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Chinese firm to launch US$3.1b project in M'sia
Publication Date : 29-07-2013
China’s seventh largest property developer Country Garden (Holdings) Ltd expects to launch its maiden project in Malaysia on August 11, just eight months after purchasing the land.
Country Garden Danga Bay (CGDB), with a gross development value of 10 billion ringgit (US$3.1 billion), is the company’s first self project outside China. It will be developed via Malaysian unit Country Garden Danga Bay Sdn Bhd.
Country Garden group vice-chairman and general manager of strategic business development, Luo Jin Rong, said in a welcoming speech to visiting Malaysian and Singaporean media, that the company’s venture into Malaysia was a natural progression after having reached critical mass in China.
“We have also explored prospects in other countries like Canada, Russia and Australia, but we favoured Malaysia due to the natural climate and steady political environment,” he said.
It is understood there would be more than 9,000 condominium units. A further 6.07 hectares are earmarked for commercial development like shopping mall and commercial boulevard.
The company said the average price for the residential units was from 700 ringgit ($217) per square foot and that the three phases of the project would be launched simultaneously.
The company already has a presence here, but was limited to joint ventures with Malaysia Properties Land Sdn Bhd to develop townships in Rawang and Kajang.
The CGDB project is part of the Danga Bay development, which has been touted by master developer Iskandar Waterfront Holdings Sdn Bhd (IWH) as the waterfront city of the south. IWH has been selling parcels of its 1,619 hectare-land-bank. Country Garden acquired its 22.26 hectares of land in December last year from the company for 900 million ringgit ($279 million).
IWH has been selling its land on a piecemeal basis and via joint ventures with numerous parties, including Singapore’s Temasek Holdings Pte Ltd and its unit CapitaLand Malaysia Pte Ltd, which bought a man-made island measuring about 11.46 hectares for about 800 million ringgit ($248 million) for a planned 8.1 billion ringgit ($2.5 billion) mixed integrated development.
Danga Bay is part of the ambitious multi-billion ringgit Iskandar Malaysia project aimed at transforming Johor into the metropolis of the south.