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Project by Greenland Group & Iskandar Waterfront City Bhd will transform JB\u2019s Eastern Corridor into Southeast Asia\u2019s leading urban lifestyle destination<\/em><\/p>\n SHANGHAI, Wed. (Jan 21, 2015): High impact foreign direct investments (FDI),\u00a0including from China, are necessary to jump-start economic activity in Johor, said\u00a0Menteri Besar Datuk Seri Mohamed Khaled Nordin.<\/p>\n He said Johor\u2019s growth has been invigorated by the launch of several mega foreign\u00a0property developments which have boosted the local economy because of their\u00a0spillover effects.<\/p>\n These companies have committed huge investments within Flagship \u201cA\u201d of Iskandar\u00a0Malaysia, which he said was a boon for Johor\u2019s sustained growth despite the present\u00a0global economic uncertainties.<\/p>\n Some 13 local and foreign companies are now actively involved in developing the proposed new Iskandar Waterfront City in Danga Bay with a cumulative gross\u00a0development value (GDV) of RM125 billion on the western corridor stretching from\u00a0Johor Bahru to Nusajaya,<\/p>\n \u201cI now want to develop the Eastern Corridor of Johor Bahru, stretching from Tebrau\u00a0Bay to Pasir Gudang,\u201d said Khaled, adding that China\u2019s No. 1 developer, the\u00a0Shanghai State Government-owned Greenland Group, will build the Tebrau Bay\u00a0Waterfront City.<\/p>\n This massive urban development spread over 15-years will be jointly undertaken\u00a0with Iskandar Waterfront City Berhad, (IWCB), which is also a Johor State\u00a0Government-linked company.<\/p>\n Greenland will invest RM2.4 billion to acquire 128-acres from IWCB under Phase 1\u00a0of the project, which will showcase a snow world theme park, an opera house, a\u00a0hospital specializing in Chinese traditional medicine and a school.<\/p>\n It is expected to transform the Eastern Corridor into Southeast Asia\u2019s new lifestyle\u00a0destination akin to Australia\u2019s Gold Coast. The RM3 billion project will offer many\u00a0tangible and intangible economic returns and benefits when it takes off this year.<\/p>\n It is designed to integrated local people into the development as it will have\u00a0components catering to the needs of the younger generation, the business\u00a0community, senior citizens and those looking for jobs, sports and recreational Khaled welcomed such investments from China, noting that this was the tangible\u00a0result of 40-years of strong China-Malaysia bilateral and business ties.<\/p>\n \u201cI welcome their long-term strategic interest to jointly transform Johor Bahru into a\u00a0modern international waterfront city and destination,\u201d he said at the signing of a jointventure\u00a0agreement between Greenland Group and Johor-based IWCB here today.<\/p>\n IWCB (formerly known as Tebrau Teguh Berhad) is a listed entity which is 47-per\u00a0cent owned by Johor-based Iskandar Waterfront Holdings Sdn Bhd (IWH).<\/p>\n Greenland Group executive vice-chairman Xu Jing and IWCB executive director\u00a0Calvin Wong Khai Shiuan signed the agreement, witnessed by Khaled, Greenland\u00a0Group chairman and president Zhang Yuliang, IWH executive vice chairman Tan Sri\u00a0Lim Kang Hoo, IWH group executive director Lim Chen Herng and Greenland\u00a0Malaysia general manager Wu Shaohua.<\/p>\n IWH, a Public Private Partnership involving Federal, State and Private interests, is\u00a0the master developer of some 1,620ha (4,000-acres) of prime waterfront land in\u00a0Johor Bahru.<\/p>\n The Johor Government, through its state investment arm \u2013 Kumpulan Prasarana\u00a0Rakyat Johor or KPRJ \u2013 has 40-per cent shareholding in IWH. The Federal\u00a0Government also has equity in IWH through its sovereign wealth fund, Khazanah\u00a0Nasional Berhad.<\/p>\n Under the agreement, the Shanghai-based Greenland Group will jointly-develop\u00a0Tebrau Bay Waterfront City with IWCB. This is its second investment in Iskandar\u00a0Malaysia.<\/p>\n Last April, it also invested RM600 million to IWH for joint-development of 13.6-acres\u00a0in Danga Bay, where a RM2.2 billion integrated mixed property project is coming up,\u00a0including the recently launched \u201cJade Palace\u201d luxury condominiums.<\/p>\n Greenland, a Fortune 500 company, has been involved in large-scale investments\u00a0internationally in recent years, having acquired big real-estate projects in New York,\u00a0Los Angeles, Sydney, London and South Korea.<\/p>\n The company is also known as the builder of skyscrapers, with three of its towers\u00a0ranking among the 10 tallest in the world.<\/p>\n Xu Jing said Greenland was \u201cextremely upbeat\u201d about growth prospects in Iskandar\u00a0Malaysia as the special economic zone was spearheaded by the Malaysian\u00a0government.<\/p>\n \u201cWe\u2019ve undertaken urban development in over 80 cities throughout China. We\u2019re\u00a0keen to share the experience with IWH as our long-term joint-venture partner and\u00a0help transform Iskandar Malaysia into an international destination,\u201d he said.<\/p>\n For IWH, the joint-venture would enable it to leverage on Greenland\u2019s forte in mixed\u00a0commercial development, including high-end hotels and residential towers, to\u00a0reshape its waterfront land in Danga Bay and the Tebrau Bay.<\/p>\n","protected":false},"excerpt":{"rendered":" Project by Greenland Group & Iskandar Waterfront City Bhd will transform JB\u2019s Eastern Corridor into Southeast Asia\u2019s leading urban lifestyle destination SHANGHAI, Wed. (Jan 21, 2015): High impact foreign direct investments (FDI),\u00a0including from China, are necessary to jump-start economic activity in Johor, said\u00a0Menteri Besar Datuk Seri Mohamed Khaled Nordin. He said Johor\u2019s growth has been […]<\/p>\n","protected":false},"author":2,"featured_media":163,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-162","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-press-release"],"_links":{"self":[{"href":"https:\/\/www.iwcity.com.my\/official\/wp-json\/wp\/v2\/posts\/162","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.iwcity.com.my\/official\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.iwcity.com.my\/official\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.iwcity.com.my\/official\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.iwcity.com.my\/official\/wp-json\/wp\/v2\/comments?post=162"}],"version-history":[{"count":2,"href":"https:\/\/www.iwcity.com.my\/official\/wp-json\/wp\/v2\/posts\/162\/revisions"}],"predecessor-version":[{"id":173,"href":"https:\/\/www.iwcity.com.my\/official\/wp-json\/wp\/v2\/posts\/162\/revisions\/173"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.iwcity.com.my\/official\/wp-json\/wp\/v2\/media\/163"}],"wp:attachment":[{"href":"https:\/\/www.iwcity.com.my\/official\/wp-json\/wp\/v2\/media?parent=162"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.iwcity.com.my\/official\/wp-json\/wp\/v2\/categories?post=162"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.iwcity.com.my\/official\/wp-json\/wp\/v2\/tags?post=162"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nactivities.<\/p>\n