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Iskandar Waterfront outlines RM4.3 bil development projects in Johor in 10-year plan

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Publish date: Mon, 04 Mar 2024, 07:28 PM

KUALA LUMPUR (March 4): Iskandar Waterfront City Bhd has unveiled its 10-year development plan comprising three projects in Johor Bahru, with an aggregate gross development value (GDV) of RM4.33 billion.

According to its statement on Monday, the property developer’s 10-year development plan comprises the RM3.5 billion waterfront township Tebrau Bay, RM500 million mixed waterfront development Danga Rivera, and RM330 million mixed-use development project Danga Heights.  

Over the next five years, the first phase of the three key development projects, comprising an aggregate of 63 acres, is expected to generate a total GDV of RM1.8 billion, according to the company.   

Iskandar Waterfront said the 100-acre Tebrau Bay is a waterfront township development, which will commence with a 30-acre pilot phase. Meanwhile, Danga Heights is a 29.3-acre mixed-use development project focused on retail, which will include a branded hotel, office and serviced apartment. 

As for Danga Rivera, the project is a mixed waterfront development in Permas Jaya, which will feature shop offices, retail spaces, hotels and service suites. 

For the Danga Rivera project, Iskandar Waterfront said the company has inked a memorandum of understanding with Spain-based hotel company Meliá Hotels International SA for Iskandar Waterfront to develop a hotel under the Meliá Hotels & Resorts brand. 

“The hotel will need to be designed, built, equipped and decorated in accordance with the standards of the Meliá Hotels & Resorts brand, with the aim of then being managed by Meliá Hotels International,” it said, adding that parties shall negotiate concerning a hotel management agreement. 

Iskandar Waterfront deputy chief executive officer Yap Meow Hin said the collaboration with Meliá Hotels International underscores the company’s commitment to excellence and its vision of transforming landscapes to enrich communities. 

“Overall, Iskandar Waterfront is confident in its ability to develop and leverage its extensive landbank, which is strategically located near mature areas and close to the Rapid Transit System (RTS) Link station and [the] Johor Bahru city centre,” Iskandar Waterfront said. 

Shares in Iskandar Waterfront ended half a sen or 0.68% lower at 73.5 sen on Monday, giving the group a market capitalisation of RM677.03 million.

 

https://www.theedgemarkets.com/node/703355

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