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Discussion Starter · #2 · (Edited)
Published: Tuesday December 3, 2013 MYT 12:00:00 AM
Updated: Wednesday December 4, 2013 MYT 4:46:17 PM

China-based company buys RM4.5bil worth of land in Johor Baru

by ng bei shan

PETALING JAYA: China-based developer Guangzhou R&F Properties Co Ltd is buying six plots of land in Johor Baru for a whopping RM4.5bil from the Johor Sultan, making it a record deal.

The investment, comprising high-rise residential units, low-density housing, retail properties, offices, a hotel and a shopping mall, is the Hong Kong-listed firm’s maiden overseas venture.

“Malaysia, with a sizeable Chinese community and favourable government policy attracting foreign purchasers, is well-suited for the first venture of the group outside China,” said the company in a filing with the Hong Kong stock exchange.

It also said it came to the RM4.5bil consideration through direct negotiation with the vendor and that its board considered the price to be fair and reasonable, given the market condition in Malaysia, location, development cost and potential of the land.

“We are now an investment hotspot for companies from China,” he told StarBiz.

Henry Butcher Malaysia director Lim Eng Chong said investors from China were buying property in Malaysia because of the infrastructure, relatively affordable health sector, education facilities and cheaper land cost here. .

He said many small and medium-sized mainland China developers were positive about Malaysia.

“China-based developers looking for businesses elsewhere are seeing Malaysia as an alternative investing destination, as the property prices in the markets that the mainland Chinese were familiar with, such as Taiwan, Hong Kong and Singapore, are beginning to cool down after having gone up considerably,” he said.

Based on his experience, he said, the latest property ceiling price of RM1mil for foreigners had little impact on these investors, as most of them preferred established high-end areas which were selling above that price.

LBS Bina Group Bhd managing director Datuk Lim Hock San said: “In China, people are talking about Iskandar because of its proximity to Singapore. The high prices there have prompted investors to look at Malaysia as a cheaper alternative.”

Property analysts, however, are more cautious on the property market in the Iskandar region now due to high valuations and the possibility of an oversupply.

Maybank IB Research analyst Wong Wei Sum pointed out that developers who emphasised on a fast turnaround and supplied a massive amount of similar products to the market could result in a glut.

“It depends on how they are going to launch it.”

Guangzhou R&F Properties noted in the announcement that its preliminary plan was to develop the land in phases, but did not elaborate.

Analysts also noted that the China-based developers could be targeting mainland Chinese as buyers for their properties and warned of the more speculative nature of such investments.

13,814 Posts
Discussion Starter · #11 ·
Tallest tower in the country will be built in the first phase.

Published: Tuesday June 24, 2014 MYT 12:00:00 AM
Updated: Tuesday June 24, 2014 MYT 6:47:09 AM

Hong Kong's R&F plans to expand beyond Iskandar
by mohd farhaan shah

New landmark: Cheung showing a model of the Princess Cove project in Tanjung Puteri.To be built on 46.5ha, it will be divided into four phases and is expected to be completed within the next eight years.

JOHOR BARU: The Princess Cove project in Tanjung Puteri will be Hong Kong-based R&F Properties Co Ltd’s maiden property development in Malaysia.

However, general director of sales and marketing Fairus Cheung said the company was looking beyond Iskandar Malaysia to be involved in other development projects in the country.

He added that at the moment, R&F Properties would be focusing on ensuring that the Princess Cove project becomes a new landmark not only in Johor but also Malaysia.

“We do have plans to invest in other parts of the country, but for now, Johor Baru is our main priority,” he said during the opening of the Princess Cove sales gallery here recently.

He pointed out that the project, to be built on 46.5ha in Tanjung Puteri, would be divided into four phases and is expected to be completed within the next eight years.

“At the moment, we will only be building 3,000 units of luxury apartments in the first phase of the project. The tallest building in the country will also be constructed in the first phase of the project,” he said.

Asked if it was planning to build 30,000 homes in that area, Cheung declined to comment.

R&F Properties had bought the land, which was previously the site of the Royal Malaysian Customs Department, for RM4.5bil in a deal involving the Johor royalty late last year.

On a per sq ft basis, the prime land values at more than RM890, making it the second most highly priced land in the city, trailing closely behind another China-based firm that had bought 37 acres of land in Danga Bay for RM991 per sq ft.

Cheung also said the first phase would see the construction of 15 blocks of luxury apartments, a shopping mall and a building which houses a five-star hotel and an office tower.

“The first phase will be completed by 2017, depending on the launch date, which is expected to take place by early next month.

“Our main focus is on locals and Singaporeans, as the location is just a stone’s throw away from the causeway,” he said.

Cheung added that with the economic boom due to the development of Iskandar Malaysa and other projects in the state, there would be more demand for properties among local and foreign investors.

However, declined to comment on whether R&F Properties would be building 300,000 units of luxury apartments in the project.

Cheung also declined to elaborate on the construction of the tallest building, as the details would be available during the grand opening of Princess Cove soon.

R&F Properties, listed on the Hong Kong stock exchange, has a series of iconic developments in its portfolio, mostly in China with Malaysia as its first foreign project.

The company, with over 20 years of experience in property development, has been involved in the building of classical bungalows, grade-A office towers and five-star hotels.

13,814 Posts
Discussion Starter · #43 ·
You could be onto something

A low profile non descript buiding in an isolated corner of the world ...

I'm sure nobody will pay any heed to it.
what did you mean by an isolated corner of the world?

It's just smack right next to the Singapore Island, the most expensive city in the world, but mind you, they have the GDP Per capita (PPP) of $81,000 to spend on their luxury products.

You guys need to wake up!

13,814 Posts
Discussion Starter · #44 · (Edited)
Singapore is located just right across that bridge (Causeway). By right, that causeway has to be replaced by a new "Crooked Bridge" to link between the two countries.
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