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UPDATE 1-China's Greenland Group said in talks for more land in Malaysia
April 16, 2014 / 5:31 AM / 3 years ago

UPDATE 1-China's Greenland Group said in talks for more land in Malaysia

(Adds possible future buys, quotes)

KUALA LUMPUR, April 16 (Reuters) - 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 Nasional Bhd.

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)

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