JOHOR BARU: MB World Group Bhd’s wholly-owned subsidiary, MB World Properties Sdn Bhd, had signed a development rights agreement (DRA) with Danga Jed Development Malaysia Sdn Bhd, a unit of global Fortune 500 company Greenland Group, to undertake a mixed development project in Danga Bay here.
Under this agreement, Danga Jed Development will provide MB World development rights to the land.
MB World, a homegrown property developer here, will use its expertise and experience in the local property market to revive the project.
The mixed development spanning three parcels of lands measuring 6.88ha will offer 2,930 serviced apartments and eight townhouses.
It will be developed in three phases and has an estimated gross development value (GDV) of RM2.4bil.
The project will be funded internally and partly with bank financing.
The first phase totalling 2,003 units and RM1.35bil GDV is expected to be launched in the first quarter of 2024 and is slated to be completed in three years.
The project is at a strategic location along Danga Bay, with easy access to a wide variety of popular destinations and transport hubs including the Johor Baru CIQ Complex, Johor Baru Sentral and the future Bukit Chagar RTS Link station.
“With its prime location along Danga Bay and close proximity to the heart of the city, the project is set to change the city skyline and bring new life to the seafront neighbourhood.
“The DRA signing will not only provide development rights to the land and bring earnings visibility to the company. It will also help to expand the company’s footprint in the city centre,” said MB World executive director Cindi Sim.
Another major ongoing project by the company in the city centre is the MBW City development, comprising Veranda Residences, Trellis Residences and Avenue Residences with a combined GDV of RM2.2bil.
Veranda Residences (phase one) with a total 649 units and an estimated GDV of RM308mil has been fully sold and is expected to obtain the certificate of completion and compliance by the end of this year.
Trellis Residences offering 1,302 units with an estimated GDV of RM581mil is 90% sold.
Avenue Residences has a total of 1,796 units and an estimated GDV of RM956mil. 51% of the non-bumiputra lots have been booked during its current soft launch period. The last phase of MBW City, the Veranda Residences (phase two) with a total 649 units and an estimated GDV of RM369mil, is expected to be launched in 2025.
“We are excited with the performance of MBW City and would like to thank RHB Bank that shared the same vision with us and financed the project since we acquired the development land in 2019.
“The bank has stepped up to finance our Pandan Heights project in Pandan City of Johor Baru.
“The project offers 1,012 units and has an estimated GDV of RM490mil. To date, 56% of the non-bumiputra units have been sold since it opened for sale in August,” Sim added.
MB World’s recent projects in Johor Baru also included Sierra Heights, Meldrum Heights, Aliff Heights and Idaman Heights totalling 2,525 units with a combined GDV of RM1.2bil.
“Backed by the support and confidence of all end-financing banks, these projects have been well-received and achieved a high take-up rate.
“This has also proven the potential of the Johor Baru property market, catalysed by the development of Johor Baru-Singapore Rapid Transit System or RTS link,” Sim explained.
