By Sharen Kaur
sharen@nstp.com.my
Published in NST on December 13, 2012
B&G Capital Resources Bhd, which is launching RM8.3 billion worth of new projects over the next five years in Klang Valley, has bought land in Johor for RM73.35 million to expand its market reach.
Executive chairman and managing director Tan Sri Barry Goh said the group is looking to expand its property development business and is targeting Iskandar Malaysia, which is growing its investment numbers.
Investments in Iskandar, an area three times the size of Singapore, have increased in recent months as several projects there reached tipping point.
Prime Minister Datuk Seri Najib Razak yesterday said investments have reached RM105.14 billion since the southern corridor development was launched in 2006.
sharen@nstp.com.my
Published in NST on December 13, 2012
B&G Capital Resources Bhd, which is launching RM8.3 billion worth of new projects over the next five years in Klang Valley, has bought land in Johor for RM73.35 million to expand its market reach.
Executive chairman and managing director Tan Sri Barry Goh said the group is looking to expand its property development business and is targeting Iskandar Malaysia, which is growing its investment numbers.
Investments in Iskandar, an area three times the size of Singapore, have increased in recent months as several projects there reached tipping point.
Prime Minister Datuk Seri Najib Razak yesterday said investments have reached RM105.14 billion since the southern corridor development was launched in 2006.
B&G Capital, which owns over 388ha and has seven ongoing projects worth RM4.2 billion, yesterday inked a lease purchase agreement with Medini Land Sdn Bhd to buy 3.4ha in Zone A, North of Medini in Iskandar.
It plans to undertake a RM1 billion mixed development comprising a gross floor area of 2.2 million square feet, starting next year.
The properties include SOFO (small office flexible office)/studio units, serviced apartments, Grade A office towers, hotel and a boutique retail gallery.
Goh is upbeat on the project because of its close proximity to Legoland Malaysia and the lifestyle Mall of Medini, and strong buying interest from Singaporeans.
"We are confident our expertise will complement the ongoing efforts to transform Johor into an attractive value proposition for local, regional and global investors, and businesses," he said at the signing.
Medini Land is a subsidiary of Iskandar Investment Bhd (IIB), which is the catalytic developer for various projects in Iskandar Malaysia.
For IIB, the land deal with B&G Capital will conclude its target for this year.
It has sealed similar deals with companies like Sunway Bhd, UEM Land Holdings Bhd, China's Qingdao Zhouyuan Investment Holdings, Mah Sing Group Bhd, WCT Bhd and Distinctive Ace Sdn Bhd.
IIB president and chief executive officer Datuk Syed Mohamed Syed Ibrahim said companies like B&G Capital will help enhance the value of real estate landscape in Johor, with multiplier effects on the overall economy.
"The emerging shape and form of Iskandar Malaysia is showing itself as a beautiful masterpiece with extremely high-po-tential investment and growth opportunities.
"B&G Capital will support our endeavour to add more hues and colors in the form of contemporary business and lifestyle solutions to the big picture," he said.
It plans to undertake a RM1 billion mixed development comprising a gross floor area of 2.2 million square feet, starting next year.
The properties include SOFO (small office flexible office)/studio units, serviced apartments, Grade A office towers, hotel and a boutique retail gallery.
Goh is upbeat on the project because of its close proximity to Legoland Malaysia and the lifestyle Mall of Medini, and strong buying interest from Singaporeans.
"We are confident our expertise will complement the ongoing efforts to transform Johor into an attractive value proposition for local, regional and global investors, and businesses," he said at the signing.
Medini Land is a subsidiary of Iskandar Investment Bhd (IIB), which is the catalytic developer for various projects in Iskandar Malaysia.
For IIB, the land deal with B&G Capital will conclude its target for this year.
It has sealed similar deals with companies like Sunway Bhd, UEM Land Holdings Bhd, China's Qingdao Zhouyuan Investment Holdings, Mah Sing Group Bhd, WCT Bhd and Distinctive Ace Sdn Bhd.
IIB president and chief executive officer Datuk Syed Mohamed Syed Ibrahim said companies like B&G Capital will help enhance the value of real estate landscape in Johor, with multiplier effects on the overall economy.
"The emerging shape and form of Iskandar Malaysia is showing itself as a beautiful masterpiece with extremely high-po-tential investment and growth opportunities.
"B&G Capital will support our endeavour to add more hues and colors in the form of contemporary business and lifestyle solutions to the big picture," he said.
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