Corporate digest

CapitaLand

CAPITALAND on Friday said that its consortium has satisfied the conditions to acquire land parcels on A2 Island in Danga Bay, Iskandar Malaysia, Johor from Iskandar Waterfront Sdn Bhd. CapitaLand, through a wholly owned subsidiary, owns 51 per cent of the consortium; the vendor and Temasek own the remaining 40 per cent and 9 per cent respectively. Temasek is also a 39 per cent shareholder of CapitaLand. A2 Island is envisaged to be developed into a premier waterfront residential community. CapitaLand said that it takes a long-term view of this project and is confident of the long-term prospects of Iskandar Malaysia. "The development will be paced and executed in phases over 10 to 12 years according to market conditions, as originally envisaged," it added.

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