SINGAPORE - Another large mixed development project at Iskandar Malaysia is on the cards.
Chinese state-owned company Greenland Group and Iskandar Waterfront City Berhad (IWCB) will be jointly developing a RM3 billion project over 128 acres along Tebrau Bay.
The first phase of the Tebrau Bay Waterfront City project, as it is called, will include a snow world theme park, an opera house, a hospital specializing in Chinese traditional medicine and a school. It will be developed over 15 years.
Johor Menteri Besar Mohamed Khaled Nordin said in Shanghai on Wednesday that this is part of plans to develop the eastern corridor of Johor Bahru, stretching from Tebrau Bay to Pasir Gudang.
He was speaking at the signing of a joint-venture agreement between Shanghai State Government-owned Greenland Group and Johor State Government-linked IWCB.
Datuk Khaled noted that about 13 local and foreign companies are already actively involved in developing the proposed Iskandar Waterfront City in Danga Bay.
The Iskandar Waterfront City has a cumulative gross development value of RM125 billion and is on the western corridor from Johor Bahru to Nusajaya.
High impact foreign direct investments (FDI), including from China, are necessary to jump-start economic activity in Johor, Datuk Khaled said. Johor's growth has been invigorated by the launch of several mega foreign property developments which have boosted the local economy due to their spillover effects, he added.
Greenland Group executive vice-chairman Xu Jing said that Greenland was "extremely upbeat" about growth prospects in Iskandar Malaysia as the special economic zone was spearheaded by the Malaysian government.
Greenland is, together with Iskandar Waterfront Holdings (IWH), developing a RM2.2 billion integrated property project on a 13.6 acre plot in Danga Bay
"We've undertaken urban development in over 80 cities throughout China. We're keen to share the experience with IWH as our long-term joint-venture partner and help transform Iskandar Malaysia into an international destination," added Mr Xu.