News

Hong Kong-listed R&F Properties plans to build a luxury apartment project on a 116-acre of land in Tanjung Puteri, Johor after it successful acquired the land from the royal family for RM4.5 billion last year.

On a psf basis, the prime land costs more than RM890, making it the second most expensive land in the Johor Bahru, trailing the RM991 psf price tag of a 37-acre land in Danga Bay that was also bought by another Chinese firm.

Phase 1 of the project will comprise 15 blocks of high-end apartments, which will be launched by mid-July. The sales gallery will open this Saturday and the developer will initially release next month 400 units housed in four 30-35 storey towers.

Recent launches in Iskandar revealed that prices fall between RM600 and RM1,000 psf, with prime units costing at RM1,500 psf.

Notably, this is R&F’s first offshore development outside of China. With more than 20 years of experience in the property sector, the firm has built five-star hotels, classical bungalows and grade-A office towers.

*Source from PropertyGuru Malaysia on Jun 20, 2014