SINGAPORE - Capitaland said its consortium has fulfiled condition to acquire land parcels on A2 Island in Danga Bay, Iskandar Malaysia envisaged to be developed into a premier, the company said in a release on Friday.

A2 Island is envisaged to be developed into a premier waterfront residential community comprising high rise apartments, landed homes and other supporting amenities.

Capitaland's consortium, called Hallmark Connection Sdn Bhd (HCSB), had earlier signed an agreement with Iskandar Waterfront Sdn Bhd (IWSB) for the land.

CapitaLand owns 51 per cent of HCSB through its wholly owned subsidiary CLM Isle Investment, while IWSB and Temasek own 40 per cent and 9 per cent respectively.

According to Bloomberg data, Temasek also owns about 39 per cent of CapitaLand.

The development will be paced and executed in phases over a period of 10-12 years according to market conditions, as originally envisaged, Capitaland said in the release.

Earlier, it had also said that the acquisition and development of A2 Island will be financed by equity, external financing and sales proceeds from the sale of properties to be developed.

The three joint venture partners will contribute up to RM1.05 billion (S$404 million) in equity altogether.