IWCITY unveils RM4.3b master development plan for the next decade

ISKANDAR Waterfront City Bhd (IWCITY), a prominent real estate developer with a freehold landbank of about 1,000 acres has unveiled its strategic master development plan for the next 10 years.

The company’s development pipeline includes the phased development of 146 acres with a total gross development value (GDV) of RM4.3 bil.

These developments will be strategically located near Johor’s Bukit Chagar RTS (rapid transit system) station and JB City Center, capitalising on their proximity to key transportation hubs and urban centres.

One of the flagship projects in the pipeline is Danga Rivera, a mixed waterfront development in the mature area of Permas Jaya. This project will feature shop offices, retail spaces, hotels and service suites with an expected GDV of RM500 mil.

Located just 7km from the RTS station, Danga Rivera’s strategic location is expected to attract investors and stakeholders. IWCITY inked a memorandum of understanding (MOU) with Meliá Hotels International S.A., a leading hotel company from Spain, for this development.

“Our collaboration with Meliá Hotels International underscores our commitment to excellence and our vision of transforming landscapes to enrich communities,” commented IWCITY spokesman Yap Meow Hin.

“We are excited to partner with a global hospitality leader to bring a new dimension of luxury and service to Johor Bharu. This is an exciting time for IWCITY as we capitalise on the strategic location of our land bank which is within a 10 to 15 minutes’ drive to the RTS Bukit Chagar Station.”

Another highlight of IWCITY’s development plan is Tebrau Bay, a waterfront township located at the serene river mouth of Sungai Tebrau. Focused on health and wellness, the development that spans 100 acres is poised to offer quality waterfront living.

Located just 15 minutes from the RTS Bukit Chagar Station, Tebrau Bay is expected to generate a total GDV of RM3.5 bil in several phases starting with a pilot phase of 30 acres.

Additionally, IWCITY is developing Danga Heights, a vibrant mixed-use project with a focus on retail. Spanning 29.3 acres, this development will feature two-storey plus mezzanine shop offices in its first phase with an expected GDV of RM330 mil.

Strategically surrounded by approximately 500,000 residents in the mature residential area of Kempas, the project will also include a branded hotel, office and service apartment.

Overall, IWCITY is confident in its ability to develop and leverage its extensive landbank which is strategically located near mature areas and close to the RTS Station and Johor Bharu city centre.

The first phase of the three key development projects encompassing a land size of 63 acres is expected to generate a total GDV of RM1.8 bil over the next five years.

At the close of today’s market trading, IWCITY closed down 0.5 sen or 0.68% to 73.5 sen with 5.29 million shares traded, thus valuing the company at RM677 mil. – March 4, 2024

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