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Friday, March 6, 2009

RM650m development to take shape soon in Danga Bay

The Oakwood serviced apartments in Danga Bay, a RM650 million project under Iskandar Malaysia in Johor, is expected to kick off next month and be completed in 2012.

The project will be developed by Global Corporate Development Sdn Bhd, a joint venture between Iskandar Waterfront Development Sdn Bhd (IWD) and Danga Bay Sdn Bhd (DBSB).

The serviced apartments will be managed by Oakwood Asia Pacific (OAP) Pte Ltd.

The project, with 230 fully-furnished luxury units, is the crown jewel flanked by two 38-storey towers of residential units, called Iskandar Residences. The latter comprises 523 units on 2.5ha.
While the Oakwood apartments are for lease to locals and expatriates seeking mid- to long-term accommodation, the Iskandar Residences units are up for sale from RM450 per sq ft for early birds.

Johor Menteri Besar Datuk Abdul Ghani Othman, who is the Iskandar Regional Development Authority co-chairman with Prime Minister Datuk Seri Abdullah Ahmad Badawi, witnessed the signing of the joint-venture agreement between IWD and DBSB in Danga Bay yesterday.

IWD was represented by its chairwoman Arlida Ariff, and DBSB by its director Johar Salim Yahaya.

The management agreement appointing OAP as the operator of the Oakwood serviced apartments was signed between Arlida and OAP managing director P.G. Matthew.

Ghani, who is spearheading the rollout of the Iskandar Malaysia development blueprint, said the launch marked the first among a host of signature waterfront developments in Danga Bay, ranging from affordable to high-end homes such as the Danga Villa Island project.

Other highlights include hotels, no-frills to six-star, and a water theme park.

By Business Times (by Chuah Bee Kim)

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