle East, Europe and North America. Their clients and partners include leading blue chip institutions such as Germany’s ERGO Insurance Group, France’s Société Générale, Kuwait Finance House and Qatar Investment Authority.

In all their business dealings, their guiding principle is to position their partners and clients for sustainable growth on a long term basis.

This marvelous Singapore-based company acquired the piece of land in Puteri Harbour from UEM Land Holdings Bhd for RM93.33mil, it said in a statement. Pacific Star plans to develop exclusive waterfront apartments, small-office-home-office (Soho) units, as well as a lifestyle retail centre.

The company said it started negotiations with UEM Land in early 2011.

The project consists of three 25-storey apartment towers with about 800 apartments ranging from one bedroom to four bedrooms. Another two low-rise four-storey blocks will house the Soho units. All apartments and Soho units will face the marina, sea, Straits of Johor and skyline of western Singapore.

Meanwhile, the two-storey commercial lifestyle retail centre spans approximately 120,000 sq ft, with about 80 planned retail units.

The development is situated at a strategic waterfront location in Puteri Harbour and within five minutes walk to the Puteri Harbour Custom, and the Immigration and Quarantine Centre.

“Our integrated waterfront project will bring a slice of affordable luxury to the centre of Puteri Harbour, catering to the accommodation needs of discerning Malaysians, Singaporeans and the growing expatriate community in the Iskandar region. This unique project will spearhead our development business in the Asean countries and we look forward to launch the sales before year-end where we aim to achieve a GDV (gross development value) of more than RM1.18bil,” president and Pacific Star Group chief operating officer Glen Chan said.

UEM Land chief executive officer and managing director Datuk Wan Abdullah Wan Ibrahim added that Pacific Star’s project will bring development momentum up by another notch in Puteri Harbour.

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