JOHOR BARU: The Princess Cove project in Tanjung Puteri will be Hong Kong-based R&F Properties Co Ltd’s maiden property development in Malaysia.
However, general director of sales and marketing Fairus Cheung said the company was looking beyond Iskandar Malaysia to be involved in other development projects in the country.
He added that at the moment, R&F Properties would be focusing on ensuring that the Princess Cove project becomes a new landmark not only in Johor but also Malaysia.
“We do have plans to invest in other parts of the country, but for now, Johor Baru is our main priority,” he said during the opening of the Princess Cove sales gallery here recently.
He pointed out that the project, to be built on 46.5ha in Tanjung Puteri, would be divided into four phases and is expected to be completed within the next eight years.
“At the moment, we will only be building 3,000 units of luxury apartments in the first phase of the project. The tallest building in the country will also be constructed in the first phase of the project,” he said.
Asked if it was planning to build 30,000 homes in that area, Cheung declined to comment.
R&F Properties had bought the land, which was previously the site of the Royal Malaysian Customs Department, for RM4.5bil in a deal involving the Johor royalty late last year.
On a per sq ft basis, the prime land values at more than RM890, making it the second most highly priced land in the city, trailing closely behind another China-based firm that had bought 37 acres of land in Danga Bay for RM991 per sq ft.
Cheung also said the first phase would see the construction of 15 blocks of luxury apartments, a shopping mall and a building which houses a five-star hotel and an office tower.
“The first phase will be completed by 2017, depending on the launch date, which is expected to take place by early next month.
“Our main focus is on locals and Singaporeans, as the location is just a stone’s throw away from the causeway,” he said.
Cheung added that with the economic boom due to the development of Iskandar Malaysa and other projects in the state, there would be more demand for properties among local and foreign investors.
However, declined to comment on whether R&F Properties would be building 300,000 units of luxury apartments in the project.
Cheung also declined to elaborate on the construction of the tallest building, as the details would be available during the grand opening of Princess Cove soon.
R&F Properties, listed on the Hong Kong stock exchange, has a series of iconic developments in its portfolio, mostly in China with Malaysia as its first foreign project.
The company, with over 20 years of experience in property development, has been involved in the building of classical bungalows, grade-A office towers and five-star hotels.
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