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KUALA LUMPUR (Sept 7): Tan Sri Lim Kang Hoo-controlled Iskandar Waterfront Holdings Sdn Bhd (IWH) is partnering with China’s Metallurgical Corp of China Ltd (MCC) to develop 148 acres, or 60ha, of commercial land in Skudai, Johor.

In a statement, IWH said its wholly-owned subsidiary Danga Heights Development (DHD) and MCC’s unit MCC Singapore have formed a joint venture (JV) to develop the land.

The land will be developed over the next decade, and is expected to yield a gross development value (GDV) of RM8 billion.

In the first phase of the development, DHD and MCC Singapore will jointly develop a mixed-used development spanning 15ha, or 38 acres, with construction scheduled to begin in early 2021. This phase has an estimated GDV of RM2.88 billion.

This JV will also mark MCC Singapore’s first major foray into the Malaysian property market.

At a virtual signing ceremony, IWH director Datuk Mohd Noorazam Datuk Osman and MCC Singapore chief executive officer Tan Zhiyong inked the agreements in Johor and Singapore respectively. IWH executive vice chairman Kang Hoo and his son Lim Chen Herng were also present.

“This will be a landmark development with far-reaching social and economic benefits for the people and state of Johor. It will likely inject new momentum and excitement into Johor’s property landscape,” said Chen Herng.

Meanwhile, Tan said that it is envisioned that the project will be a smart city, catalysing Johor’s urban transformation.

“We are certainly upbeat about this mega development project as the land site fronting Skudai is one of the most sought after development locations in Johor mainly due to its proximity to a captive population of affluent households and high density of businesses,” opined Tan.

MCC Singapore has developed and managed 15 residential projects in Singapore since 2010. It is currently developing JKT Living Star, a 3,648-unit condominium with an adjoining commercial zone in Jakarta, as well as the 256-unit high-end condominium in Phnom Penh.

Shares in Kang Hoo-controlled counters, principally Ekovest Bhd and Iskandar Waterfront City Bhd (IWCity), were on the top active list on Bursa Malaysia today.

Kang Hoo, who is the founder and executive vice chairman of IWCity, maintains his stake in the company through IWH. He is also Ekovest executive chairman.

Ekovest shares were up 11.34% or 5.5 sen at 54 sen, valuing it at some RM1.43 billion. The third most actively traded stock saw 128.47 million shares transacted.

As for IWCity, it was up by 7.69% or 4.5 sen at 63 sen, giving it a market capitalisation of RM527.56 million. It was the seventh most actively traded counter today, with 65.31 million shares traded.