CapitaLand's Iskandar township project hits snag

It seeks 6-month extension on launch of first phase of S$3.2b township

[SINGAPORE] Amid growing anxiety over a glut of high-rise residences in Malaysia's Iskandar, a mega waterfront township project there appears to have hit a snag.

The Business Times understands that CapitaLand, South-east Asia's largest real estate developer, recently sought a six-month extension on the launch of its 900-unit high rise condominium, which is the first phase of a S$3.2 billion Danga Bay project, which spans some 28 ha on a man-made island.

The project is CapitaLand's first big project in the country and one of several major business deals born out of warmer Singapore-Malaysia ties.

The group, which is leading the masterplan and project development, may also tweak the plan and cut down...

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