Iskandar Waterfront Holdings Sdn Bhd’s (IWH) fully-owned subsidiary Danga Heights Development (DHD) and MCC Singapore, a unit of Metallurgical Corp of China Ltd (MCC), have formed a joint venture to develop a 148 acres (60ha) commercial land in Skudai, Johor.
To be developed in the next 10 years, the land is estimated to yield a gross development value (GDV) of RM8 billion, reported The Edge.
The first phase of the development will see DHD and MCC Singapore jointly develop a mixed-use development project spanning 38 acres (15ha). Construction works for this project, which is expected to have a GDV of RM2.88 billion, is set to begin early next year.
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The JV marks the first major foray of MCCC Singapore into Malaysia’s property market.
MCC Singapore Chief Executive Officer Tan Zhiyong and IWH Director Datuk Mohd Noorazam Datuk Osman signed the agreements in Singapore and Johor, respectively, during a virtual signing ceremony.
The event was also attended by IWH Executive Vice Chairman Kang Hoo as well as his son Lim Chen Herng.
“This will be a landmark development with far-reaching social and economic benefits for the people and state of Johor. It will likely inject new momentum and excitement into Johor’s property landscape,” said Chen Herng as quoted by The Edge.
Envisioned to be a smart city, the project is expected to catalyse the urban transformation of Johor, said Tan.
“We are certainly upbeat about this mega development project as the land site fronting Skudai is one of the most sought after development locations in Johor mainly due to its proximity to a captive population of affluent households and high density of businesses,” added Tan.