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S'pore firm to build M'sia's 'tallest tower' in the South
Publication Date : 27-12-2013
Property firm linked to a Singapore developer aims to build what it says will be Malaysia's tallest tower as part of a major project at Danga Bay, Johor Baru.
The 8 billion ringgit (US$2.4 billion) integrated development is being planned by Sin-Hao Yuan Land, controlled by Singapore permanent resident Du Zhen Zeng.
The firm said on Thursday that it plans to build high-end residential, commercial and retail properties at Danga Bay, part of the huge Iskandar Malaysia corridor.
Sin-Hao Yuan Land is linked to Singapore developer Hao Yuan Investment.
The project will be built by a joint venture with Iskandar Waterfront Holdings (IWH), a Malaysian property developer.
The firm said the development will include the "tallest iconic tower in peninsular Malaysia and a landmark tower in Iskandar Malaysia". However, it did not specify the height of the planned tower.
Currently, the tallest tower in Malaysia is the 88-storey Petronas Towers, at 452m.
Sin-Hao Yuan will have a 60 per cent stake in the joint venture vehicle, Pristine Sun Properties, with IWH controlling the rest.
The announcement came after Mr Du inked a deal with IWH executive director Lim Chen Herng to buy six land parcels totalling about 15ha in Danga Bay for 1.6 billion ringgit ($485 million). The land is next to the site of the upcoming S$3.2 billion (US$2.5 billion) township by CapitaLand Malaysia and Temasek Holdings.
Sin-Hao Yuan said the project will have residential, commercial and retail components.
"With a presence of over 14 years in Singapore, we aim to create an inspiring lifestyle and landscape that will propel Danga Bay into a 21st-century global city," said Du.
Lim added that he expects the "upscale" development to provide "long-term recurring income for both parties".
MCC Land, a firm listed in Hong Kong and Shanghai, was hired as the building's project manager.
Both Sin-Hao Yuan and MCC Land are controlled by unrelated mainland China interests.
Sin-Hao Yuan's latest plans come on the back of rising Chinese interest in Iskandar.
Encouraged by the success of its maiden township projects at Kajang and Rawang in Malaysia, Hong Kong-listed Chinese developer Country Garden launched a 18 billion ringgit ($5.4 billion) integrated waterfront development, also in Danga Bay, in August.
China-based developer Zhuoda Real Estate Group has tied up with Iskandar Investment to develop residential and commercial projects in Medini, including Paradiso Nuova, a 382-unit condo.
Meanwhile, Singaporean billionaire Peter Lim unveiled plans for his 5.5 billion ringgit (US$1.6 billion) Vantage Bay project in October. It will include twin towers and is set to become one of the tallest condos in Malaysia.