Country Garden Holdings Co. Ltd., one of China’s biggest property developer, has acquired 55-acres (11-hectares) of prime waterfront land in Danga Bay for an integrated development project with a gross development value of RM18 billion.

The land purchased is the first and biggest investment to date by an investor from mainland China within Flagship “A” of Iskandar Malaysia.

“We are very confident and upbeat about the business outlook in Iskandar Malaysia and are very happy to be one of the first from China to invest in a big way in the southern growth corridor,” said Country Garden President and Executive Director of Country Garden Mo Bin during his speech at the signing ceremony for the Sales and Purchase Agreement for the land with Iskandar Waterfront Holdings Sdn Bhd (IWH), witnessed by Prime Minister Datuk Sri Mohd Najib Tun Abdul Razak at the Danga Bay Convention Centre.

IWH was represented by its chairman Dato’ Dr. Haji Shahir Nasir. Also present was Johor Menteri Besar Datuk Abdul Ghani Othman

The project, spanning three development phases, will begin with the construction of a luxury clubhouse, commercial tower, shopping mall, high-end condominium and serviced apartment.

Country Garden’s maiden projects in Malaysia were two township developments in Kajang and Rawang in 2012. “In order to extend our property products and services to a wider range of discerning Malaysians, we have now decided to move into Iskandar Malaysia,” said Yeung.