JOHOR BARU: The multi-billion ringgit Princess Cove @ Tanjung Puteri project here will transform the Johor Baru skyline into an international modern city in years to come.
Johor’s Sultan Ibrahim Sultan Iskandar said he was confident of the ability of the Hong Kong-listed R&F Properties Co Ltd to develop the project.
“This project is going to be the landmark of Johor Baru and Johoreans should feel proud of their city,’’ he said in his address at the ground breaking ceremony of the project recently.
Sultan Ibrahim said the decision by one of the top property companies in China to invest in Johor Baru, its first international investment outside China, reflected the high confidence it has in the state.
He said the huge investment would create job and business opportunities for Johoreans and create long-term economic growth for the state.
“Johor will continue to grow and prosper and the state government will give its full support to ensure the success of investment projects,’’ said Sultan Ibrahim.
Meanwhile R&F Properties’ Malaysian outfit R&F Development Sdn Bhd spokesman said that phase one of the project would be launched by the end of the month.
He said it would comprise 15 high-rise condominium towers with 3,200 units with an indicative average selling price of RM1,000 per sq ft.
He said the price was similar to what was being offered by other developers currently undertaking high-end condominium projects in the waterfront Danga Bay just a few kilometres away from the company’s project.
To be launched by May 2015, the 80-storey hotel and the office tower block is slated to be the highest hotel building in Malaysia.
“We will take about eight years to complete the project,’’ he said.
R&F Properties had bought the land, which was previously the site of the Royal Malaysian Customs Department, for RM4.5bil.