A joint-venture agreement to develop the commercial project was signed among Imperial Marine Pte Ltd, Danga Bay Sdn Bhd and Pembinaan Sahabatjaya Sdn Bhd in Johor Baru yesterday.
Johor Mentri Besar Batuk Abdul Ghani Othman, who is also the joint-chairman of the Iskandar Regional Development Authority, witnessed the signing ceremony. .
Imperial Marine, a Singapore-based property investment company helmed by Tan Yang Po, will invest RM150 million or 30 per cent of the cost of the project, while Danga Bay will put in RM185 million (37 per cent).
Pembinaan Sahabatjaya Sdn Bhd will invest RM165 million, or 33 per cent of the project cost.
Danga Bay is a waterfront master developer with landbank over 182ha along the Straits of Johor, while Pembinaan Sahabatjaya, a building and civil engineering company, has successfully undertaken projects worth over RM1.3 billion since 1999.
Tan, also the chief executive officer of Azea Property Investment Pte Ltd, has property investments around the world including in the UK and the US, where over RM50 million worth of its choice residential properties have been snapped up.
The proposed waterfront development in Danga Bay would comprise 700 units of serviced apartments spread over four tower blocks. Selling prices range between RM650 and RM880 per sq ft.
Retail spaces will also be incorporated into the buildings.
The latest joint-venture comes on the heels of several major recent investments in Danga Bay, including a RM40 million hotel by Tune Hotels Sdn Bhd and a RM150 million four-star hotel to be built by a Kuala Lumpur based developer.
By Business Times
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