What is the RM2.88 billion gross development value for the project’s initial phase?

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The initial phase of the Skudai mixed development project has a gross development value of RM2.88 billion.

This RM2.88 billion figure represents the development value for the first segment of a larger 10-year mixed development endeavour. The overall project, a joint venture between Danga Heights Development, a subsidiary of Iskandar Waterfront Holdings (IWH), and MCC Singapore, a subsidiary of Metallurgical Corporation of China Ltd, encompasses 60 hectares of commercial land in Skudai, Johor Bahru, with a total gross development value of RM8 billion.
Initial Phase Land Allocation

The first phase of this extensive project is set to commence in early next year and will be situated on an area of 15.37 hectares. This specific land parcel has been allocated a gross development value of RM2.88 billion, forming the initial investment and development scope.
Overall Project Scope and Investment

The broader collaboration between IWH and MCC Singapore is a 10-year commitment aimed at developing 60 hectares of commercial land. This comprehensive undertaking carries a total gross development value of RM8 billion, signalling a significant investment in the region's property sector.
Significance of the Investment

The commencement of this project, particularly its initial phase, is considered a significant event, marking the first major property investment in Johor during the Covid-19 outbreak. It is hoped that this initiative will attract further potential investors to collaborate with IWH and contribute to Johor's economic development.

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What is the RM2.88 billion gross development value for the project’s initial phase?

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