Country Garden, KPRJ plan massive reclamation development for luxury homes



PETALING JAYA: China’s Country Garden Holdings Co Ltd and Kumpulan Prasarana Rakyat Johor (KPRJ) have drawn out plans for a massive reclamation project to build luxury homes near Pendas in southern Johor near Singapore, according to sources.

Sources said that the project could entail a land area of “a few thousand acres,” which would make it one of Iskandar Malaysia’s single largest projects.

It isn’t clear how much Country Garden is pumping into the project, but going by its size, it would dwarf the Hong Kong-listed firm’s first project in Danga Bay, which only covered an area of 50 acres or 20ha, for which it had paid RM900mil.


The new project is being dubbed Forest City.



Industry sources said that such a reclamation project would probably be the largest reclamation project in the country, and that the parties embarking on it would have to have deep pockets.

Country Garden had cash and bank deposits amounting to 21.51 billion yuan (RM11.37bil) as at June 30, 2013.


KPRJ, on the other hand, is the state government’s investment arm. It owns 30% inIskandar Waterfront Holdings Sdn Bhd (IWH), which, in turn, has 1,619ha of land inIskandar Malaysia.


Country Garden is already well-known in the Iskandar region for its maiden project in Malaysia, Country Garden@Danga Bay, which surprised the Malaysian property market when it launched 9,000 condominium units at one go last year.


The RM10bil project is built on the land in Danga Bay it had acquired for RM900mil in December 2012.


It is understood that the new project by the Country Garden-KPRJ joint venture, which is situated near the second link crossing to Singapore, will also become a new tourism hub.


Previous reports have indicated that the Johor government might also consider creating Malaysia’s biggest duty-free zone in this reclaimed land area, leveraging on its proximity to Singapore.

The location of the new Country Garden-KPRJ development is also close to Singapore tycoon Peter Lim’s multi-billion-ringgit Motorsports City project, which will include a Formula One-compliant racing test track as well as showrooms, garages and entertainment outlets spread over 109ha.

The new Country Garden-KPRJ project illustrates the growing interest among mainland China developers in Iskandar. The Chinese already have a strong presence in the southern region.


Besides Country Garden, another developer, Guangzhou R&F Properties Co Ltd, made a record-breaking deal when it paid RM4.5bil or RM891 per sq ft to the Sultan of Johor for 47ha of land in the vicinity of the old Customs, Immigration and Quarantine Complex.


Sources said there were at least another three China developers in talks to acquire land in Iskandar.


Meanwhile, the sale of reclaimed land seems to be also becoming a trend in Johor. Prior to this, IWH had sold a 28.33ha man-made island at Danga Bay to Temasek Holdings Pte Ltd and CapitaLand Ltd for RM800mil, while the land Guangzhou R&F bought is partially reclaimed land.




Source:http://www.thestar.com.my/Business/B...-luxury-homes/

This post has been edited by iskandarempire: May 12 2014, 01:37 AM

My guess is they will declare Forest City as a international zone with special privilege including setting up a casino. The high speed train will probably pass thru here with a common CIQ and continue to S'pore.

Whatever special zone they can make, the market will never be able to absorb all the units by R&F and CG. These 2 projects with ultra high density will cause other condo's prices to drop as well

That PERSON is the reason of downfall for Johor property market. Johorean should boycott such project ...

CG 9000 unit.......... R&F 3000 unit.........Iskandar Zone A is crazy......

Peri Junior, R&F is more like 20-30k units. 3.5k units in Phase 1 itself and the launch has been pushed back pending approval for sale (just received their email)

BTW, Princess Cove phase 1 is on existing land (not reclaimed) and is very near to JB CIQ. While the location of Princess Cove is extremely convenient for people working in SG, they shouldn't have bought such a huge plot of land with a high plot ratio. If u guys are looking for a unit, try to get one facing the iconic hotel/office tower.

Princess Cove is the best ever investment that any Johorean should take up. It is illogical that we don't buy Princess Cove. Staying in Princess Cove is like staying in Singapore. LRT to Singapore is just next to the guard house of Princess Cove. Come out straight take LRT to Singapore.

Maybe there's a special access to LRT for Princess Cove resident.

haha are u an agent or r u dreaming? BTW, the whole phase 1 will be atop retail/commercial units. Maybe can open business there if can't afford the apartment there

I perfer more on D'Pristine in Medini, is much more better than Zone A......


Zone B got Legoland, medic, edu....many demand....

Demand is strongest in Puteri Harbour area followed by Medini then Danga bay demand not so great d cos supply so strong.. Jade palace launching soon. Weakest area is JB town cos the whole town is not wel planned

To me jb is the safest bet cause is already a mature town. We dont need to reinvent the wheel.

Iskandar area is too big. Some will succeed some will fail. Is hard to predict simply bcause there r too many projects.

medini is good for foreigner cause the rm500k limit still valid. The rest u need enormous bz activities + new incoming population to fill it up.

i think Medini is the best of the whole Iskandar??

Inside got legoland, medical centre, education, many more....near by Eco Botanic, Horizon Hill, East Ledang, all high end Residensi. Below we got Sunway Iskandar....

Puteri Habour is 2nd best in iskandar project, Zone A too many condo supply.....

The most i like Medini is demand of this city. Some more, one of the LRT station Sg-KL will fall into Medini, just infornt of Legoland

the sales chart and singaporean blogs think otherwise... nevertheless, JB town got a few new malls coming up so maybe things there will be better.. for now, setia sky is asking sky high prices and the Astaka is a way better bet

To me the key thing is not abt sales chart. Is about human traffic where ppl actually move in for staying n conduct bz activities once the project is completed. Even medini u need 200% of effort to pull ppl in.

Jb town may be unplanned or old. But it is a natural progression for jb town, when more high profile projects will elevate it to another level

alright, so did u buy there?

none in Johor

smart investor.

Very smart indeed. Whole country terrace house rise but Johor Bahru drop price. kekekekeke PeriPeri2014



This post has been edited by gogo2: Jul 17 2014, 01:56 PM

Those early batch make $$.. but dont know subsale how
price shoot up to fast. 1 or 2 years new launches hit 1200psf n incoming supplyis enormous. We dont have china size population. Thats the problem. Also sg n my r 2 seperate country. Not like hk n china.

Thats y safer bet is jb. Die die also got ppl.rnf is interesting so near to sg....