JOHOR BARU: No less than seven mega-property developers from China are involved in various stages of mixed development projects here, with a combined value of over RM50 billion.
They have snapped up some 200ha of prime waterfront land in total, with all of them fronting the Straits of Johor and overlooking Singapore.
The land deals have set unprecedented price ceilings here, with prized land changing hands at between RM800 and RM1,500 per sq ft.
All of the China projects are primarily targeted at foreign buyers, including those from mainland China.
China-based Zhuoda Real Estate Group is building a RM158 million condominium project called Paradisco Nuova in Madini, Nusajaya.
Other established China companies which are also eying land and property development here include the Vanke Group, which is the largest residential real estate developer in China.
Company officials reportedly visited Johor Baru several times and are believed to be keen on buying some 60ha of waterfront land for a township development with a gross development value of RM4 billion.
The company, which has its headquarters in Shenzhen, Guangdong is expected to make an announcement soon.
Another high-profile China developer, Greenland Holding Group, which in recent years have purchased big real estate projects in New York, Los Angeles and Sydney, is also keen to secure a foothold in Iskandar Malaysia.
The company, which has become one of the biggest state-owned enterprises in Shanghai as well as a leading comprehensive real estate enterprise in China, is reportedly also keen on prime waterfront land here.
Roy K. Nandi, The Sun
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