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Tuesday, March 16, 2010

CMP to build high-end condos in Johor Baru

An artist’s impression of the Lido Residences which is part of the company’s integrated Lido Boulevard waterfront project

KUALA LUMPUR: Central Malaysian Properties Sdn Bhd (CMP) will be developing high-end condominiums in Johor Baru that may cost about RM1.5mil a unit.

Called the “Lido Residences”, it was part of the company’s integrated Lido Boulevard waterfront project and each unit was expected to be about 1,900 sq ft in size, CMP managing director Datuk Chan Tien Ghee said.

“It (Lido Residences) will comprise 900-odd apartments over a 24-acre estate. The units will be fully furnished and will be facing Johor City as well as Singapore,” he said after a contract signing ceremony between CMP and Jan De Nul (Malaysia) Sdn Bhd yesterday.

Apartment units within the area currently were priced RM700 to RM800 per sq ft, Chan said, adding however that CMP had yet to finalise the price of its condominium units.

“Right now we’re still looking at our pricing.”

CMP has appointed Belgium-based dredging company Jan De Nul to carry out reclamation works at the site.

The deal is worth RM238.6mil. Chan said the works would take 15 months to complete. Once completed, about 94.18 acres would be reclaimed land while 28.17 acres would be on a piled concrete deck.

Preliminary works commenced this month.

On the reclamation, Jan De Nul group managing director J.P.J. De Nul said: “If you have a booming coastal area, what is cheaper than to make your city bigger by gaining a stretch (of land) from the sea?”

According to CMP’s website, Lido Boulevard spans 2.4km along the Tebrau Straits coastal line.

Encompassing an area of 122.35 acres, the project will be divided into six parcels and expected to be completed in 2016.

Chan said the project would have a gross development value of over RM4bil.

CMP is a special-purpose vehicle set up to undertake the development of the Lido Boulevard project.

The company’s main shareholders comprise businessman Tan Sri Vincent Tan Chee Yioun and Chan himself.

The project is a joint venture with Johor State Secretary Inc, an investment holding company of the Johor state government, which is also the land owner.

By The Star

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