The Star, 17 August 2011 - Dijaya to launch more quality properties in Iskandar

The Star, 17 August 2011

NUSAJAYA: Dijaya Corp Bhd plans to strengthen its presence in Iskandar Malaysia by launching more quality properties and riding on the development's close location to Singapore, said group executive chairman Tan Sri Danny Tan Chee Sing.

As such, the company had no intention to undertake any project in the city-state, he said after the signing of a land purchase agreement between Magical Heights Sdn Bhd and Trident World Sdn Bhd recently.

“Iskandar Malaysia offers good long-term prospects and it will drive the growth of the property market in Johor,'' said Tan.

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.

Tan (right) exchanging documents with Iskandar Waterfront managing director Johar Salim Yahya.
With them is Johor Mentri Besar Datuk Abdul Ghani Othman.

Magical Heights is a 50:50 joint venture between Dijaya Corp's wholly-owned subsidiary Accroway Sdn Bhd and Iskandar Waterfront Sdn Bhd, a company controlled by Datuk Lim Kang Hoo.

Tan said Dijaya's confidence on Iskandar Malaysia was reflected by its decision to purchase its second land in the area. In August last year, it bought a 15ha land overlooking the Straits of Johor for RM308mil.

The 15ha land was acquired by Goldhill Quest Sdn Bhd a 60:40 joint venture between Nagasari Cerdas Sdn Bhd (a wholly-owned subsidiary of Dijaya) and Global Corporate Development Sdn Bhd (which is 100% owned by Iskandar Waterfront).

Dijaya managing director said the Plentong project would be known as Tropicana Danga Cove.

“It is going to be a mixed property project with a gross development value (GDV) of RM2.8bil and will keep us busy for at least eight years,'' he said.