RM2.4bil for ‘underwater’ land? Yeah.

I love joint ventures, especially one which involves a huge piece of land in an area right next to Singapore. I love it even more when that piece of land is said to be worth RM2.4 billion. I am very sure, the people who still say Iskandar is a ‘dying’ potential would now come out and say, ‘this is just for show’. Haha. It’s ok. At least those who are close to investing may now think perhaps there’s more than meets the eye in Iskandar despite all the gloom and doom for the past 1 year.
It was announced that a subsidiary of Shanghai-based developer, Greenland Holdings Group Ltd has established a joint venture with Iskandar Waterfront City Bhd (IWCB) to acquire a piece of 128 acre land for RM2.4 billion. How much is that? Well, 128 acres is close to 5.6 million sf. That’s about RM430 / sf. One part you must not miss is this, majority of the land is submerged. Yes, reclamation is necessary in this case but it also meant that sea view is definite and perhaps a huge stretch of man made beach too. The new company is called Greenland Tebrau Sdn Bhd (GTSB). Yes, this is definitely a new waterfront city.  Overall, the development would take up to 15 years and will feature a SNOW world theme park, an opera house and even a hospital specialising in Chinese traditional medicine and a school.
Now the question, would this work? Haha. I would love for it to work. Who knows, if the price is right, I will drop in to take a look. Until today, I have always been buying next to hill, hill-view, pool view, no view etc but never a waterfront one, yet. Of course, as usual, the first announcement and the next one may be a little far apart, especially with the current slowdown in Iskandar. Just read about UEM and you would also know a bit more. Here: UEM-Sunrise, it’s all about work; Johor  Happy reading.
written on 22 Jan 2015
Next suggested article: Singapore investors MUST be top in Iskandar, always


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