The Sultan of Johor has welcomed the entry of more foreign investments into the state, which he said would not only change the landscape of Johor but also provide economic benefits and job opportunities for the people.
Notably, Johor’s Sultan Ibrahim Ismail Sultan Iskandar has consented to officiate at the groundbreaking ceremony for the Princess Cove project in Tanjung Puteri that is being developed by China-based developer R&F Properties Co. Ltd, reported Bernama.
Sultan Ibrahim said the project is poised to become a landmark that the people could be proud of in Johor Baharu.
“I am thankful to R&F Properties as the company has the confidence in the investment potential in Johor Baharu. It is hoped that this investment would generate profits to the company,” he said.
Located opposite Singapore’s Woodland immigration complex, Princess Cove is within close proximity to the Johor Causeway. It is set to be a new landmark in Johor Baharu, similar to what Petronas Twin Towers is to Kuala Lumpur.
The project will feature twin skyscrapers, with one boasting a five-star hotel while the other with a grade A office tower.
The entire development is set to be completed in five phases until 2022.
Specifically, the first phase involved the development of 15 blocks of luxury condominiums with 3,200 units and a three-storey shopping that is slated to be completed in 2017, said R&F Properties Director-General, Sales and Marketing, Fairus Cheung.
Listed on the Hong Kong Stock Exchange, R&F Properties acquired a 46.94ha of sea-fronting prime land for RM4.5 billion, in a deal that involved the Johor royalty.
The groundbreaking ceremony was also attended by Johor Menteri Besar Datuk Seri Mohamed Khaled Nordin, Tunku Mahkota of Johor Tunku Ismail Idris, R&F Properties Chairman Li Sze Lim and its Chief Executive Zhang Li.
*source from Propertyguru Malaysia on July 4, 2014