IWH inks deal with China's Country Garden

-A +A

ISKANDAR Waterfront Holdings Sdn Bhd (IWH) inked a RM900 million land deal on Dec 4 with one of China's biggest property developers, Country Garden Holdings Co Ltd.

The deal entails IWH selling 11ha of waterfront land in Danga Bay, Johor, to Country Garden to develop a project with a gross development value of RM18 billion.

Country Garden's founder Yeung Kowk Keung said it is planning an integrated development in three phases. Phase 1 includes a clubhouse, commercial tower, mall and high-end serviced apartments.

Listed on the Hong Kong Stock Exchange, Country Garden is among China's top 10 developers. IWH is 60% controlled by Tan Sri Lim Kang Hoo via Credence Resources Sdn Bhd. It is the master developer of 1,620ha of waterfront land in the eastern and western sides of the Johor Causeway.

This story first appeared in The Edge weekly edition of Dec 10-16, 2012.