CapitaLand's Iskandar township project hits snag

[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.