Singapore-based Hao Yuan Investment has acquired six parcels of waterfront land in Danga Bay, Johor for RM1.6 billion from Iskandar Waterfront Holdings (IWH), media reports said.
The developer revealed that it will build an RM8 billion mixed-use development on the site over a period of eight years, comprising various high-end residential, retail and commercial properties, as well as the tallest tower in Peninsular Malaysia.
The mega development will be led by Pristine Sun Properties – a 60:40 joint venture with IWH, with Hao Yuan owning a majority interest.
Fortune 500 company MCC Land has been appointed as project manager.
“With this JV with Hao Yuan, we plan to build an upscale mixed development project within Danga Bay with property products that will provide long term recurring income for both parties,” said Lim Chen Herng, Executive Director at IWH.
Hao Yuan’s current projects in Singapore include the Forestville and Sea Horizon ECs.