IWCity and Greenland to develop RM18.4bil project in Johor

KUALA LUMPUR: Iskandar Waterfront City Bhd (IWCity) and Shanghai-based Greenland Group will jointly develop a mixed development project in Johor Baru with an estimated gross development value of RM18.4bil.

IWCity told Bursa Malaysia that its unit Southern Crest Development Sdn Bhd had signed a conditional agreement with Greenland Tebrau Sdn Bhd (GTSB) to sell the freehold land, spanning 127.92 acres and partially submerged, for RM2.37bil (RM426 per sq ft).