News

China-based developer Country Garden Holdings will build a man-made island near Pendas, Johor with the help of Kumpulan Prasarana Rakyat Johor (KPRJ), the state’s economic development division.

Dubbed as the Forest City, the project spans more than 5,000 acres and will be developed over the course of 30 years. It is located near Johor’s second link and will comprise high-end homes.

“This will be a massive mixed development and the investment and commitment shows our confidence in the Malaysia market,” according to Kayson Yuen, Country Garden’s Regional President for Malaysia.

“We decided in the investment because the land cost was reasonable. I cannot remember the exact price but we have committed towards the project,” he said.

While there are concerns over the project’s environmental impact, Country Garden has assured everyone that it has been thoroughly studied for more than a year before the go signal was given.

The Chinese firm also engaged an Australian consultant, who helped build Sentosa Island in Singapore. The project was also supposed to be announced back in March, but its announcement was delayed due to the MH370 tragedy.

Over at Klang Valley, Country Garden plans to unveil its joint-venture project in Serendah later this year. Sited on a 67.58ha land, the development has a gross development value of RM1.5 billion.

Apart from that, its RM2 billion Diamond City project in Semenyih, Selangor saw tremendous demand, with about 60 percent of the units sold after it was officially launched last weekend.

Nevertheless, Country Garden Properties (M) Sdn Bhd Managing Director Chai Keng Wai admitted that most of the units were booked since the project’s soft launch last year.

The development consists of link houses, bungalows and mansions priced from RM378 psf to RM430 psf with sizes ranging between 2,300 sq ft and 8,600 sq ft. Its first phase features a Clubhouse, infinity pool and a Spanish-style commercial street.

*Source from PropertyGuru Malaysia on Jun 16, 2014