Country Garden and KPRJ plan massive reclamation development for luxury homes near Pendas in southern Johor near Singapore.
Sources said 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 only covered an area of 50 acres or 20ha, for which it had paid RM900mil.
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 (RM11.37bil) as at June 30, 2013.
KPRJ, on the other hand, is the state government’s investment arm. It owns 30% in Iskandar Waterfront Holdings Sdn Bhd (IWH), which, in turn, has 1,619ha of land in Iskandar Malaysia.
Country Garden is already well-known in the Iskandar region for its maiden project in Malaysia, Country Garden@Danga Bay, which surprised the Malaysian property market when it launched 9,000 condominium units at one go last year.
The RM10bil project is built on the land in Danga Bay it had acquired for RM900mil 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 109ha.
## The above news article are extracted from ” Country Garden, KPRJ plan massive reclamation development for luxury homes ” filed under Business News by The Star Online.