[ad_1]
KUALA LUMPUR: Danga Heights Development (DHD) and MCC Singapore have partnered to jointly develop 60ha of prime commercial land in Skudai, Johor Bahru.
In a joint statement on Monday, they said the land would be developed over the next 10 years with a gross development value of RM8bil.
“In the first phase, DHD and MCC Singapore will jointly develop a mixed-use development on a 38-acre (15ha) site. The project has an estimated GDV of RM2.88bil and construction is scheduled to begin in early 2021, ”they said.
They said the development would last more than 10 years. It is also one of the largest foreign direct investments (FDI) in Iskandar Malaysia after the Covid-19 outbreak and is sure to inject renewed confidence and encourage new investment in Johor’s real estate industry.
DHD is a subsidiary of Iskandar Waterfront Holdings (IWH), while MCC Singapore is a subsidiary of Metallurgical Corporation of China Ltd.
At a virtual land sale signing ceremony held simultaneously in Malaysia, Singapore and China via videoconference. It was witnessed by Zhu Jianguo, CEO of MCC’s Central Building and Construction Research Institute and president of MCC Singapore in Beijing, as well as Johor Menteri Besar Datuk Hasni Mohammad in Johor.
During the virtual signing ceremony, IWH Director Datuk Mohd Noorazam Osman and MCC Singapore Tan Zhiyong signed the deals in Johor and Singapore, respectively, while watching a live cast from the other countries via a private Zoom link. . Also present were IWH Executive Vice President Tan Sri Lim Kang Hoo and Group Executive Director Lim Chen Herng.
Since 2010, MCC Singapore has developed and managed projects for 15 residential projects in Singapore. He is also currently developing JKT Living Star, a 3,648-unit condominium with an adjoining commercial area in Jakarta; and Sky Villa, a 256-unit high-end condo in Phnom Penh, Cambodia.
The joint venture marks the company’s first major foray into the Malaysian real estate industry.
Tan said they envision the project becoming Johor’s newest residential area, a smart city with smart features and cutting-edge home concepts.
“We hope that this project can catalyze the urban transformation of Johor into an even more prosperous and technologically advanced city in the next decade.
“We are certainly optimistic about this mega development project as the land in front of Skudai is one of the most sought after development locations in Johor mainly due to its proximity to a captive population of wealthy households and high density of businesses,” Tan said.
Lim Chen Herng said that the project would be a historic development with far-reaching social and economic benefits for the people and the state of Johor.
“It is likely to inject new momentum and excitement into the Johor property landscape,” he said.
[ad_2]
