Key players in the saga

A model of Bandar Malaysia.
A model of Bandar Malaysia.PHOTO: IWCH-CREC SDN BHD


He is the controlling shareholder of property group Iskandar Waterfront Holdings (IWH), which in turn has a majority stake in Iskandar Waterfront City (IWC).

IWC is listed on the Kuala Lumpur stock exchange, Bursa Malaysia.

The two companies are to be merged under a deal announced in March. At the end of the merger, an enlarged IWH will take over the listing status of IWC and emerge with RM41 billion (S$13.3 billion) in mostly property assets.

Tan Sri Lim, 63, is perhaps more familiar to Singaporeans as the developer behind the Danga Bay project in Johor Baru.


He also controls Bursa-listed construction firm Ekovest, which is building a new 30km highway in Kuala Lumpur that will link to Bandar Malaysia.

His net worth last month, according to Forbes, was US$705 million (S$988 million).


It is the state-owned parent of China Railway Group, which is a Hong Kong- and Shanghai-listed railway construction firm. CREC's chairman and executive director is Mr Li Changjin, who is also China Railway Group's chairman.

CREC's general manager Cai Zemin announced last November that the company is setting up its US$2 billion regional headquarters in Bandar Malaysia. It is not clear whether this will now continue.


The ruler is entwined in the Bandar Malaysia deal by virtue of his involvement in IWH.

Under the proposal for IWH's listing, the Sultan is to inject his property assets worth up to RM833 million, for a stake of up to 13 per cent in IWH.

The assets include waterfront land in Johor Baru that faces Singapore.

A version of this article appeared in the print edition of The Straits Times on May 05, 2017, with the headline 'Key players in the saga'. Print Edition | Subscribe