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Wednesday November 14, 2012

Big waterfront project planned along Sg Tebrau

JOHOR BARU: High-end and high-rise residential and commercial properties as well as an international passenger ferry terminal are being planned under a multi-billion ringgit waterfront development project along the coastal line of Sungai Tebrau near the Permas Jaya bridge.

Tebrau Teguh Bhd, which is in the planning stage to develop the project, will also start water taxi services connecting Johor Baru and Singapore and ferry services to nearby Indonesian islands.

Tebrau Teguh executive vice-chairman Tan Sri Lim Kang Hoo said the initial component of the project, the land reclaimation work covering 40.46ha, would start next year.

He said it would take a year to finish the work and once it was completed, work on the mixed development project would start immediately. “The project with a gross development value of between RM4bil and RM5bil will keep us busy for 10 to 15 years,'' Lim told StarBiz after the company EGM on Monday.

At the meeting, shareholders approved the recurrent related-party transactions (RRPT) of revenue or trading involving three related parties and their subsidiaries and associate companies.

The RRPT involves Knusford Bhd, Kumpulan Prasarana Rakyat Johor Sdn Bhd and Iskandar Waterfont Holdings Sdn Bhd with an estimated annual value of RM250mil from Nov 12 to the next AGM.

Separately, he said Tebrau Teguh has completed the site clearance and earthworks and laying the infrastructure for the relocation of villagers affected by the refinery and petrochemical integrated (Rapid) project in Pengerang, Kota Tinggi district area.

Lim said the company would start the construction of 1,036 houses on plot A of the new resettlement on 154.18ha either in December or January 2013 and had been given a year to finish the RM530mil job.

“We are confident of completing the job on time based on our previous track records where all projects undertaken by us are done ahead of schedule,'' he said.

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