The development of eastern Johor Baru as a premier marina destination will further spur Iskandar Malaysia's growth in offering high-end products in the local property market, says Johor's Chief Minister.
Menteri Besar Datuk Abdul Ghani Othman said the Senibong Cove project in Permas Jaya is significant as it is believed to be the first full-fledged waterfront residential development in the state.
The project features luxurious apartments, semi-detached houses, cluster homes, apartments, bungalows and terrace houses, with prices ranging from RM290,000 to RM1.8 million per unit.
Senibong Cove, which is being developed by Australian property developer Walker Corp, involves an investment of RM1.7 billion and is touted to be the country's first property development by an Australian company.
The housing project is modelled after Hope Island Resort on the Gold Coast where there is an international-standard integrated gold resort designed by Walker Corp.
The Johor state government holds a stake in the project through its Kumpulan Prasarana Rakyat Johor (KPRJ), which together with Iskandar Waterfront Sdn Bhd, a subsidiary of Iskandar Investment Bhd, are landowners of the project.
"Undoubtedly, it signifies a strong endorsement of confidence among foreign investors in the local property market," Abdul Ghani said in his speech at the project launch in Johor Baru yesterday.
Abdul Ghani said that Senibong Cove, on which construction had started early last year, was testimony to the robust property market in Johor.
"Demand for high-end quality properties is high and the purchasing power among consumers remains strong, as demonstrated by the high take-up rate of houses in Senibong Cove," he said.
Walker Corp executive chairman Lang Walker said that most of the buyers of properties in Senibong Cove are Malaysian, with the rest Singaporean and from other countries.
The first group of residents is expected to move in by early 2012.
On another note, Walker said there might be other projects in Iskandar Malaysia to be undertaken by Walker Corp in the near future, judging from the level of confidence among investors.
"This (Senibong Cove) is our first project in Iskandar Malaysia, but we are also looking into others here," he said.