GREENLAND HELIOS COVE | Iskandar Malaysia (Tebrau Bay) | U/C

Dean_14 said:

The project in iskandar is too spread out
Every places become prime according to the developer
They should stay focus on nusajaya ( puteri harbour, medine)
And danga bay as well as JB city area

Btw, danga project near kemayan city is land clearing now

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glenj said:

Interestingly, IOI's Marina Cove project (located on the other side of the highway, opposite River City Hub) is not part of this. Any updates on Marina Cove?

Besides Botanika, which I understand is under construction, is there any other component of this mega development that has started construction?

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China’s Greenland Group buys 128 acres land from Iskandar Waterfront City for RM2.4 billion

By Shalini Kumar / theedgemarkets.com | January 21, 2015 : 3:23 PM MYT

KUALA LUMPUR (Jan 21): Shanghai state government linked-Greenland Group and Iskandar Waterfront City Bhd (IWCB, formerly known as Tebrau Teguh Bhd ( Financial Dashboard)), have inked a RM2.4 billion deal to develop the Tebrau Bay Waterfront City.

In a press statement issued by Iskandar Waterfront Holdings Sdn Bhd (the parent of IWCB) this afternoon, it is said that "Greenland Group will invest RM2.4 billion to acquire 128-acres from IWCB (fundamental: 1.65; valuation: 1.5) under Phase 1 of the project, which will showcase a snow world theme park, an opera house, a hospital specialising in Chinese traditional medicine and a school".

According to the statement, the agreement was signed in Shanghai this afternoon, between officials of both companies and witnessed by Johor Menteri Besar Datuk Seri Mohamed Khaled Nordin. However, no announcement has been made to Bursa Malaysia on the signing of the agreement at press time.

In the statement, Mohamed Khaled said high impact foreign direct investments (FDI), including from China, were necessary to jump-start economic activity in Johor.

“I welcome their long-term strategic interest to jointly transform Johor Bahru into a modern international waterfront city and destination,” he said.

The deal represents Greenland Group's second investment in Iskandar Malaysia.

Last April, it also invested RM600 million for the joint-development of 13.6 acres in Danga Bay with Iskandar Waterfront Holdings Sdn Bhd (IWH), where a RM2.2 billion integrated mixed property project is coming up, including the recently-launched 'Jade Palace' luxury condominiums.

IWCB is 47%-owned by Johor-based IWH. IWH is a public private partnership involving federal, state and private interests, with its shareholders comprising the Johor government through its investment arm Kumpulan Prasarana Rakyat Johor, Khazanah Nasional Bhd and Tan Sri Lim Kang Hoo.

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China-based Greenland enters into RM2.4b land transaction with Malaysia's IWCB
Thursday, 22 January 2015

PETALING JAYA: At a time when there is an increased level of cautiousness in the Johor property scene, a Chinese developer has inked an RM2.4bil deal with Iskandar Waterfront City Bhd (IWCB) to acquire 128 acres of land, a value that underscores one of the highest land transactions in the Iskandar region to-date.

A subsidiary of Shanghai-based state developer Greenland Holdings Group Ltd has established a joint venture (JV) with IWCB unit Southern Crest Development Sdn Bhd (SCD) to buy the land, which is mostly submerged, from IWCB for a sum of RM2.4bil.

The RM2.4bil deal works out to about RM430 per sq ft, which property consultants said set the benchmark for property prices in that area as there had not been any transaction of that size in that area previously. Most previous transactions were at Danga Bay, which is at the Causeway and near the Second Link.

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