IWH in JV with Singapore-based Hao Yuan for Danga Bay project

by **Cals** Thu 26 Dec 2013, 17:59

Business & Markets 2013

Written by Ahmad Naqib Idris Adzman Shah of theedgemalaysia.com

Thursday, 26 December 2013 17:42

JOHOR BAHRU (Dec 26): Iskandar Waterfront Holdings (IWH) announced in a press release today its joint venture with established Singapore developer Hao Yuan Investment Pte Ltd to develop six parcels of waterfront land in Danga Bay.

The tract, measuring 36.8 acres, was acquired by Hao Yuan from IWH for a total consideration of RM1.6 billion, for the purpose of an integrated mixed development with a gross development value of RM8 billion over eight years.

“With this JV with Hao Yuan, 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 IWH.

Hao Yuan plans to introduce several high-end residential, commercial and retail properties in Danga Bay.

This will include the tallest iconic tower in Peninsular Malaysia and a landmark tower in Iskandar Malaysia.

“With a presence of over 14 years in Singapore, we aim to create an inspiring lifestyle and landscape that will propel Danga Bay into a 21st century global city,” said Du Zhen Zeng, president of Hao Yuan.

MCC Land Pte Ltd, a Fortune 500 company, was appointed by the two parties as the project manager for the mixed development.

MCC Land was previously involved in the development of several notable landmarks in Singapore, such as Universal Studios at Resorts World Sentosa and the Keppel Distripark, and also housing projects such as The Canopy and Canberra Residences.

The niche development will be spearheaded by Pristine Sun Properties Sdn Bhd - a 60:40 JV with IWH, with Hao Yuan holding controlling interests.