Sultan: Johor landscape will change with more foreign investments

  • Property
  • Friday, 04 Jul 2014

Johor's Sultan Ibrahim Ibni Almarhum Sultan Iskandar ( in pink shirt) looking at the model of Princess Cove @ Tanjung Puteri development project at its launch in Johor Baru on July 3, 2014

JOHOR BARU: Johor’s Sultan Ibrahim Ismail Sultan Iskandar has welcomed the entry of more foreign investments into the state, stating that it could change the landscape of the state besides providing benefits from the economic perspective and job opportunities for the people.

Bernama reported that the Johor Sultan had consented to officiate at the groundbreaking ceremony for the Princess Cove project in Tanjung Puteri here, being developed by R&F Properties Co Ltd, a property developer based in China.

On the project, Sultan Ibrahim said it would become the landmark that the people could be proud of in Johor Baru.

“I am thankful to R&F Properties, as the company has the confidence in the investment potential of Johor Baru. It is hoped that this investment would generate profits for the company,” said the Sultan.

The project, which is located opposite Singapore’s Woodland immigration complex and in close proximity to the Johor Causeway, will become the new landmark here similar to what the Petronas Twin Towers is to Kuala Lumpur.

The project will have twin skyscrapers, one of which will be a Grade A office tower, while the other will feature an 80-storey five-star hotel.

Bernama quoted R&F Properties director-general of sales and marketing Fairus Cheung as telling reporters that the first phase of the project involved the construction of 15 blocks of high-end condominiums comprising 3,200 residential units, as well as a three-storey shopping complex, which is scheduled for completion in 2017.

“Since the opening of the sales office last month, some 30,000 registrations have been received from buyers in Malaysia, Singapore, Australia, Japan and Indonesia,” he said.

The whole project is expected to be completed in five phases until 2022.

R&F Properties, which is listed on the Hong Kong Stock Exchange, had bought 46.94ha of seafronting prime land here worth RM4.5bil from the Johor royalty.

Also present at the ceremony were the Tunku Mahkota of Johor Tunku Ismail Idris, Johor Menteri Besar Datuk Seri Mohamed Khaled Nordin, R&F Properties chairman Li Sze Lim and its chief executive Zhang Li.

A spokesperson for R&F Properties said that Singapore’s position as an international financial and trading centre and its close proximity to Johor Baru was an added advantage to attract potential foreign buyers. “We are fortunate, as our flagship project in the country is located in a strategic location within Iskandar Malaysia, which has been progressing well since its inception eight years ago.”

He said the indicative selling price for the units would probably be set over RM1,000 per square foot based on the current selling price of condominium units in the nearby waterfront Danga Bay area. “Although our main focus now is Johor Baru, including looking for another parcel of land in Iskandar Malaysia, we do have plans to expand beyond Johor,’’ he said.

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