Dijaya Corp Bhd has teamed up with Iskandar Water Front Sdn Bhd to jointly develop a RM3.8-billion (US$1.2 billion) mixed-use project on two prime waterfront land parcels located in Danga Bay, according to a report by the Malaysian Business Times.
The land parcel was purchased from Danga Bay Sdn Bhd for RM308 million, or RM190 psf, through Goldhill Quest Sdn Bhd, a joint-venture between Global Corporate Development Bhd and Nagasari Cerdas Sdn Bhd.
The purchase of the two land parcels, with a land total of 14.8-hectares, is one of the biggest private land transactions since the inception of the special economic zone in Iskandar Malaysia.
Dijaya Corp Bhd, well-known for its Tropicana Golf and Country Resort located in Petaling Jaya, is planning to develop the sites into residential, leisure and prime commercial properties.
The grand minister of the state of Johor, Johor Menteri Besar Datuk Abdul Ghani Othman said in an interview that the sale signals that Malaysia-based companies are starting to play a significant part in the development of the area.
“It’s an interesting investment trend as we at Iskandar Malaysia had started with those from the Middle East and Europe and countries such as South Korea. Now there seems to be a flurry of investment enquiries among the local companies. We are now looking at a potentially good mix of foreign and local investments in Iskandar Malaysia,” added the grand minister.