Iskandar Waterfront-Metallurgical Corp to develop commercial land in Johor

KUALA LUMPUR 7 Sept. - Iskandar Waterfront Holdings Sdn. Bhd. (IWH) is partnering with China’s Metallurgical Corp of China Ltd (MCC) to develop commercial land in Skudai, Johor. 

IWH said, its wholly-owned subsidiary, Danga Heights Development (DHD) and MCC’s unit, MCC Singapore have formed a joint venture (JV) to develop the 148 acres of land.

The JV marks MCC Singapore’s first major foray into the Malaysian property market and its agreement was inked between IWH director, Datuk Mohd. Noorazam Osman and MCC Singapore chief executive officer, Tan Zhiyong Johor and Singapore respectively. 

Zhiyong said the land is envisioned to be a smart city, catalysing Johor’s urban transformation.

“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,” said Zhiyong in a statement.

The land will be developed over the next decade and is expected to yield a gross development value (GDV) of RM8 billion.

In the first phase of the development, DHD and MCC Singapore will jointly develop a mixed-used development spanning 38 acres with construction scheduled to begin in early 2021. 

This phase has an estimated GDV of RM2.88 billion.

For record, MCC Singapore has developed and managed 15 residential projects in Singapore since 2010. 

It is currently developing JKT Living Star, a 3,648-unit condominium with an adjoining commercial zone in Jakarta, as well as the 256-unit high-end condominium in Phnom Penh. - DagangNews.com