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JOHOR BAHRU | Hao Yuan Tower | 405m | 102 fl | Pro

13690 Views 12 Replies 9 Participants Last post by  EzadHfizy
Project Name: Hao Yuan Iskandar Waterfront
Planned Tower : Exceeding 100 floors (Tallest in Peninsula Malaysia)
Planned Height: Exeeding 400m
Location: Iskandar Johor Bahru
Categories: Mixed Use

Published: Friday December 27, 2013 MYT 12:00:00 AM
Updated: Friday December 27, 2013 MYT 1:50:19 PM

Iskandar Waterfront sells Danga Bay land for record price

by john loh

Hao Yuan director Du Jia Nam (2nd from left) exchanging documents with IWH chairman Datuk Mohd Othman Yusof. With them are Hao Yuan president Du Zhen Zeng (left) and IWH managing director Tan Sri Lim Kang Hoo.

PETALING JAYA: Iskandar Waterfront Holdings Sdn Bhd (IWH) has sold 15ha of seafront land in Danga Bay for RM1.6bil to a Singaporean firm, which is planning an RM8bil development featuring, among others, Peninsular Malaysia’s tallest tower.

The master planner for Danga Bay said in a statement yesterday that it had signed the sale and purchase agreement with Hao Yuan Investment Pte Ltd for six parcels of land, which would be developed by Pristine Sun Properties Sdn Bhd, a 60:40 joint-venture (JV) between Hao Yuan and IWH.

The price tag of RM1.6bil works out to a land cost of 20% of the RM8bil gross development value, within the range of 15%-20% typically paid to a landowner in Malaysia.

At some RM998 per sq ft (psf), the sale set a new benchmark for commercial land transactions in Johor Baru, besting even the landmark RM4.5bil deal between the Johor Sultan and China’s Guangzhou R&F Properties Co Ltd, which was agreed at RM891 psf.

Hao Yuan has drawn up plans for several high-end residential, commercial and retail properties for its project, including the tallest tower in Peninsular Malaysia.

Hao Yuan’s portfolio in Singapore includes the Forestville Executive Condominiums, Sea Horizon and the Woodlands New Executive Condominium. The little-known firm is believed to be a China-linked company registered in Singapore.

This marks yet another JV for IWH’s Danga Bay land-bank, which is undergoing rapid development as part of Iskandar Malaysia.

A spokesperson for IWH said he could not disclose details on the plot ratio, gross floor area and net saleable area of the project, but property executives estimate a plot ratio of up to 10 times, allowing its owners to extract maximum value from the prized land along Johor’s coastline.

IWH is expected to ink more property deals in the coming months, as interest picks up in Iskandar Malaysia despite the curbs on speculation announced recently, market observers said.

“Danga Bay hasn’t seen much development in the past 20 years. Up to now, it’s mostly been reclamation work,” PA International Property Consultants Sdn Bhd executive director V. Sivadas told StarBiz.

“There are only a few blocks of shoplots currently. It is good to have new and foreign developers entering the market and providing new ideas and products.

“Danga Bay needs to be transformed and developed faster, and this is made possible by new entrants,” he said.

But Sivadas also underscored concerns about the pricing, which he felt would likely exceed what most of the local population could afford.

“Almost every single development here is targeting the high-income group, which in Iskandar Malaysia isn’t large, as well as foreigners. Whether this is sustainable is a question mark.

“A lot of the hype in buying over the past two years is riding on the expectation of the MRT (mass rapid transit) being built, but this is many years down the line,” he said.

Johor Baru-based Sivadas added that he was puzzled by the proposed skyscrapers.

“It doesn’t make sense, considering that Danga Bay is next to a low-density area with the Istana nearby,” he said.

IWH, which is developing 1,700ha in Danga Bay, Desaru, Tebrau and Johor Baru, has shelved its US$300mil (RM957mil) listing to the final quarter of next year on worries that measures to rein in property prices could crimp demand from foreigners.
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Singapore's Hao Yuan Investment to lead $2.4 bln development in Iskandar Waterfront

KUALA LUMPUR Thu Dec 26, 2013 3:48pm IST

Dec 26 (Reuters) - Singapore-based property developer Hao Yuan Investment Pte Ltd will lead an 8 billion ringgit ($2.43 billion) development in Malaysia's Iskandar Waterfront after acquiring a 36.8-acre parcel of land there for 1.6 billion ringgit ($485.81 million).

Hao Yuan plans to build the tallest tower in peninsular Malaysia, along with "several high-end residential, commercial and retail properties" over eight years, it said on Thursday in a press release. The project will be owned by Hao Yuan and Iskandar Waterfront Holdings on a 60-40 basis. MCC Land Pte Ltd, a Fortune 500 company, was hired as project manager.

"With this joint venture, we plan to build an upscale mixed development project within Dang Bay with property products that will provide long term recurring income for both parties," said Lim Chen Herng, executive director of Iskandar Holdings.

Iskandar Waterfront, part-owned by the Malaysian government in southern Johor state, postponed its $300 million IPO for the second time on concerns that new measures introduced to cool property prices could dampen sales, Reuters reported this month.

($1 = 3.2935 Malaysian ringgit)

(Reporting By Al-Zaquan Amer Hamzah; Editing by Matt Driskill)
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i dont think so 400+ can be tallest

RnF and WM are much taller
This is interesting. JB has an interesting market, capturing the same offshore industries that China/India get from western countries. Low rental prices (in comparison to SG) can propell the city into a SG style center for skyscraper development.
402.5 meter is not even as tall as Petronas Towers, and here we are building yet a taller tower in KL (KL118). Hao Yuan earlier said it wanted to build Peninsula's tallest tower in JB.. turns out a lie.. you just dishonor your ancestors :eek:hno:
His thought process: I shall build the tallest tower in Malaysia! So it will be 405M tall, 47M shorter than the Petronas Towers in Kl, 205M shorter than Kl118, 203M taller than Tradewinds Tower in Kl, and 145M shorter than the R&F Tower!But it will still be the tallest!
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any update?
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