Singapore tycoon, Malaysian royalty in major venture
A Singaporean billionaire on Thursday signed a deal with a Malaysian royal family to develop prime waterfront property in southern Malaysia's Johor state, a company statement said. Peter Lim, who made his fortune in stockbroking and commodities, teamed up with the Johor royal family to develop a medical hub and marina city comprising hotels, apartments and entertainment facilities in the state bordering Singapore. The project will be developed on a 10-hectare (25-acre) site at a cost of Sg$2 billion ($1.5 billion) over 10 years, according to Koh Kim Huat, director of Best Blend Sdn Bhd, the joint-venture company behind the development. A 200-bed hospital with specialist services in areas such as diabetes and ophthalmology will be built in the first stage of the project. Lim is ranked by Forbes business magazine as Singapore's eighth wealthiest individual with a fortune of $1.8 billion. Lim, a sports enthusiast, made headlines last year when he offered more than $500 million to buy the Liverpool football team. Liverpool were eventually sold to New England Sports Ventures, the owner of baseball's Boston Red Sox in the United States. Lim, a self-confessed Manchester United fan, is also rumoured to be a potential investor if the English Premier League giants push through with plans to list on the Singapore stock market.
