KUALA LUMPUR: Work on the Lido Boulevard project in Johor worth over RM4 billion has started with Lido Residences being the first component to be launched.
Central Malaysian Properties Sdn Bhd (CMP) chief executive officer Khoo Boo Teng said mitigation works at the project site started in July, and would be completed in the next two months.
Khoo said CMP is planning to launch Lido Residences by early next year and it is upbeat on sales.
Lido Residences comprises eight blocks of 18-26 storey condominiums with 908 fully furnished units, ranging from 2,459 sq ft to 9,089 sq ft. The units are priced over RM2 million each, or around RM1,300 per square foot.
"We are targeting foreign markets like Asean and Europe. We have a lot of enquiries and are confident of launching it next year," Khoo told Business Times.
Overlooking the Straits of Johor, the 50ha Lido Boulevard is an integrated residential and commercial development that spans 2.4km along the Tebrau Straits coastal line.
The project is located within the Iskandar region and nearby Johor Baru's Central Business District, the Customs, Immigration & Quarantine (CIQ) complex, Johor Baru's railway station and the Johor Baru-Singapore Causeway.
Lido Boulevard is one of the biggest privately-financed initiatives in Iskandar. The project is a joint venture between CMP and the Johor state government, the landowner.
CMP is a private property developer majority-controlled by Berjaya Group's Tan Sri Vincent Tan Chee Yioun.
Besides Lido Residences, the project will feature serviced residences/hotel, office suites, a mall, an art and cultural centre and The Gardens.
Lido Boulevard was introduced in 2007 and was approved by over 30 departments and agencies and the Malaysia-Singapore joint-committee on the environment.
The detailed Environment Impact Assessment studies were approved in May 2008 and the Environmental Management Plan in March 2009.
The project was said to be abandoned after a portion of the land, which had been reclaimed, caved in, resulting in loss of a life, in November 2010.
Khoo said mitigation works are being carried out in accordance with the environmental guidelines. The works involve rigging out the sea area it will reclaim with sheet piles to prevent waste and debris from getting into the straits.
"Work at the project site is focused on putting in place all prescribed environmental mitigation work measures to ensure full compliance with our Environmental Management Plan," he added.
By Business Times