Pacific Star in Iskandar development with gross development value of RM1.18bil

By WONG WEI-SHEN
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The Singapore-based company acquired the piece of land in Puteri Harbour from UEM Land Holdings Bhd
for RM93.33mil, it said in a statement. Pacific Star plans to develop
exclusive waterfront apartments, small-office-home-office (Soho) units,
as well as a lifestyle retail centre.
The company said it started negotiations with UEM Land in early 2011.
PETALING JAYA: Pacific Star Development Pte Ltd
is set to develop an integrated mixed-use development project with a
gross floor area of about 1.3 million sq ft in Iskandar Malaysia. The
project consists of three 25-storey apartment towers with about 800
apartments ranging from one bedroom to four bedrooms. Another two
low-rise four-storey blocks will house the Soho units. All apartments
and Soho units will face the marina, sea, Straits of Johor and skyline
of western Singapore.
Meanwhile, the two-storey commercial
lifestyle retail centre spans approximately 120,000 sq ft, with about
80 planned retail units.
The development is situated at a
strategic waterfront location in Puteri Harbour and within five minutes
walk to the Puteri Harbour Custom, and the Immigration and Quarantine
Centre.
“Our integrated waterfront project will bring a slice of
affordable luxury to the centre of Puteri Harbour, catering to the
accommodation needs of discerning Malaysians, Singaporeans and the
growing expatriate community in the Iskandar region. This unique
project will spearhead our development business in the Asean countries
and we look forward to launch the sales before year-end where we aim to
achieve a GDV (gross development value) of more than RM1.18bil,”
president and Pacific Star Group chief operating officer Glen Chan said.
UEM Land chief executive officer and managing director Datuk Wan Abdullah Wan Ibrahim added that Pacific Star's project will bring development momentum up by another notch in Puteri Harbour.