/// West Malaysia Property News
Greenland Eyes Major Role in RM4.4 Billion River of Life Project
However, company officials told
StarBiz that MRCB has no intention
of selling down its interest in RoL
currently, and neither was it on the
lookout for buyers.
Unlike the Duke highway, in which
MRCB used to own a 30% stake, RoL
is a “division we want to keep”, an
executive said. “We will honour our
commitment to the Government as
PDP.”
Fresh from selling land worth RM600
million to China’s Greenland Group,
Iskandar Waterfront Holdings Sdn
Bhd’s (IWH) Tan Sri Lim Kang Hoo
is believed to be eyeing another
tie-up with Greenland – this time for
the RM4.4 billion River of Life (RoL)
project in Kuala Lumpur.
land from IWH in the coastal
Danga Bay area south of Johor for
properties with an estimated gross
development value (GDV) of RM2.2
billion, marking its maiden foray into
Malaysia.
People familiar with the matter
told StarBiz that Greenland, one of
China’s top five property developers
by sales, was in talks with Lim for it
to play a major role in RoL.
It is understood that the stateowned enterprise may seal another
purchase from Iskandar Waterfront
Holdings (IWH) soon for two parcels
measuring some 20 acres on the
eastern side of Johor near the
Permas Jaya township.
The Shanghai-based firm could be
planning a “city within a city” à la
Shanghai’s iconic The Bund along
the bank of the Klang and Gombak
rivers that flow through Kuala
Lumpur, sources said.
The deal is yet to be finalised as the
land is held under IWH’s 47.16%
associate Tebrau Teguh Bhd,
another listed entity in Lim’s stable,
and will have to undergo the usual
due diligence processes.
Lim’s construction outfit Ekovest Bhd
has a 60% stake in the joint-venture
company that was appointed the
project delivery partner (PDP) for
RoL in 2011 by the Government.
Malaysian Resources Corp Bhd
(MRCB) holds the remaining 40%.
“Greenland ultimately plans to
acquire up to 150 acres in Johor with
a GDV exceeding RM10 billion. The
land alone is expected to cost RM3.8
billion,” a property executive said.
A spokesperson for Ekovest declined
to comment when contacted.
RoL – an anchor project of
the E