KUALA LUMPUR: Iskandar Waterfront City Bhd
(IWCity) has unveiled its master development plan for the next 10 years involving the phased development of 59.08 ha with a total gross development value (GDV) of RM4.3bil.
In a statement yesterday, the company said the developments will be strategically located near the Bukit Chagar Rapid Transit System (RTS) Station and Johor Baru city centre, capitalising on their proximity to key transportation hubs and urban centres.
“With a landbank of approximately 404.69 ha holding freehold status, IWCity is poised for significant growth and development.
“Overall, IWCity is confident of its ability to develop and leverage its extensive landbank, which is strategically located near mature areas and close to the RTS Station and Johor Baru city centre,” it said.
IWCity said the first phase of the three key development projects is expected to generate a total GDV of RM1.8bil by developing approximately 25.50 ha over the next five years.
It said one of the flagship projects in the company’s development pipeline is Danga Rivera, a mixed waterfront development in the mature area of Permas Jaya.
“This project will feature shop offices, retail spaces, hotels and service suites, with an expected GDV of RM500mil,” it said.
IWCity said a memorandum of understanding was signed with Meliá Hotels International S.A. from Spain to develop a hotel at Danga Rivera.
Another highlight of IWCity’s development plan is Tebrau Bay, a waterfront township located at the serene river mouth of Sungai Tebrau focused on health and wellness. It also said it is developing Danga Heights, a vibrant mixed-use project focusing on retail. — Bernama
