Business

Tuesday February 14, 2012

Brunsfield joins IWH to develop Johor project

By RISEN JAYASEELAN
risen@thestar.com.my


PETALING JAYA: The Brunsfield Group is the latest property developer to have inked a deal with Iskandar Waterfront Holdings Bhd (IWH) to develop a parcel of land close to the waterfront area in Johor Baru, industry sources said.

The source added that the development to be undertaken by Brunsfield and IWH would have a gross development value of around RM3bil.

“There are other major developers also firming up joint ventures with IWH. The growing interest in IWH is phenomenal,” said the source.

Brunsfield is known for a number of high-end development projects including building 20 exclusively designed bungalows in Damansara with price tags of RM3,000 per sq ft or more than RM30mil a unit and the 93 exclusive low-rise luxurious condo villas named Brunsfield Residence @ U Thant. It is also well-known for its joint ventures with Sime Darby Bhd, involving projects such as the RM250mil Subang Avenue, the RM550mil Oasis Damansara and the redevelopment of Oyster Cove, one of the most exclusive waterfront resorts on Australia's Gold Coast.

In an interview with StarBiz last week businessman Datuk Lim Kang Hoo, major shareholder and who helms IWH, said that IWH would be the master developer of the area and it aimed to attract established world class developers to undertake different parcels. These parties are also expected to part fund the entire development, bringing in the much needed foreign direct investment.

He declined to comment on the Brunsfield deal when contacted yesterday.

But Lim had said the project had received enquiries almost on a daily basis from both local and foreign developers.

So far, IWH has attracted local investor Dijaya CorpBhd, which is investing RM3.8bil in a high-end mixed development project over 15ha.

Singapore's Azea Residences will work on four blocks of high-end apartments at a cost of over RM500mil. Australia's Walker Group has also partnered with IWH to develop Senibong Cove into a high-end residential development modelled after the Hope Island project in Australia's Gold Coast.

Stretching 25km to the east and west of the Johor Causeway, the newly-launched Iskandar Integrated Waterfront City (IIWC) project in Danga Bay is the result of an integrated master plan that would see the complete makeover of Johor Baru and seafront sites facing Singapore.

The development, to be launched in phases over 25 years with a gross development value of RM80bil, would be a public-private partnership involving the Government and IWH.

IWH is a special purpose vehicle created to become the master developer and planner of a 1,200ha site within Flagship “A” (in Johor Baru city centre) of Iskandar Malaysia. IWH shareholders are Kumpulan Prasarana Rakyat Johor and Credence Resources Sdn Bhd, whose majority shareholder is Lim. Khazanah Nasional Bhd and the Employees Provident Fund, via their holdings in Iskandar Investment Bhd, are also shareholders of subsidiaries and associate companies of IWH.

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