Danga Bay’s China connection
Country Garden targeting Chinese buyers for its project there
Country Garden Holdings Ltd, one of China’s top 10 property developers, is targeting Chinese buyers from cities in the southern region for its Country Garden Danga Bay (CGDB) project here.
Country Garden Properties ( M) Sdn Bhd regional president Kayson Yuen said the buyers would come from cities such as Fuzhou, Guangzhou, Nanning and Shenzhen. Country Garden Properties is overseeing the company’s projects in Malaysia.
“Chinese buyers are buying residential properties in other countries as their second home as well as for investment purposes,” said Yuen.
He was speaking at a press conference to announce the launch of CGDB, the company’s first project outside China undertaken on its own. The project will be developed via unit Country Garden Danga Bay Sdn Bhd and is also its maiden project in Malaysia after having purchased the seafront land eight months ago.
He said the company was confident the project would receive good response, with 50% of its buyers expected to hail from China and Singapore, with the balance coming from Malaysia.
“We want to turn Danga Bay into the next Sentosa (in Singapore) with our world-class project here,” said Yuen.
He said the company had already started marketing the project in China’s southern cities since April this year, and that many customers there were keen to purchase the property.
The company has also been bringing in potential buyers from China to visit the project’s site in Danga Bay, with many of them expressing strong interest in the project.
He said Johor Baru’s close proximity to Singapore was an added advantage, as potential buyers would have the best of both worlds just a few kilometers away.
The project, sited on a 23.06ha sea-fronting parcel of land, will be made up 9,000 condominium units and commercial development like a shopping mall and a commercial boulevard with a gross development value of RM18bil.
“The project would be developed in three phases, to be launched simultaneously, and is expected to be completed in 2017,” added Yuen.
Country Garden had in last December purchased the land from Iskandar Waterfront Holdings Sdn Bhd for RM900mil.
Danga Bay is part of the ambitious multibillion-ringgit Iskandar Malaysia project aimed at transforming South Johor into an international metropolis by 2025.