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CapitaLand is making a S$3.2 billion joint acquisition and
development of one of the five flagship zones in Johor's Iskandar
Malaysia its first direct large-scale township investment and
development in the country.
The real estate company said on Tuesday that its wholly owned subsidiary, CapitaLand Malaysia Pte Ltd, had inked a heads of agreement with Iskandar Waterfront Sdn Bhd (IWSB) and Temasek to jointly acquire and develop parcels of land in Danga Bay.
CapitaLand Malaysia, IWSB and Temasek will hold 51 per cent, 40 per cent and 9 per cent stakes respectively in the joint venture.
The joint venture will acquire 3.1 million square feet of freehold net land in Danga Bay for a purchase price of RM811 million (S$324 million).
The real estate company said on Tuesday that its wholly owned subsidiary, CapitaLand Malaysia Pte Ltd, had inked a heads of agreement with Iskandar Waterfront Sdn Bhd (IWSB) and Temasek to jointly acquire and develop parcels of land in Danga Bay.
CapitaLand Malaysia, IWSB and Temasek will hold 51 per cent, 40 per cent and 9 per cent stakes respectively in the joint venture.
The joint venture will acquire 3.1 million square feet of freehold net land in Danga Bay for a purchase price of RM811 million (S$324 million).
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