New post added at - Greenland Group acquires Iskandar land for RM2.4bil Jan 22, 2015 China’s Greenland Group has purchased a 128-acre waterfront land in Johor, Malaysia from local property developer Iskandar Waterfront City Bhd for RM2.4 billion. According to Menteri Besar Datuk Seri Mohamed Khaled Nordin, Johor’s growth has been reinvigorated by the launch of several mega foreign property development projects which have boosted the local economy because of their spillover effects. The recently acquired prime site will be jointly developed by Iskandar Waterfront and Shanghai-based Greenland. “I welcome their long-term strategic interest to contribute to the transformation of Johor Bahru into a modern international waterfront city,” said Khaled at the signing of a joint-venture agreement between Greenland Group and Johor-based Iskandar Waterfront Holdings Sdn Bhd (IWH) recently. IWH, a Public Private Partnership involving Federal, State and Private interests, is the master developer of some 1,620ha (4,000-acres) of waterfront land in Johor Bahru. The Johor Government, through its state investment arm – Kumpulan Prasarana Rakyat Johor or KPRJ – has 40-per cent shareholding in IWH. The Federal Government also has equity in IWH through its sovereign wealth fund, Khazanah Nasional Berhad. Under the agreement, Greenland which is a Shanghai-based state-owned company, will invest RM2.4 billion to acquire 128-acres from IWH for joint-venture development. This is marks its second major land investment in Iskandar Malaysia. Last April, it also paid RM600 million for a 13.6-acre site in Danga Bay from IWH that will be used for residential and commercial projects. These companies had committed investments exceeding RM50 billion over the next three-to-five years, which he described as a boon for Johor’s sustained growth despite the present global economic uncertainties. It is expected to feature a school, an opera house, a snow world theme park and a hospital for traditional Chinese medicine. Notably, this is Greenland’s second land acquisition in Malaysia and Johor’s Iskandar region. Greenland which was ranked 268 in the Fortune Global 500 company survey in 2014, has been on a buying spree in recent years, acquiring big real-estate projects in New York, Los Angeles, Sydney, London, South Korea and Malaysia. The company, which is the builder of the world’s tallest residential tower at 131 floors in Wuhan in Hubei Province in China, is also building another iconic 88-storey tower in Nanjing, making it the 8th tallest building in the world. Danga Bay, which is IWH’s signature development, is being transformed into Malaysia’s first integrated waterfront city. The premier site has drawn strong interests from major property players from around the world, several of whom have already launched landmark projects. A statement issued by Iskandar Waterfront yesterday revealed that Greenland’s Executive Vice-Chairman Xu Jing is extremely bullish on the future of Johor’s property market, especially within the Iskandar economic corridor, which is just across Singapore. Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email [email protected] Post A Comment
Posted on: Thu, 22 Jan 2015 11:27:06 +0000
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