Iskandar Waterfront Holdings Sdn Bhd (IWH) is developing a RM700 million premium residential project in Danga Bay, Johor, under a joint venture (JV) with Singapore’s Skyfront Holdings Pte Ltd.
The project is on 3.48 acres of freehold waterfront land within Flagship A of Iskandar Malaysia and within a 5km radius of the Johor Baru central business district and the Causeway.
Under the JV, Skyfront Holdings will hold 65% equity in the project, which is also the firm’s first foray outside Singapore where it is involved in property development, management and consultancy services.
“This is a low-density super premium residential development, with all units offering spectacular seafront views and of the Singapore skyline,” Skyfront Holdings director David Cheng said in a statement yesterday.
The development offers 840 exclusive luxury condominium units spread over three blocks of 31-, 39- and 43-storey overlooking the Straits of Johor as well as three levels of commercial and retail units.
Prices for the studio, three-bedroom and penthouse units will range between RM1,100 per sq ft and RM1,300 per sq ft.
Cheng said sales enquiries have been steadily picking up, especially from prospective buyers from across the Causeway, although the official sales launch will only be in November.
Preliminary earthworks on the project have begun and are due for completion by early 2016. Singapore-based More Property Pte Ltd is the official property agent for the project.
IWH, master developer of the Danga Bay integrated waterfront city, is finalising several other deals with leading local and foreign investors for property development projects there.
The development with Skyfront Holdings is the second major property development coming up in Danga Bay after the RM18 billion mixed development announced by China’s Country Garden Group last month.