CapitaLand to enter Joint Venture with Iskandar Waterfront and Temasek to Develop S$3.2 billion Project in Danga Bay, A2 Island
CapitaLand’s first direct large scale township investment and development in Malaysia
Singapore, 19 February 2013 - CapitaLand Malaysia Pte Ltd (“CapitaLand Malaysia”), Iskandar Waterfront Sdn Bhd (“IWSB”) and Temasek signed a Heads of Agreement (“Agreement”) today to jointly acquire and develop parcels of land in Danga Bay (“A2 Island”), located in one of the five flagship zones in Johor's Iskandar Malaysia. The detailed terms and conditions for the joint acquisition and development are to be agreed in due course. CapitaLand Malaysia is a wholly-owned subsidiary of CapitaLand Limited, one of Asia's largest real estate companies. This marks CapitaLand’s first direct
Prime Minister of Malaysia, Datuk Seri Mohd Najib Tun Abdul Razak and Prime Minister of Singapore, Mr. Lee Hsien Loong witnessed the signing of the Agreement at a signing ceremony held
The joint venture will acquire 71.4 acres or 3.1 million square feet of freehold net land in A2 Island for a purchase price of RM811 million or approximately S$324 million. The land purchase price will be paid over a period of four and a half years, corresponding
CapitaLand Malaysia will undertake the lead in refining the master-planning and development of the 71.4 acres of net land on A2 Island. The project is expected to generate a total gross development value of approximately RM8.1 billion (
Mr. Lim Ming Yan, President and Group CEO of CapitaLand Limited said: “Given the close proximity and the strong bilateral ties between Malaysia and Singapore, and the increasing investor confidence in Iskandar Malaysia, CapitaLand finds this a compelling investment opportunity in a new upcoming development region. This will be our first direct