MAJOR developer CapitaLand is another step closer to mounting its Danga Bay project in Iskandar, as conditions required to buy land there have been met.

CapitaLand said in a statement yesterday that conditions needed to acquire land parcels on what is called the A2 Island in Danga Bay "have been satisfied".

"CapitaLand remains optimistic about the potential of Iskandar Malaysia. A2 Island in Danga Bay is envisaged to be developed into a premier waterfront residential community comprising high-rise apartments, landed homes and other supporting amenities," added the developer.

It also said that it has "a long-term view of this project and is confident of the long-term prospects of Iskandar Malaysia".

In recent years, announcements that CapitaLand and Temasek Holdings were involved in developing a $3.2 billion township at Danga Bay, one of Iskandar's flagship zones, gave Iskandar a boost.

The Straits Times reported in September last year that the developer was "waiting for the relevant regulatory approval for (its) Danga Bay project's masterplan".

Now that the conditions to buy the land are fulfilled, CapitaLand looks set to launch the first phase of the development there, a high-rise 900-unit condominium being undertaken with joint venture partners.

CapitaLand said: "The development will be paced and executed in phases over a period of 10 to 12 years according to market conditions, as originally envisaged."

RACHAEL BOON