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Tuesday, August 3, 2010

Dijaya, IWSB in Danga Bay venture

Property developers Dijaya Corp Bhd and Iskandar Water Front Sdn Bhd (IWSB) will jointly develop two parcels of prime waterfront land at Danga Bay, Johor Baru, into a mixed development project that carries a gross value of RM3.8 billion over the next 12 years.

Goldhill Quest Sdn Bhd - a 60:40 joint-venture between Nagasari Cerdas Sdn Bhd (a wholly-owned subsidiary of Dijaya Corp) and Global Corporate Development Bhd, which is wholly-owned by IWSB - yesterday sealed the deal to purchase the land for the project from Danga Bay Sdn Bhd for RM308 million or RM190 per sq ft.

Johor Menteri Besar Datuk Abdul Ghani Othman witnessed the signing of the sale and purchase agreements for the two parcels of land totalling 14.8ha in Johor Baru.

It is one of the biggest private land deals since the inception of Iskandar Malaysia in 2006, where it is located.

Dijaya was represented at the signing ceremony by its chairman Datuk Rohana Mahmood and managing director Datuk Tong Kien Onn, and IWSB by its chairman Johar Salim Yahya and chief executive officer Datuk Lim Kang Hoo.

Also present was Dijaya group chief executive officer Tan Sri Danny Tan Chee Sing.

Dijaya is planning an integrated development in Danga Bay, featuring prestigious commercial, residential and leisure properties.

The group is known for its flagship Tropicana Golf and Country Resort development in Petaling Jaya.

Abdul Ghani said the initiation of the project is a milestone in the development of Iskandar Malaysia as it represents the first major interest among local investors in the development corridor.

"It's an interesting investment trend as we at Iskandar Malaysia had started with those from the Middle East and Europe and countries such as South Korea.

"Now there seems to be a flurry of investment enquiries among the local companies. We are now looking at a potentially good mix of foreign and local investments in Iskandar Malaysia."

Abdul Ghani attributed the growing interest among local investors towards the development corridor to the level of commitment by the government and agencies tasked with making it a success, as well as the practicality of the area as the best choice of investment in the region.

By Business Times

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