Dijaya plans RM3.8b Danga Bay project

Property developer Dijaya Corporation Bhd has bought two parcels of prime land totalling 37 acres in Danga Bay, Iskandar Malaysia, for RM308 million.

The land is being acquired by Goldhill Quest Sdn Bhd, a joint venture between Nagasari Cerdas Sdn Bhd (a wholly-owned subsidiary of Dijaya Corp) and Global Corporate Development Sdn Bhd, owned by Iskandar Waterfront Sdn Bhd.

Johor Menteri Besar Datuk Abdul Ghani Othman, who witnessed the signing of the sales and purchase and joint venture agreements, said the expected gross development value of the land is RM3.8 billion, spanning 12 years.

"The RM3.8 billion investment of Dijaya Corp in Danga Bay is yet another milestone in our continuing efforts to promote and position Iskandar Malaysia as a premier economic zone," he said in Johir Bahru today.

According to him, the sizeable investment by Dijaya and Iskandar Waterfront will have a massive impact on the local economy.

"Local supliers, contractors, professionals and even the man-in-the-street stand to benefit from the investment, which in turn will spur the Johor economy significantly," he said.

Abdul Ghani said more good news were expected as several other prospective investors were now eyeing major property developments in Iskandar Malaysia and Danga Bay.

"In the case of Danga Bay specifically, I'm told several interested parties are now literally knocking on Danga Bay's door, wanting a slice of the action here. This speaks volume about investor confidence and the prospect for world-class developments coming up here," he said.

Abdul Ghani said that investor confidence on Iskandar Malaysia was on the rise.

As at July 2010, the total cumulative investment for Iskandar Malaysia is RM62.32 billion, of which RM25.44 bilion or 40 per cent has been actualised, he said.

Dijaya Corp's group chief executive Tan Sri Danny Tan said the development in Danga Bay will include prestigious commercial, residential and leisure projects.

"This will include office and commercial properties, hotel, shopping complex, condominiums and a full range of world-class waterfront lifestyle projects," he said.

By Bernama