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China's developer buys prime waterfront land in Malaysia


08:16, December 05, 2012

JOHOR BAHRU, Malaysia, Dec. 4 (Xinhua) -- Chinese property developer Country Garden Holdings Co Ltd formalized on Tuesday a deal to buy a 22-hectare prime waterfront land in southern Malaysia's Johor state for almost one billion ringgit (328.6 million U.S. dollars).

The purchase was the largest single investment to date in the Iskandar Waterfront development opposite of Singapore.

Country Garden plans to build a luxury clubhouse, a 10,000-unit high end condominium and service apartment, a commercial tower and a shopping mall over the next 10 years in a project worth 18 billion ringgit (5.9 billion U.S. dollars).

"The investment that would take place in Danga Bay is a mirror of the success based on public-private partnership and success that attracted a partner from China that is highly-capable to materialize such giant project," Malaysian prime minister Najib Razak said as he witnessed Country Garden signing the acquisition agreement with Iskandar Waterfront Holdings Sdn Bhd, the master developer of the land.

Country Garden, one of the top ten developers in China, was listed as one of the 50 biggest companies in Asia by Forbes last year. "This investment is the first in Iskandar Malaysia by a group from mainland China. But I am certain it will not be the last," he added.

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