Chinese property developer Country Garden Holdings Co Ltd said it is buying 11 hectares of prime waterfront land in a big industrial zone in southern Malaysia for almost RM1 billion (US$328.97 million).     

The deal would mark the biggest investment to date from mainland China in Iskandar, Country Garden said in a statement.

“We are very confident and upbeat about the business outlook in Iskandar Malaysia,” Mo Bin, Country Garden’s president and executive director, said in the statement.

The Chinese company is expected to formalise the land purchase agreement tomorrow with Malaysian government-linked firm Iskandar Waterfront Holdings Sdn Bhd, which is the master developer of the 1,620 ha prime waterfront land.

Country Garden plans to develop the 11-hectare site into an integrated property project with a gross development value of RM18 billion (US$5.92 billion). The project will include the construction of a luxury clubhouse, commercial tower, shopping mall, high-end condominium and service apartment, it said.

- Reuters