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Country Garden in huge Johor land deal
Source: Xinhua |
01:03 UTC+8 December 5, 2012
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CHINESE property developer Country Garden Holdings Co Ltd yesterday formalized a deal to buy a 22-hectare prime waterfront land in southern Malaysia's Johor state for almost one billion ringgit (US$328.6 million).
The purchase was the largest single investment to date in the Iskandar Waterfront development opposite of Singapore. Country Garden plans to build a luxury clubhouse, a 10,000-unit high-end condominium and service apartment, a commercial tower and a shopping mall over the next 10 years in a project worth 18 billion ringgit.
"The investment that will take place in Danga Bay is a mirror of the success based on public-private partnership and a success that has attracted a partner from China that is highly-capable of completing such a giant project," Malaysian Prime Minister Najib Razak said as he witnessed Country Garden signing the acquisition agreement with Iskandar Waterfront Holdings Sdn Bhd, the land's developer.
Top ten developers
Country Garden, one of the top ten developers in China, was listed as one of the 50 biggest companies in Asia by Forbes last year. "This investment is the first in Iskandar Malaysia by a group from Chinese mainland. But I am certain it will not be the last," Najib added.
Phase one of the project will begin early next year and is expected to be completed by 2014.
This is Country Garden's third project in Malaysia as it aggressively expands in a burgeoning property market that has been drawing strong interest from abroad.
"Our team has been performing very well in China as we are capable in terms of finance, branding and management. We have made Malaysia our first stop overseas and when our projects here pan out well we plan to go to more places across the country and to other countries," Mo Bin, president and executive director of Country Garden, said.
Iskandar Waterfront is part of Iskandar Malaysia, a development spearheaded by state investment fund Khazanah Nasional that has attracted the first Legoland theme park in Asia, the United Kingdom-based Pinewood Studios and several UK universities.
The purchase was the largest single investment to date in the Iskandar Waterfront development opposite of Singapore. Country Garden plans to build a luxury clubhouse, a 10,000-unit high-end condominium and service apartment, a commercial tower and a shopping mall over the next 10 years in a project worth 18 billion ringgit.
"The investment that will take place in Danga Bay is a mirror of the success based on public-private partnership and a success that has attracted a partner from China that is highly-capable of completing such a giant project," Malaysian Prime Minister Najib Razak said as he witnessed Country Garden signing the acquisition agreement with Iskandar Waterfront Holdings Sdn Bhd, the land's developer.
Top ten developers
Country Garden, one of the top ten developers in China, was listed as one of the 50 biggest companies in Asia by Forbes last year. "This investment is the first in Iskandar Malaysia by a group from Chinese mainland. But I am certain it will not be the last," Najib added.
Phase one of the project will begin early next year and is expected to be completed by 2014.
This is Country Garden's third project in Malaysia as it aggressively expands in a burgeoning property market that has been drawing strong interest from abroad.
"Our team has been performing very well in China as we are capable in terms of finance, branding and management. We have made Malaysia our first stop overseas and when our projects here pan out well we plan to go to more places across the country and to other countries," Mo Bin, president and executive director of Country Garden, said.
Iskandar Waterfront is part of Iskandar Malaysia, a development spearheaded by state investment fund Khazanah Nasional that has attracted the first Legoland theme park in Asia, the United Kingdom-based Pinewood Studios and several UK universities.
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