China Press, 16 August 2011 - Dijaya Corp’s Investment Plan in the Southern Region of Malaysia: RM2.8 billion to Develop Tropicana Danga Cove

China Press, 16 August 2011

Looking at the strong prospects for future developments in the southern region of Johor, Dijaya Corp and Iskandar Waterfront Sdn Bhd decided to joint-venture to develop Tropicana Danga Cove, the property project in Plentong, Johor, with an estimated gross development

value (GDV) of RM2.8 billion.

The development is a joint-venture project by Dijaya Corp’s wholly owned subsidiary company, Accroway Sdn Bhd, and Iskandar Waterfront Sdn Bhd (IWSB). The joint-venture company, Magical Heights Sdn Bhd, has acquired 227 acres of land in Plentong (next to

Senibong Cove) for RM220 million.

This is the second development plan that Dijaya has invested in the southern region of Johor after Tropicana Danga Bay.

Dijaya MD said that this development plan will emphasise on commercial and upper-middle serviced apartments and the whole project will take between eight to 10 years to complete.

Out of these offerings, he said, three months later, the company will try to promote the sale of commercial lots, which occupy about 11.3 acres of land.

ESTIMATE BETWEEN EIGHT TO 10 YEARS TO COMPLETE

Dijaya MD revealed this during the signing of the joint-venture agreement ceremony this afternoon.

Those present were Johor Menteri Besar Dato’ Abdul Ghani Othman who witnessed the signing, Dijaya Corp Chief Executive Officer Tan Sri Dato’ Danny Tan Chee Sing, Iskandar Waterfront Sdn Bhd Managing Director Datuk Lim Kang Hoo, Chairman Johar Salim Yahaya and Trident World Sdn Bhd Director Lim Keng Guan.

Dijaya MD also pointed out that, the estimated cost for the company’s two development projects in Johor will be about RM6.6 billion.

When asked why the company chose to develop the southern region of Johor, he replied that Johor has strong potential for property investment and he expects that the property prices will appreciate sharply within the next three years.

Tan Sri Dato’ Danny Tan Chee Sing (right) and Dato’ Abdul Ghani Othman who witnessed the signing of joint-venture agreement with Johar Salim Yahaya.