Greenland Group finalising RM3b investment in Danga Bay

PETALING JAYA: China's Greenland Group plans to invest RM3 billion in an integrated real estate development project in Danga Bay in Johor Baru, according to Iskandar Waterfront Holdings Sdn Bhd (IWH).
In a statement released on Friday (IWH) said Greenland's chairman Zhang Yuliang led a six-member high-powered delegation from its headquarters in Shanghai to finalise a land deal with IWH for the development.
Greenland, ranked 359 in the Fortune Global 500 company survey last year, IWH said is keen to acquire around 60ha of land from the company.
The high-profile Chinese developer has been on a buying spree in recent years, acquiring big real-estate projects in New York, Los Angeles, Sydney, London and South Korea.
IWH, a public-private partnership involving the State and Federal governments and local investors, is the master developer of some 1,620ha of waterfront land on the eastern and western sides of the Johor Causeway.
"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 IWH executive director Lim Chen Herng in the statement.
To date, Lim said 16 local and foreign investors have joined hands with IWH to develop properties with a cumulative gross development value of RM125 billion.
They include Temasek/CapitaLand, Tune Hotel, Tropicana Corp Bhd, Brunsfield Group, Nam Cheong, Skyfront Holdings, Azea Properties and Centurian Properties.
He said several other major investors from India, Japan, South Korea, the Philippines and Indonesia are also negotiating with IWH for land deals for large scale real estate developments here.
According to him, Hao Yuan Investment, which is controlled by Chinese shareholders, has also bought six-parcels of waterfront land totaling 15ha in Danga Bay for a RM1.6 billion mixed development.
Other major China developers with projects in IWH include Country Garden Holdings Co Ltd, which has commenced work on a 21ha waterfront site for a massive integrated development, including up market apartment units.