The Star, 1 March 2014 - Greenland to invest RM3bil in Danga Bay

The Star, 1 March 2014

PETALING JAYA: The Greenland Group, one of China’s biggest state-owned companies, is planning to invest RM3bil in an integrated real estate development project in Danga Bay in Johor.

In a statement yesterday, it said the company chairman, Zhang Yuliang, led a six-member high-powered delegation from its headquarters in Shanghai to finalise a major land deal with Iskandar Waterfront Holdings Sdn Bhd (IWH) for the development.

It said Greenland, which is reportedly keen to acquire around 60ha land in IWH, was expected to formalise the land deal soon.

The high-profile China developer has been on a buying spree in recent years, acquiring big real-estate projects in New York, Los Angeles, Sydney, London and South Korea.

Greenland was ranked 359 in the Fortune Global 500 company survey last year.

“Greenland’s forte is in mixed commercial development, including high-end hotels and residential towers.

“We expect them to bring their expertise and market knowledge to help build world-class waterfront properties in Danga Bay,” said IWH executive director Lim Chen Herng. He said the premier waterfront site had drawn strong interests from major property players from around the world, several of whom had already launched landmark projects here.

“To date 16 local and foreign investors have joined hands with IWH to develop properties with a cumulative gross development value of RM125bil,” said managing director of IWH Tan Sri Lim Kang Hoo.

They include Temasek/CapitaLand, Tune Hotel, Tropicana Corp Bhd, Brunsfield Group, Nam Cheong, Skyfront Holdings, Azea Properties and Centurian Properties.