JOHOR BARU: Damansara Realty Bhd (DBhd) will form a joint venture (JV) with Hong Kong-listed Country Garden Holdings Co Ltd to develop a 21.45ha freehold land in Tampoi into an integrated township known as Central Park.

The project will be managed by the JV company, DAC Properties Sdn Bhd.

It is 30% owned by DBhd’s indirect wholly-owned subsidiary, Damansara Realty Johor Sdn Bhd (DRJ) and 70% by Country Garden Management Sdn Bhd (CGM). CGM is owned by Country Garden.

The signing ceremony was held on Friday with DBhd represented by its executive vice chairman, Datuk Daing A. Malek Daing A. Rahaman and Country Garden by its regional president (Malaysia), Jason Fu Jin Ling.

“The development will start from the fourth quarter of 2016 and the first phase launched in the first quarter of 2017. 

“We expect it to be completed in six to eight years time,” said Daing A. Malek.

He added that Central Park was located at Tebrau district, about 10km to the north-west of the Johor Baru city centre.

It will comprise residential units, commercial shop spaces and various other amenities, while targeted at young homebuyers in Malaysia.

“We expect Central Park to generate a significant and steady stream of income for the company over the next few years and also create massive job opportunities for locals in Johor, while boosting the economy,” Daing A. Malek said.

Fu said Malaysia, particularly Johor Baru, had always been a key market for Country Garden with a lot of potential to be explored and developed.

“Johor Baru is poised to become an international metropolis and we are proud to be part of its transformation,” he added.

Central Park is the fourth real estate project by Country Garden with Forest City here - it has a gross development value of more than RM400bil - as its flagship project in Malaysia.

The two other projects are Danga Bay in Johor and Country Garden Diamond in Kuala Lumpur. 

The GDV for Central Park has yet to be disclosed.

The Central Park site is part of a larger 25.5ha land parcel that Bursa Malaysia-listed DBhd will acquire for RM141.53mil, following a development rights agreement it signed in 2002 and 2003 with Johor Corp (JCorp).

DAC Properties will pay RM130.30mil to JCorp for the 21.45ha site, and DBhb RM11.23mil for the remaining 4.05ha which comprises completed shop offices and undeveloped land. - Bernama