Asia Property Report, 17 August 2011 - Dijaya on the offensive in Iskandar

Asia Property Report, 17 August 2011

Dijaya Corp Bhd will expand its presence in Iskandar, Malaysia with the signing of a land purchase agreement with Magical Heights Sdn Bhd and Trident World Sdn Bhd. Dijaya will take advantage of Iskandar’s proximity to Singapore and will be launching more quality properties in the near future.

“Iskandar Malaysia offers good long-term prospects and it will drive the growth of the property market in Johor,” said Tan Sri Danny Tan Shee Sing, chairman of Dijaya Corp.

In August of last year, the company bought 15ha land overlooking the Straits of Johor for RM308mn (US$103mn). The land will be known as Tropicana Danga Cove and will be a mixed property project consisting of residential real estate, office and commercial blocks, hotel

and shopping centre with a gross development value of RM2.8bn (US$938.4mn).

Magical Heights has agreed to acquire 92ha freehold land in Plentong for RM220mil. The land is located in the eastern corridor of the Johor Baru city centre flagship development zone.

Magical Heights is a fifty-fifty joint venture between Dijaya Corp’s wholly-owned subsidiary Accroway Sdn Bhd an Islandar waterfront Sdn Bhd, a company controlled by Datuk Lim Kang Hoo.