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Friday, March 6, 2009

Danga Bay to draw global attention

JOHOR BARU: Danga Bay is set to transform itself into one of the most sought after waterfront development addresses in the world in the near future, with several up-scale waterfront property development projects to be launched soon, said Johor Mentri Besar Datuk Abdul Ghani Othman.

The upcoming projects are three hotels, including a six-star hotel, a marina, an international convention and exhibition centre, office towers and another wet-and-dry theme park.

“These projects reflect a strong confidence on the growth prospect in Iskandar Malaysia despite the global economic slowdown,” he told reporters yesterday, referring to Danga Bay’s location in the special economic zone of Iskandar Malaysia.

“The Danga Bay waterfront project site has an excellent road and highway connectivity to major destinations,” he said, adding that the bay area would also benefit from water taxi and ferry services to Nusajaya, the Johor State New Administrative Centre, Singapore and nearby Indonesian islands.

Ghani said investor confidence in the economic growth corridor remained strong and that the stakeholders were fully committed to deliver all planned projects under Iskandar Malaysia.

Iskandar Malaysia, launched on Nov 4, 2006 was the first in a series of economic growth corridors; as at today, it had received RM43bil worth of investments, from the RM47bil targeted by 2010. Ghani was speaking at the launch of a RM650mil integrated mixed development project at Danga Bay, near here, by Global Corporate Development Sdn Bhd.

The project is a joint-venture project between Iskandar Waterfront Developments Sdn Bhd (IWD), a company majority-owned by Iskandar Investment Bhd (IIB) and Danga Bay Sdn Bhd.

Khazanah Nasional Bhd is the largest shareholder in IIB with a 60% stake while the Employees Provident Fund and the Johor government-linked entity Kumpulan Prasarana Rakyat Johor Bhd, hold 20% stake each.

Meanwhile, IWD chairman Arlida Ariff said work on the Oakwood serviced apartments and other residential units at Danga Bay would start next month and was expected to be completed in 2012.

Located on a 2.5ha site, the Oakwood project is made up of three towers - the 28-storey Oakwood Residence tower and two 38-storey towers known as Iskandar Residences.

The Oakwood Residence has 230 fully furnished serviced apartments which will be leased out and managed by Oakwood Asia Pacific Pte Ltd while the other two towers will have 523 apartments for sale.

By The Star (by Zazali Musa)

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