Construction has started on the RM650 million Iskandar and Oakwood Residences in Danga Bay, touted as Johor's biggest condominium development.
The contract for piling works was awarded to Econpile (M) Sdn Bhd, a specialist piling contractor, which is expected to finish the job by October.
Actual building of the three-tower project, comprising about 750 luxurious units, will begin soon. Completion is scheduled for 2012.
The condominium project, taking up 2.5ha, is being developed by Global Corporate Development Sdn Bhd, a joint venture between Iskandar Waterfront Development Sdn Bhd (IWD) and Danga Bay Sdn Bhd (DBSB).
IWD is majority owned by Iskandar Investment Bhd, in which Khazanah Nasional Bhd holds a 60 per cent stake; the Employees Provident Fund, 20 per cent; and Kumpulan Prasarana Rakyat Johor, a state government-linked company, 20 per cent.
Johor Menteri Besar Datuk Abdul Ghani Othman, who is also Iskandar Regional Development Authority (Irda) co-chairman with the Prime Minister, visited the site last Saturday.
Present were IWD chairman Arlida Ariff and chief executive officer Datuk Lim Kang Hoo.
The 28-storey Oakwood Residence, with 230 units, is the southern region's first high-end serviced apartments to be managed by Oakwood Asia Pacific Pte Ltd.
The other two 38-storey towers, called Iskandar Residences, will have 523 residential units.
The podium block will offer a wide range of shopping, food and beverage facilities. Also available will be some 150,000 sq ft of corporate suites for local and multinational corporations keen to set up office in Iskandar Malaysia.
Several other signature waterfront developments in Danga Bay will be announced soon, including at least three hotel properties, an international convention and exhibition centre, office towers, and a wet and dry theme park.
By Business Times (by Sim Bak Heng)
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