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GREENLAND JADE PALACE | Iskandar Malaysia (Danga Bay) | U/C

71079 Views 97 Replies 26 Participants Last post by  leekwangsu
Updated: Thursday April 17, 2014 MYT 1:31:20 PM

Another China developer flocks to Iskandar, plans RM10bil projects

PETALING JAYA: The Greenland Group is the latest developer from China to buy land for a sizeable property project in Johor's coastal Danga Bay area.

It struck a deal yesterday to acquire 13.96 acres from Iskandar Waterfront Holdings Sdn Bhd (IWH) at a cost of RM600mil, where it plans to develop properties worth RM2.2bil in gross development value (GDV).

The price works out to RM984 per sq ft - just below the record RM991 per sq ft that Hao Yuan Pte Ltd, a Singapore-based but China-owned firm, paid for 37 acres in Danga Bay last December.

This is Greenland’s maiden investment in Malaysia, for which it will form a joint venture with IWH to develop the land into an integrated project within five years.

But the sale comes amid reports of tepid response from buyers for launches in Johor and Iskandar Malaysia.

The latest to feel the heat was Singapore’s Pacific Star Development Pte Ltd, which saw bookings for only 25% of the second phase of its condominium in Puteri Harbour.

Even so, the Shanghai-based Greenland, one of China's largest state-owned enterprises, is understood to be eyeing a GDV in excess of RM10bil in Danga Bay by the time it wraps up several more transactions in the coming months.

“This is only the beginning,” a source said.

According to industry executives, Greenland is set to finalise “very soon” the purchase of two more land parcels on the eastern corridor of Johor Baru near the Permas Jaya township, where Tropicana Corp Bhd is also a landowner.

Previous news reports had said Greenland was keen on acquiring around 60ha in Iskandar Malaysia.

Inclusive of the Greenland transaction, IWH has to-date inked 17 deals with local and foreign partners to develop properties worth RM127bil in GDV, providing a fillip to its ambitious plan of transforming the coastline of Johor bordering Singapore into a waterfront metropolis.

At least four other major China developers were in talks with IWH for mixed-use developments featuring waterfront properties, the company said in a statement.

“This massive influx of foreign direct investment is a boon for Malaysia and Johor because of the economic spillover and thousands of job opportunities that these projects will generate,” IWH managing director Tan Sri Lim Kang Hoo said.

“We believe Greenland Group will pave the way for more China state-owned companies to invest in outstanding property projects in Iskandar Malaysia and IWH’s extensive waterfront landbank in Johor Baru.”

A delegation from Greenland had visited Malaysia in February to explore investment opportunities. The state-backed group has over the past few years snapped up real estate in major cities such as New York, Los Angeles, Sydney, London and South Korea.

IWH is the master developer of 1,620ha of waterfront land in the eastern and western side of the Johor Causeway, with Danga Bay, located in Zone A of Iskandar Malaysia, as its centrepiece.

Other international property players which have secured a foothold in Danga Bay include Singapore’s Temasek Holdings Pte Ltd and CapitaLand Ltd, Australia’s Walker Group and China’s Country Garden Holdings Ltd and Hao Yuan, while local firms with ongoing developments include Tropicana and the Brunsfield Group.

Maybank IB Research had recently expressed concern about Iskandar Malaysia’s medium-term prospects, saying the massive incoming supply of residential and retail properties in hotspots like Danga Bay and Nusajaya could be harmful to asset values.

“Judging from the planned launches (serviced apartments, hotels, office and retail spaces) by Country Garden, Hao Yuan, Guangzhou R&F Properties Co Ltd, CapitaLand and Greenland Group, the hotspot areas, ie, Danga Bay and Tanjung Puteri, could be flooded with an enormous supply of high-rise mixed development projects, inducing price volatility,” it said in a client note last week.

“For instance, Guangzhou R&F plans to launch 15 blocks of 35-storey apartment buildings under phase 1 in the second half of this year, which implies an enormous 3,150 units of apartments, assuming six units per floor.

“That said, investor interest could return to developers with projects in Iskandar Malaysia on the finalisation of the Johor Baru-Singapore rapid transit system. Also, the listing of IWH in the second half could re-rate existing players in Iskandar Malaysia.”

PA International Property Consultants Sdn Bhd executive director V Sivadas told StarBiz that buyers were in “transition mode” due to changes in state policy and foreign ownership.

“People still have money, but they are being more careful about how they use it,” he said.
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Greenland Danga Bay

Greenland Danga Bay will build commercial shop offices, theme street malls, resort homes and stylish high-rise residences with panoramic view.

The development will offer a comprehensive all-in-one living and lifestyle services, such as home delivery, general housekeeping, home improvement, interior landscaping and property management.
Got another supertall here haha ? Quezon City is planning 200 fl tower now...
Got another supertall here haha ? Quezon City is planning 200 fl tower now...
I will believe it when I see them build an 80 fl first, then 100+ fl, then only a 200 fl megatall. 200 fl tower from the get-go will never happen.
how many supertalls here ?? haha
how many supertalls here ?? haha
This one can ask property agent guys like LoveArki, newbie11 & etc... They might be the 1st to know... hehe
Jade Palace (Greenland Danga Bay) had an introductory booth in MAPEX KL exhibition yesterday. With scale model.
Most of the towers are 60 floors +/-
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Most of the towers are 60 floors +/-
Wow! How many towers will there be?
I saw in the model many towers and some are really tall.
If this Greenland really materialized and as well as Tropicana projects and Country Garden, Danga bay can be a mini Gold Coast or Singapore East Coast or Miami Beach...

It can easily beat Gurney drive with the skyscrapers and wider roads but beach still cannot compare to the above.

I hope Danga bay project can be fast paced and we get to see the completed projects in just a few years.

However there are still massive lands in the other side with rotten and decaying mangrove forest as most of the projects are concentrated on the other belt towards the city.

They should have just leave the mangrove area untouched to serve as the green lung for the area, with parks and rivers where people can come for canoeing and fishing and sightsee the Eco reserves.
Spotted around 8 unit bore piling machine working at Greenland construction site, danga bay yesterday. The no of tower cranes working at country garden site also have increase, the site is so busy even on Sunday morning.:)
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