Iskandar Waterfront Holdings and MCC Singapore sign deal for $2.6 bil Johor property venture

SINGAPORE (EDGEPROP) - Danga Heights Development, a subsidiary of Iskandar Waterfront Holdings (IWH), has formed a joint venture with MCC Singapore, a subsidiary of Metallurgical Corporation of China (MCC), to co-develop Danga Heights.

Danga Heights is situated on 60ha of prime commercial land in Skudai, which is adjacent to Danga Bay and Skudai Highway, located about 15km away from Johor Checkpoint building.

The development is estimated to yield a gross development value of RM8 billion ($2.6 billion). It is one of the largest foreign direct investment deals in Iskandar Malaysia since the Covid-19 outbreak began. Development will happen in a few phases.

The first phase involves the constructing a mixed-use development on 38ha of land, which will have a gross development value of about RM2.88 billion. Construction is slated to begin early next year.

The joint venture agreement was inked virtually by director of IWH Hj Mohd Noorazam Bin Hj Osman and CEO of MCC Singapore, Tan Zhiyong. The ceremony was also streamed live on Facebook.

In a speech during the ceremony, Tan says that Danga Heights will also benefit from the cross-border Rapid Transit System (RTS) Link between Singapore and Malaysia, which will be operational by the end of 2026. Additionally, it will be near to “affluent households and high density of businesses” due to its proximity to nearby EduCity and Medical City, where renowned universities and medical institutions have set up their branch campuses.

He also mentioned that Danga Heights will also focus on the development of e-commerce-related industry chains in line with the overall goal of developing Smart City Iskandar Malaysia, and create entrepreneurial platforms for start-ups and SMEs. “It will be the first future community in Johor Bahru that applies 5G to integrate smart facilities,” he adds.

MCC Singapore has developed and project managed 15 residential projects in Singapore since 2010. It is currently developing JKT Living Star in Jakarta and Sky Villa in Cambodia.