JOHOR BARU: Iskandar Waterfront City Bhd's (IWC) joint venture development projects involving prime lands along the coast in the state capital are making good progress.
IWC chairman Datuk Ayub Mion said that one of the two joint venture projects with China's Greenland Group had its sales gallery launched late last year.
"IWC has attractive tracts of waterfront land with developments that are progressing well.
"A prime example of this is our joint venture with the Greenland Group to develop 128 acres (51.8ha) of prime waterfront land in Johor fronting Singapore.
"The sales gallery was launched at the end of last year, and the first retail units will be launched soon," said Ayub in a statement issued after the group's 48th annual general meeting at the Danga Bay Convention Centre here today.
Greenland Group bought the 51.8ha land from IWC two years ago for RM2.4 billion which was one of Malaysia's biggest land deals with a Chinese group at the time.
The deal kick started development of the RM3 billion waterfront city in Tebrau Bay on the eastern corridor of Johor Baru.
A snow world theme park, opera house, hospital specialising in Chinese traditional medicine and a school will be built under phase 1 of Tebrau Bay project.