Dijaya to launch Danga Bay project by Dec

DIJAYA Corp Bhd will launch phase one of Tropicana City@ Danga Bay, its RM3.8 billion integrated waterfront flagship project in Johor by December this year, its chief said.

Phase one will feature some 700 units of upper middle serviced apartments in three blocks, worth RM600 million or more than RM600 per sq ft each, managing director Datuk Tong Kien Onn said.

"We hope to start construction by December and realise the units block by block. Piling works have been completed. We are confident of the project," Tong said in an interview with Business Times in Kuala Lumpur recently.

Dijaya is developing 14.8ha of prime waterfront land at Danga Bay in Johor Baru over the next 10-12 years with Iskandar Water Front Sdn Bhd (IWSB).
Goldhill Quest Sdn Bhd - a 60:40 joint-venture between Nagasari Cerdas Sdn Bhd (a Dijaya unit), and Global Corp Development Bhd (owned by IWSB) - bought the land from Danga Bay Sdn Bhd for RM308 million or RM190 per sq ft.

It is one of the biggest private land deals since the inception of Iskandar Malaysia in 2006, where it is located.

Goldhill plans to build a retail street mall, office towers and residences, SoHo (small office/home office) and a four- or five-star hotel.

"We are still working out the components. The project will be similar to the Mid Valley development. But our mall will be different as it will focus on food and entertainment," Tong said.

Tong said Dijaya is targeting homeowners, expatriates and investors from Asia Pacific and Europe.

He said there will be spillover from Singapore with the opening of Resorts World Sentosa and The Marina Sands resort, where each have said they will employ more than 35,000 people when the projects are fully completed.

"We expect many of the staff to be relocated to Johor. Singapore expects 10 million additional tourists a year and we hope to ride on that with the opening of a four- or five-star hotel within our development.

"We may look at international operators like Starwood or Ritz Carlton Group to run the hotel. Nothing is on the cards yet as the hotel will be developed at a later stage," Tong said.

Dijaya, known for its flagship Tropicana Golf and Country Resort development in Petaling Jaya, has RM290 million cash in hand which it will partly use to start the development, Tong said.

"We will look at bank loans but we are expecting the project to be self-financing later," he said.

By Business Times

Dijaya banks on Iskandar factor

JOHOR BARU: Dijaya Corp Bhd is banking on the long term development of Iskandar Malaysia as the main draw in attracting interest to its Danga Bay project here.

Group chief executive officer Tan Sri Danny Tan Chee Sing said apart from the project’s location on prime waterfront land, Johor’s proximity to Singapore would be another selling point.

“The timing is right for us to come to Iskandar in view of the good progress taking place in the economic growth corridor since its launch,’’ he said on Aug 10 at the signing of a sale and purchase agreement for two parcels of land totalling almost 15 ha in Danga Bay worth RM308mil.

The plots of land were acquired by Goldhill Quest Sdn Bhd - a 60:40 joint venture between Nagasari Cerdas Sdn Bhd (a wholly-owned subsidiary of Dijaya Corp) and Global Corporate Development Sdn Bhd, which is 100% owned by Iskandar Waterfront Sdn Bhd (IWSB).

Tan represented Dijaya at the event while IWSB was represented by its chairman Johar Salim Yahaya.

The signing ceremony was witnessed by Johor Mentri Besar Datuk Abdul Ghani Othman.

The joint venture company will develop the land which has a gross development value of RM3.8bil over the next 12 years.

Tan said the components of the integrated waterfront development project would include a stand-alone retail mall, four and five-star hotel towers and serviced apartments blocks.

“The project is likely to be known as Tropicana @ Danga Bay, after our flagship Tropicana Golf and Country Resort in Petaling Jaya,’’ he said.

By The Star