Sin Chew Daily , 16 August 2011 - Plentong, Senibong Cove: Bought Land for Development with Gross Development Value (GDV) RM2.8 billion

Sin Chew Daily , 16 August 2011

The 227 acres of land next to Senibong Cove will be developed into Tropicana Danga Cove with an estimated gross development value (GDV) of RM2.8 billion.

This afternoon, Johor Menteri Besar Dato’ Abdul Ghani Othman witnessed the joint-venture signing ceremony between Dijaya Corp (DIJACOR, 5401, main property sector) and property investment company, Iskandar Waterfront Sdn Bhd (IWSB). The joint-venture company will develop the land in a few phases consisting of both residential and commercial projects.

Dijaya Corp announced today that Magical Heights Sdn Bhd and Trident World Sdn Bhd will sign the sales and purchase agreement and will then develop this parcel of land in Plentong.

Last August, Dijaya Corp had signed a joint-venture agreement with Global Corporate Development Sdn Bhd to develop a plot of land covering 37 acres – Tropicana Danga Bay.


Dijaya Corp Group Chief Executive Officer Tan Sri Dato’ Danny Tan Chee Sing pointed out that the company has decided to purchase the parcel of land in Plentong because the expansion of development projects to Johor is an important expansion strategy which the company has in their plan.

Present at the signing ceremony were Dijaya Corp Chief Executive Officer Tan Sri Dato’ Danny Tan Chee Sing, Dijaya Managing Director, Iskandar Waterfront Sdn Bhd (IWSB) Chairman Johar Salim Yahaya and Trident World Director Lim Keng Guan.

Also present were representatives from the Johor Local Government and Housing, Public Infrastructure and Public Works Committee Chairman Datuk Ahmad Zahri.


During the ceremony Dijaya Corp Managing Director expressed that, the parcel of land is acquired by Magical Heights Sdn Bhd, which is Dijaya’s wholly owned subsidiary Accroway Sdn Bhd, and Iskandar Waterfront Sdn Bhd (IWSB) with a fifty percent joint-venture each.

He further expressed that this plot of land was bought for RM220 million. He believed that this investment will have strong prospects for price appreciation and it will benefit many sectors. The land is along the double-track highway and it takes only 15 minutes to reach Johor Bahru by car or 12 kilometres.

Iskandar Waterfront Sdn Bhd Chairman Johar Salim Yahaya, Dato’ Abdul Ghani, Datuk Lim Kang Hoo, Tan Sri Dato’ Danny Tan Chee Sing, Datuk Ahmad Zhari and Dijaya MD