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KUALA LUMPUR (September 7): Iskandar Waterfront Holdings Sdn Bhd (IWH), controlled by Tan Sri Lim Kang Hoo, is partnering with China Metallurgical Corp of China Ltd (MCC) to develop 148 acres, or 60ha, of commercial land in Skudai, Johor.
In a statement, IWH said its wholly-owned subsidiary Danga Heights Development (DHD) and MCC’s unit, MCC Singapore, have formed a joint venture (JV) to develop the land.
The land will be developed over the next decade and is expected to produce a gross development value (GDV) of RM8 billion.
In the first phase of development, DHD and MCC Singapore will jointly develop a mixed-use development covering 15ha, or 38 acres, and construction is scheduled to begin in early 2021. This phase has an estimated GDV of RM2.88 billion. .
This JV will also mark MCC Singapore’s first major foray into the Malaysian property market.
In a virtual signing ceremony, IWH Director Datuk Mohd Noorazam Datuk Osman and MCC Singapore Executive Director Tan Zhiyong signed the agreements in Johor and Singapore, respectively. IWH Executive Vice President Kang Hoo and his son Lim Chen Herng were also in attendance.
“This will be a historic development with far-reaching social and economic benefits for the people and the State of Johor. It will likely inject new momentum and excitement into the Johor real estate landscape, ”said Chen Herng.
Meanwhile, Tan said the project is envisioned to be a smart city, catalyzing Johor’s urban transformation.
“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,” he opined. So.
MCC Singapore has developed and managed 15 residential projects in Singapore since 2010. It is currently developing JKT Living Star, a 3,648-unit condo with an adjoining commercial area in Jakarta, as well as the 256-unit high-end condominium in Phnom Penh.
Shares at the counters controlled by Kang Hoo, primarily Ekovest Bhd and Iskandar Waterfront City Bhd (IWCity), were on the list of top assets in Bursa Malaysia today.
Kang Hoo, who is the founder and executive vice president of IWCity, maintains his stake in the company through IWH. He is also the CEO of Ekovest.
Shares of Ekovest rose 11.34% or 5.5 sen to 54 sen, valued at about RM1.43 billion. The third most traded share registered 128.47 million shares traded.
As for IWCity, it was up 7.69% or 4.5 sen to 63 sen, giving it a market capitalization of RM527.56 million. It was the seventh most actively traded counter today, with 65.31 million shares traded.
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