Fulfillment of conditions precedent to acquire Danga Bay A2 Island
Singapore, 26 June 2015 – Further to its Singapore Exchange announcement on 22 January 2014, CapitaLand Limited wishes to announce that the conditions precedent (CPs) to the acquisition of parcels of land on A2 Island in Danga Bay, Iskandar Malaysia, Johor by Hallmark Connection Sdn Bhd (HCSB) under a Sale and Purchase Agreement (SPA) entered into between HCSB and Iskandar Waterfront Sdn Bhd (IWSB), have been satisfied. CapitaLand, through its wholly-owned subsidiary CLM Isle Investment Pte Ltd, owns 51% of HCSB; IWSB and Temasek own 40% and 9% respectively of HCSB.
CapitaLand remains optimistic about the potential of Iskandar Malaysia. A2 Island in Danga Bay is envisaged to be developed into a premier waterfront residential community comprising high rise apartments, landed homes and other supporting amenities. CapitaLand takes a long-term view of this project and is confident of the long-term prospects of Iskandar Malaysia. The development will be paced and executed in phases over a period of 10 to 12 years according to market conditions, as originally envisaged.