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Tuesday, March 16, 2010

Lido Boulevard eyes RM4b GDV

CENTRAL Malaysian Properties Sdn Bhd (CMP), a private property developer controlled by Berjaya Group's Tan Sri Vincent Tan Chee Yioun, expects its Lido Boulevard waterfront project in Johor Baru to boast of more than RM4 billion in gross development value (GDV) over five years.

CMP will build, among other things, high-end condominiums, hotels, office suites, shopping malls, an indoor snow park, and an art and cultural centre on the 50ha site along the Tebrau Straits.

Managing director Datuk Chan Tien Ghee said CMP will start reclamation works next month.

The integrated project will stretch from the abandoned Lot 1 shopping mall to the office of the Harbour Master.
CMP has hired a private dredging company from the Netherlands, Jan De Nul Group (JND), for the RM238.6 million reclamation job.

It will be one of the largest reclamation projects in the country, Chan said after the signing of a contract agreement between CMP and JND in Kuala Lumpur yesterday.

The reclamation will be the first phase of the Lido Boulevard development. Upon completion at the end of next year, 38ha would have been reclaimed. Another 11ha would be on a piled concrete deck.

The Lido Boulevard will be split into six parcels, with the high-end condominiums coming under the first.

"There will be 900-odd units of high niche condominiums. They will be fully furnished," Chan said.

CMP is finalising the prices, but hinted that it could cost at least RM1.5 million for a 1,900sq ft unit.

Chan pointed out that new high-end apartments in the area were being sold at RM700-RM800 per sq ft.

Tan is the major shareholder of CMP, while Chan, the Johor royal family and the Johor state government are the other shareholders.

JND managing director J.P.J. De Nul expects the reclamation works to be a challenging task, adding, however, that his company had done more challenging jobs in Europe and the Middle East.

Among its prestigious international dredging and reclamation jobs are the Palm Island Dubai in the United Arab Emirates, Jurong Island Phase 4 in Singapore, and construction of a wastewater treatment plant in Brussels, Belgium.

By Business Times

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