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

  • Look, don't touch: Flickr photo of the day 1 hour 43 minutes ago
    Look, don't touch: Flickr photo of the day

    If there's one car that's particularly sought-after among today's well-heeled car collectors, a Ferrari 250 would be it. Usually it's the GTO variant, like the 1963 that sold for a record $52 million last year. A 250 of any sorts demands unfathomable cash, however, which is why we can but gawk at this 250 Testa Rossa. It's as close as any mere mortal will ever come to owning one.

  • Peeling out at Octane Academy, the free driving school for Ford ST owners 2 hours 39 minutes ago
    Peeling out at Octane Academy, the free driving school for Ford ST owners

    Buyers of Ferraris or Jaguars are used to perks from manufacturers – including racetrack lessons to help master their exotic machines. But for enthusiasts on a tighter budget, the Ford ST Octane Academy might be the sweetest deal in motoring: Buy a Ford Fiesta ST or Focus ST hatchback, and the reward is a free day of training at one of America’s longest, most-lavish road courses.

  • Why you can't buy America's greenest car 5 hours ago
    Why you can't buy America's greenest car

    Ask me or any auto expert what's the fastest car you can buy for any given amount, and we could easily cough up several options. Same for most luxurious, or off-roadable, or any other measurement. Yet there's one type of question that's far harder to answer: What's the greenest, most environmentally friendly car you can buy today?

  • Pirates kidnap three on Singapore tanker off Malaysia
    Pirates kidnap three on Singapore tanker off Malaysia

    Armed pirates boarded a Singapore-managed oil tanker in the Strait of Malacca, kidnapping three Indonesian crew and stealing some of the vessel's shipment of diesel fuel, the International Maritime Bureau said Wednesday. The attack occurred early Tuesday off Malaysia's west coast, said Noel Choong, head of IMB's Kuala Lumpur-based piracy reporting centre. The diesel oil tanker was believed to be en route to Myanmar. "IMB is aware of the attack on the Singapore-managed ship in the Malacca Straits.

  • McDonald's Hello Kitty sale site temporarily suspended due to fresh wave of Kitty mania
    McDonald's Hello Kitty sale site temporarily suspended due to fresh wave of Kitty mania

    It may not be safe to enter a McDonald’s restaurant in Singapore on Mondays starting 28 April. To celebrate the iconic Japanese character Hello Kitty’s 40th anniversary, the fast food chain announced last Friday that it would be releasing a new collection of Hello Kitty toys in McDonald’s restaurants island wide next Monday.

  • First sign of S.Korea ferry disaster was call from a frightened boy
    First sign of S.Korea ferry disaster was call from a frightened boy

    He called the emergency 119 number which put him through to the fire service, which in turn forwarded him to the coastguard two minutes later. That was followed by about 20 other calls from children on board the ship to the emergency number, a fire service officer told Reuters.