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JOHOR BARU: Johor received its largest foreign investment in Iskandar Malaysia after the Covid-19 outbreak when Iskandar Waterfront Holdings (IWH) signed an agreement with Metallurgical Corp of China Ltd (MCC) to develop 60ha of prime commercial land in Skudai here.
IWH’s subsidiary, Danga Heights Development (DHD), and MCC Singapore, a subsidiary of the Chinese company, have formed a joint venture to develop the area over the next 10 years. It is expected to return a gross development value (GDV) of RM8bil.
IWH is a company controlled by businessman Tan Sri Lim Kang Hoo.
Johor Mentri Besar Datuk Hasni Mohammad said the investment was significant as it showed that the state remains attractive to investors.
The state government, he said, was hopeful that the project would boost economic development in Johor again.
“There are many challenges and the government is prepared to help anywhere, including developers, in the state.
“This investment is a breath of fresh air for us,” he said after witnessing the signing of the memorandum of understanding (MoU) between the two companies yesterday.
The signing ceremony for the virtual land sale was held simultaneously in Malaysia, Singapore and China via video conference.
During the virtual signing ceremony, IWH Director Datuk Mohd Noorazam Osman and MCC Singapore CEO Tan Zhiyong signed the agreements in Johor and Singapore, respectively, while watching a live cast from the other countries across of a private Zoom link.
Also present were IWH Executive Vice President 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 condo with an adjoining commercial area in Jakarta and Sky Villa, a 256-unit high-end condo in Phnom Penh, Cambodia.
The joint venture marks its first major foray into the Malaysian real estate industry.
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