(Adds possible future buys, quotes)
KUALA LUMPUR, April 16 China's state-owned
developer, Greenland Group, is in talks with Iskandar Waterfront
Holdings (IWH) (IPO-IKWH.KL) to buy up to three more land
parcels in the southern state of Johor, the Malaysian real
estate developer said on Wednesday.
The Shanghai-based company paid 600 million ringgit ($184.67
million) for its maiden purchase, a 13.9-acre plot of land in
Johor, despite a looming slowdown in the Malaysian property
market after regulatory curbs to rein in surging house prices.
"We believe Greenland will pave the way for more China
state-owned companies to invest in outstanding property projects
in Iskandar Malaysia and IWH's extensive waterfront land bank in
Johor Bahru," said Lim Chen Herng, IWH's executive director.
Four more major developers from China are also in talks over
developments in Iskandar, IWH added.
IWH, whose units include Malaysian-listed developer Tebrau
Teguh Bhd, is the developer of 1,620 hectares of
waterfront land in Johor's economic region of Iskandar, a
development spearheaded by state investment arm Khazanah
A total of 16 companies have committed to build projects
worth a total of 125 billion ringgit in development value,
including Singapore's Temasek and Australia's Walker
Group, said IWH.
IWH, part-owned by the Malaysian government in Johor,
postponed its $300-million IPO for the second time on concerns
that new measures to cool property prices could dampen sales.
($1=3.2490 Malaysian ringgit)
(Reporting by Al-Zaquan Amer Hamzah and Yantoultra Ngui;
Editing by Clarence Fernandez)