Vincent Tan investing RM2.7 billion in Johor project

Business tycoon Tan Sri Vincent Tan is investing RM2.7 billion in a waterfront project along the Johor Straits, the Lido Boulevard.

The project is reputably the second largest along the Johor Straits after the 552ha Danga Bay development, which will cost RM19 billion and take 15 years to develop beginning 2000.

To be developed by Central Malaysian Properties Sdn Bhd (CMP), which is linked to Tan, the 49ha Lido Boulevard is an integrated residential-cum-commercial waterfront city.

It is one of the biggest private finance initiatives to date at the Iskandar Development Region, and is set to change the skyline above Lido Beach, stretching from the Lot 1 Waterfront Shopping Centre to the Harbour Master Office.

The project, which occupies the beachfront just outside the Johor Baru central business district, is designed to be the garden city of the south with heavily-landscaped gardens, water fountains and park-like facilities.

This privatisation project is a joint venture between CMP and State Secretary Inc, an investment holding company of the Johor state government, which is also the landowner.

It is CMP's flagship project and will be financed through shareholder funds and other internal financial arrangements.

In launching the project yesterday, Johor Menteri Besar Datuk Abdul Ghani Othman said the development will enhance the city's profile globally and reposition Johor Baru as an international gateway to Malaysia.

The project will be developed in phases and will stretch nearly 2.4km along Lido Beach.

CMP managing director Datuk Chan Tien Ghee said the development will have four components: luxury condominiums, waterfront office suites, a hotel and a shopping mall.

By New Straits Times (by Sim Bak Heng)