JOHOR BAHRU, Sept 7 —  Iskandar Waterfront Holdings’ (IWH) subsidiary, Danga Heights Development virtually signed a land sale agreement today with MCC Singapore, a subsidiary of a Global 500 company, Metallurgical Corporation of China Ltd.

Through the agreement witnessed by Johor Menteri Besar Datuk Ir Hasni Mohammad, both parties are committed in a 10-year mixed development endeavour involving 60 hectares of commercial land in Skudai, here.

The joint venture has a gross development value of RM8 billion.

IWH director Datuk Mohd Noorazam Osman said the first phase of the project would commence early next year on 15.37 hectares involving a gross development value of RM2.88 billion.

"Today, we will witness a significant event as this would be the first major property investment in Johor during this Covid-19 outbreak. Thus, we hope it can further attract potential investors to work with IWH and Johor as a whole,” he said.

MCC Singapore’s chief executive officer Tan Zhiyong said with Malaysia’s bright prospects as an ideal place for investment and development, the project would definitely help in mapping out MCC Group’s long-term development and commitment in the country.

Meanwhile, Hasni said the investment proved that Johor remained as a preferred investment destination and therefore would hopefully reinvigorate economic development in the state.

"Investors are like a breath of fresh air because we had been facing many difficulties and to restore and stimulate economic activities, the state government is prepared to work together with investors.

"This includes looking at the existing road infrastructure, whether upgrading is necessary; similarly with other infrastructures, to smarten up the planned development,” he said. — Bernama