Singapore-based property developer Hao Yuan Investment Pte Ltd will lead an RM8 billion (US$2.4 billion) development in Malaysia's Iskandar Waterfront after acquiring a 36.8-acre parcel of land there for RM1.6 billion ($485 million). Hao Yuan plans to build the tallest tower in peninsular Malaysia, along with "sever
Singapore-based property developer Hao Yuan Investment Pte Ltd will lead an RM8 billion (US$2.4 billion) development in Malaysia's Iskandar Waterfront after acquiring a 36.8-acre parcel of land there for RM1.6 billion ($485 million).
Hao Yuan plans to build the tallest tower in peninsular Malaysia, along with "several high-end residential, commercial and retail properties" over eight years, it said on Thursday in a press release. The project will be owned by Hao Yuan and Iskandar Waterfront Holdings on a 60-40 basis. MCC Land Pte Ltd, a Fortune 500 company, was hired as project manager.
"With this joint venture, we plan to build an upscale mixed development project within Danga Bay with property products that will provide long term recurring income for both parties," said Lim Chen Herng, executive director of Iskandar Holdings.
Iskandar Waterfront, part-owned by the Malaysian government in southern Johor state, postponed its $300 million IPO for the second time on concerns that new measures introduced to cool property prices could dampen sales, Reuters reported this month.