JOHOR BARU: UDA Holdings Bhd (UDA) will be launching its multi-million ringgit mixed development project in Bandar Penawar, Kota Tinggi, in the first-quarter of next year.
Acting president and chief executive officer Zahrin Zakaria said the company had received the development approval from the authorities at the end of last month.
"We are upbeat on the property market in south-east Johor due to developments taking place in Desaru and Pengerang," he said.
Zahrin told reporters this at the launch of its corporate social responsibility (CSR) programme – UDA Cares – at Angsana Johor Baru Mall here Wednesday (June 19).
UDA Cares focuses on four main new cores in the CSR programme – education, entrepreneurship, community development and life-enrichment.
Zahrin said the project located near Desaru, on a 40ha site with a gross development value (GDV) of about RM800mil, is expected to be completed within five to six years.
He said among the components in the project included 135 units of single-storey terrace houses under the Johor Affordable Housing Scheme.
There would also be 350 apartments, 69 double-storey link houses and 28 shop offices.
It is the first joint-venture project between UDA, South-East Johor Development Authority (Kejora) and IR Security.
"We want to tap the growth prospects and potential of Pengerang and Desaru," added Zahrin.
He said the company would be looking at first-time buyers and upgraders for the project, as well as those looking for properties in Desaru.
Pengerang is being developed into a new oil-and-gas (O&G) hub in the region with the multi-billion ringgit integrated petrochemical project there while Desaru as a regional tourism destination.