SINGAPORE-MALAYSIA PRIME MINISTERS' ANNUAL RETREAT

$3.2 billion waterfront township to be built on Johor island

Joint-venture project will come up in Danga Bay

 
PM Lee looking at a model of the joint venture township project with (from left) CapitaLand president and group CEO Lim Ming Yan, PM Najib, Iskandar Waterfront Holdings managing director Lim Kang Hoo and Johor Menteri Besar Abdul Ghani Othman. -- PHOTO: LIANHE ZAOBAO

A DEAL to develop a $3.2 billion waterfront township in Johor was sealed yesterday in yet another major Singapore-Malaysia investment in the Iskandar region.

The joint venture along Johor's southern coast is between CapitaLand Malaysia, a subsidiary of Singapore's listed company CapitaLand, and Temasek Holdings on one side and Malaysia's Iskandar Waterfront Holdings on the other.

To be built on a man-made island on Danga Bay, the residential community will occupy 28.9ha on a plot about one-third the size of Gardens by the Bay.

It will be built in phases over 10 to 12 years and will have high-rise and landed homes, as well as a marina, shopping mall, restaurants, serviced residences, offices and recreational facilities.

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