Singaporean and Malaysian investors recently announced a partnership to jointly develop a RM500 million new waterfront residential and commercial project in Johor.
The high-end development, to be called Azea Properties, will rise on a 1.68 hectare site in Danga Bay, among the key flagship zones in Iskandar Malaysia.
The Singapore investment worth about RM150 million will be made available by Tan Yang Po’s Imperial Marina Pte Ltd. The real estate investment firm is a special purpose vehicle established by Ms. Tan to explore and take advantage of investment opportunities in the growing Iskandar Malaysia property sector.
Ms. Tan said in a statement that she will be collaborating with Danga Bay Sdn Bhd (37 percent) and Pembinaan Sahabatjaya Sdn Bhd (33 percent) to develop the project through a joint-venture company, Para Impiana Sdn Bhd.
Waterfront master developer Danga Bay has a land bank of more than 182 hectares along the Straits of Johor, while building and civil engineering company Pembinaan Sahabatjaya has successfully undertaken projects worth more than RM1.3 billion since 1999.
Ms. Tan, who also serves as CEO of Azea Property Investment Pte Ltd, has property investments worldwide. Her recent foray was into the UK and the US, where more than RM50 million worth of choice residential properties were snapped up.
Lim Kang Hoo, chief executive of Danga Bay, said the latest joint venture with Imperial Marina was a clear sign of the increasing confidence of Singapore investors in opportunities across the causeway since the announcement by the prime ministers of Singapore and Malaysia of a resolution to the issue of Malaysian railway land in the Republic earlier this year.
Ms. Tan said the planned waterfront development would consist of 700 serviced apartment units spread over various tower blocks. The buildings would also offer retail spaces.
“All available units in one of the tower blocks has already been booked even before the project launch,” said Ms. Tan, adding that selling prices range from RM650 psf to RM880 psf.