CapitaLand to develop township in Iskandar Malaysia

By Romesh Navaratnarajah:Property giant CapitaLand will develop a new township in Iskandar Malaysia after its wholly-owned subsidiary CapitaLand Malaysia signed an agreement with Iskandar Waterfront Sdn Bhd (IWSB) and Temasek Holdings to jointly acquire and develop sites in Danga Bay (A2 Island).

The deal involves purchasing 71.4 acres or 3.1 million sq ft of freehold land in A2 Island for about S$324 million.

The signing of the agreement was witnessed by Prime Minister Lee Hsien Loong and his Malaysian counterpart Datuk Seri Mohd Najib Tun Abdul Razak.

CapitaLand Malaysia will lead the development of the township which is expected to yield a total gross development value (GDV) of about S$3.2 billion.  

To be developed within 10 to 12 years, the luxury waterfront community will comprise high-rise and landed homes as well as a central waterfront hub with a marina, restaurants, shopping mall, offices, serviced residences and recreational facilities.

"Given the close proximity and the strong bilateral ties between Malaysia and Singapore, and the increasing investor confidence in Iskandar Malaysia, CapitaLand finds this a compelling investment opportunity in a new upcoming development region. This will be our first direct large scale township investment and development in Malaysia," said Lim Ming Yan, President and Group CEO of CapitaLand.

Meanwhile, The Ascott Limited (Ascott), CapitaLand's serviced residence unit, has inked a deal to manage its second serviced residence in Iskandar Malaysia.

Set to open in 2015, the 310-unit Somerset Medini Iskandar will be Ascott's largest property in Malaysia. The development will form part of the wellness development by Pulau Indah Ventures Sdn Bhd, a joint venture between Khazanah Nasional and Temasek.

Image: (L to R) President & Group CEO of CapitaLand Limited, Mr. Lim Ming Yan; Prime Minister of Singapore, Mr. Lee Hsien Loong;  Prime Minister of Malaysia, Datuk Seri Mohd Najib Tun Abdul Razak; Managing Director of Iskandar Waterfront Sdn Bhd, Tan Sri Lim Kang  Hoo; and Menteri Besar of Johor, Y.A.B Dato' Haji Abdul Ghani Othman viewing the A2 Island, Danga Bay architectural model. Romesh Navaratnarajah, Senior Editor of PropertyGuru, wrote this story. To contact him about this or other stories email romesh@allproperty.com.sg Related stories:S'pore to play larger role in IskandarMapletree REIT files preliminary prospectusRaffles opens luxury hotel in Makati, Philippines

More from PropertyGuru:
Japan office investments rebound
Marina One design is unveiled
S'pore to play larger role in Iskandar
Samsung Hub offices go on sale

  • Driving a $900,000 Porsche 918 Spyder to the future 3 hours ago
    Driving a $900,000 Porsche 918 Spyder to the future

    It’s more than just its inherent speed, or the whooshing noise that fills the cabin like a school choir jamming with James Hetfield. It’s what it represents in an industry full of skeptics. It’s a portal into the future – a time capsule left by some mad scientist born decades too soon. It’s something that shouldn’t exist. And yet it does.

  • 919 reasons to love: Flickr photo of the day 4 hours ago
    919 reasons to love: Flickr photo of the day

    We've brought you the drive video of the $900,000 Porsche 918 Spyder -- an 887-hp hybrid supercar with two electric motors working in harmony with a big 4.6-liter V-8. But how about this? Porsche's hybrid Le Mans racer -- the 919 Hybrid, sent to us by Kevin Leech. Get on board with electrification, folks. Because it's taking over the world.

  • Watch a man drive his three-wheeled Mustang along a Texas highway 10 hours ago
    Watch a man drive his three-wheeled Mustang along a Texas highway

    Some things in life are hard to explain, like why a dentist insists on asking you questions when you clearly can't respond. Or why we call pants "a pair" even though it's just one. Or how about this puzzler: Why a person would drive their Mustang along a Texas highway despite it missing a wheel? Life is full of little mysteries, I guess.

  • Singaporeans slam NEA's $120 licence requirement for tissue sellers
    Singaporeans slam NEA's $120 licence requirement for tissue sellers

    Singaporeans on social media reacted angrily to news that tissue sellers at hawker centres and street corners are being required to pay for an annual licence.

  • Heartbreaking texts from students on sinking S. Korea ferry
    Heartbreaking texts from students on sinking S. Korea ferry

    Heart-wrenching messages of fear, love and despair, sent by high school students from a sinking South Korean ferry, added extra emotional weight Thursday to a tragedy that has stunned the nation. Nearly 300 people -- most of them students on a high school trip to a holiday island -- are still missing after the ferry capsized and sank on Wednesday morning. Mom, I love you," student Shin Young-Jin said in a text to his mother that was widely circulated in the South Korean media.

  • Indonesia’s armed forces chief says “no apology” for warship’s name
    Indonesia’s armed forces chief says “no apology” for warship’s name

    General Moeldoko, the head of Indonesia’s Armed Forces, has clarified that he had not apologised for the naming of a warship after two Indonesian marines who had been involved in the 1965 MacDonald House bombing in Singapore.