CapitaLand Limited's CapitaLand Malaysia Pte Ltd Signs Heads Of Agreement With Iskandar Waterfront Sdn Bhd And Temasek

CapitaLand Limited announced that CapitaLand Malaysia Pte Ltd (CapitaLand Malaysia), Iskandar Waterfront Sdn Bhd (IWSB) and Temasek signed a Heads of Agreement (Agreement) to jointly acquire and develop parcels of land in Danga Bay (A2 Island), located in one of the five flagship zones in Johor's Iskandar Malaysia. The detailed terms and conditions for the joint acquisition and development are to be agreed in due course. CapitaLand Malaysia is a wholly-owned subsidiary of CapitaLand Limited. The joint venture will acquire 71.4 acres or 3.1 million square feet of freehold net land in A2 Island for a purchase price of RM811 million or approximately SGD324 million. The land purchase price will be paid over a period of four and a half years, corresponding with the infrastructure and development phases. CapitaLand Malaysia, IWSB and Temasek will hold 51%, 40% and 9% stakes respectively in the joint venture.