JOHOR BARU, Sept 7 — Danga Heights Development (DHD) signed a joint venture deal with MCC Singapore to develop a 148-acre prime commercial land with a gross development value of RM8 billion in Skudai, Johor over the next 10 years.
DHD is a subsidiary of Iskandar Waterfront (IWH) while MCC Singapore is a subsidiary of Metallurgical Corporation of China.
The project is touted as one of the largest to be announced since the start of the Covid-19 pandemic earlier this year.
It is also one of the biggest foreign direct investments (FDI) in Iskandar Malaysia following the Covid-19 outbreak.
In a statement issued today, IWH said the first phase of the development will be a 38-acre mixed-use development, which carries a gross development value (GDV) of RM2.88 billion. Construction is scheduled to start early next year.
Johor Mentri Besar Datuk Hasni Mohammad and MCC Central Research Institute of Building and Construction general manager and MCC Singapore chairman Zhu Jianguo witnessed the cross border virtual land-sale signing ceremony today between IWH director Datuk Noorazam Osman and MCC Singapore CEO Tan Zhiyong.
Also present were IWH executive vice-chairman Tan Sri Lim Kang Hoo and group executive director Lim Chen Herng.
Tan said the company envisions the project to become the new uptown area of Johor.
“It will be a smart city characterised by intelligent features and cutting-edge home concepts, and we hope this project can catalyse Johor’s urban transformation into an even more thriving and technologically advanced city in the next decade,” he said.
Since 2010, MCC Singapore has developed and managed 15 residential projects in Singapore. Currently, it is also developing JKT Living Star, a 3,648-unit condominium with an adjoining commercial zone in Jakarta; and Sky Villa, a 256-unit high-end condominium in Phnom Penh, Cambodia.
The joint venture marks the company’s first major foray into the real estate industry of Malaysia.
Tan added that the site is located in one of the most sought-after spots in Johor mainly due to its proximity to a captive population of affluent households and high density of businesses.
He said that it is also one of the biggest single FDI from Singapore into Johor and the Iskandar Malaysia economic region since the Covid-19 outbreak early this year.
“This will be a landmark development with far-reaching social and economic benefits for the people and state of Johor. It will likely inject a new momentum and excitement into Johor’s property landscape,” said Tan.