By Khairul Khalid
Greenland Group, a state-owned property developer from China is in talks with Iskandar Waterfront Holdings (IWH) to purchase 150 acres of land in Iskandar, Johor. Greenland is planning to invest RM3 billion for an integrated development project in Danga Bay.
Lim Kang Hoo (2nd right) with Greenland chairman Zhang Yuliang (right) during site visit
The deal is expected to finalise soon, IWH said in a press release. A six-member delegation from Greenland flew in from China for a briefing by top management of IWH including chairman Mohd Othman Yusof, managing director Lim Kang Hoo and executive director Lim Chen Herng.
“Greenland’s forte is in mixed commercial development, including high-end hotels and residential towers. We expect them to bring their expertise and market knowledge to help build world-class waterfront properties in Danga Bay,” said Lim Chen Herng.
The Chinese developer is the builder of the world’s tallest residential tower measuring 131 floors in Wuhan, China and has also acquired properties in New York, Los Angeles, Sydney, London and South Korea in recent years.
IWH is a public-private partnership between the Johor state, federal government and local investors. It is the master developer of 4000 acres of waterfront land on the eastern and western sides of the Johor Causeway. The centrepiece of this waterfront development is Danga Bay in the Flagship “A” zone of Iskandar.
“To date 16 local and foreign investors have joined hands with IWH to develop properties with a cumulative gross development value (GDV) of RM125 billion,” said Lim Kang Hoo. Some of the notable investors include Temasek/CapitaLand, Tune Hotel, Tropicana Corp Bhd, Brunsfield Group, Nam Cheong, Skyfront Holdings, Azea Properties, Centurian Properties, Hao Yuan and Country Gardens.
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