KINIBIZ Two weeks ago, public listed Iskandar Waterfront City Bhd (IWC) announced the RM2.4 billion sale of 128 acres prime waterfront land to Chinese company Greenland. The sale is a for a multibillion IWC-Greenland joint venture (JV) to develop Tebrau Bay Waterfront City, another flagship project in Iskandar.

It was another eye-watering land deal in the Iskandar region of Johor, despite being plagued recently by a slumping property market, controversies surrounding massive land deals involving Chinese companies and large scale land reclamation.

Although the RM2.4 billion Greenland land sale was predictably greeted with much fanfare by all parties involved, several questions remain about deal.

Most glaringly, IWC did not reveal what the development is going to be worth. When contacted by KiniBiz, representatives of IWC said that the gross development value (GDV) of the Tebrau Bay Project “hasn’t been worked out yet”.

A statement on Bursa says that a separate sale and purchase agreement of the land deal will be announced later.

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This article was written by Khairul Khalid.