JOHOR BARU: The sprawling Princess Cove project in Tanjung Puteri by
China-based property developer R&F Properties Co Ltd is expected to become
the latest landmark in Johor Baru.
The project is located opposite
Singapore’s Woodlands immigration complex and next to the Johor
Causeway.
“It will be a new landmark in Johor Baru, similar to what Kuala
Lumpur has in the Petronas Twin Towers, and will greet those who are coming to
Johor via the Causeway,” R&F Properties sales representative Joe Tan said
during a tour of the project’s yet-to-be officially launched sales gallery
yesterday.
Tan said the new landmark will comprise twin skyscrapers, one
of which will be a Grade A office tower while the other will house a five-star
hotel. He declined to divulge further details about its height.
But
several local property websites quoted the height of one of the skyscrapers at
over 550m.
Tan said for the first phase, which is slated for completion
in 2017, the developer will build 3,000 units of luxury condominiums in 15
blocks and a three-storey shopping complex.
“We already have enquiries
from customers from the United States and Britain,” he said, adding that the
project, targeted for Malaysian and foreign buyers, will be completed in five
phases spanning eight years.
R&F Properties, one of the largest
property developers in China and listed on the Hong Kong Stock Exchange, late
last year bought 47ha of seafront, prime land in Johor Baru worth RM4.5 billion
in a deal involving Johor royalty.
The land was formerly the site of
Tanjung Puteri’s Royal Malaysian Customs Department. On a per sq ft (psf) basis,
the prime land is valued at more than RM890, making it the second most highly
priced piece of land in the city, trailing closely behind another China-based
property firm that bought 15ha of land in Danga Bay for RM991 psf. —
Bernama
This article first appeared in The Edge Financial Daily, on July
3, 2014.
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