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Thread: Luxury home project in Johor in the works

  1. #1

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    Default Luxury home project in Johor in the works

    Published March 21, 2014

    Luxury home project in Johor in the works

    Forest City, to be located near Second Link, will require massive reclamation

    [PETALING JAYA] China's Country Garden Holdings Co Ltd and Kumpulan Prasarana Rakyat Johor (KPRJ) have drawn up plans for a massive reclamation project to build luxury homes near Pendas in southern Johor near Singapore, according to sources.

    Sources told Malaysian daily The Star that the project could entail a land area of "a few thousand acres", which would make it one of Iskandar Malaysia's single largest projects.

    It isn't clear how much Country Garden is pumping into the project, but going by its size, it would dwarf the Hong Kong-listed firm's first project in Danga Bay, which covered an area of only 50 acres or 20 ha, for which it had paid RM900 million (S$348 million).

    The new project is being dubbed Forest City.

    Industry sources said that such a reclamation project would probably be the largest reclamation project in the country, and that the parties embarking on it would have to have deep pockets.

    Country Garden had cash and bank deposits amounting to 21.51 billion yuan (S$4.4 billion) as at June 30, 2013.

    KPRJ, on the other hand, is the state government's investment arm. It owns 30 per cent in Iskandar Waterfront Holdings Sdn Bhd (IWH), which, in turn, has 1,619 ha of land in Iskandar Malaysia.

    Country Garden is already well-known in the Iskandar region for its maiden project in Malaysia, Country [email protected] Bay, which surprised the Malaysian property market when it launched 9,000 condominium units at one go last year.

    The RM10 billion project is built on the land in Danga Bay it had acquired for RM900 million in December 2012.

    It is understood that the new project by the Country Garden-KPRJ joint venture, which is situated near the second link crossing to Singapore, will also become a new tourism hub.

    Previous reports have indicated that the Johor government might also consider creating Malaysia's biggest duty-free zone in this reclaimed land area, leveraging on its proximity to Singapore.

    The location of the new Country Garden-KPRJ development is also close to Singapore tycoon Peter Lim's multi-billion-ringgit Motorsports City project, which will include a Formula One-compliant racing test track as well as showrooms, garages and entertainment outlets spread over 109 ha.

    The new Country Garden-KPRJ project illustrates the growing interest among mainland China developers in Iskandar. The Chinese already have a strong presence in the southern region.

  2. #2

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    So many units.... indigestion anybody?

  3. #3
    New Launch Project Specialist

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    Security will be a big issue.

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