China developer pays RM2.4b for Iskandar plot

Kuala Lumpur

CHINA'S state-owned Greenland Group is buying a 128-acre (51-hectare) prime waterfront land in Malaysia's Iskandar from Malaysian property developer Iskandar Waterfront City Bhd for RM2.4 billion (S$886.3 million).

This marks Greenland's second land deal in Malaysia. The Shanghai-based company in April bought a plot of land in the southern state of Johor for RM600 million for residential and commercial use. Greenland Group executive vice-chairman Xu Jing said that it was "extremely upbeat" about growth prospects in Iskandar Malaysia, just across Singapore, according to a statement issued by Iskandar Waterfront on Wednesday.