reporter2
07-05-13, 15:35
http://www.straitstimes.com/archive/saturday/premium/money/story/spore-based-developer-buys-iskandar-plot-20130504
S'pore-based developer buys Iskandar plot
Published on May 04, 2013
By Rachael Boon
THE development arm of real estate investment house Pacific Star Group will be making waves in rapidly emerging Iskandar Malaysia, after a new acquisition there.
Singapore-based Pacific Star Development has bought a prime waterfront freehold plot of 339,800 sq ft in Puteri Harbour for RM93.328 million (S$38 million), from master developer UEM Land.
Puteri Harbour is about midway between the Causeway and the Second Link at Tuas.
Pacific Star Development said the site will house a mixed-use development, with a gross floor area of about 1.3 million sq ft.
This includes waterfront apartments and small office, home office (Soho) units, which will be designed with a sea view in mind.
The integrated project will also be home to a two-level commercial lifestyle retail centre of about 120,000 sq ft, with views of the private marina that will be built later this year.
The project is just five minutes away from the Puteri Harbour Custom, Immigration and Quarantine (CIQ) Centre, which is almost ready for ferry service operations. It is due to open later this year.
Officials have suggested that a ferry service could be operated from the Puteri Harbour CIQ Centre to Singapore.
The chief operating officer of Pacific Star Group and president of Pacific Star Development, Mr Glen Chan, said: "Our integrated waterfront project will bring a slice of affordable luxury to the centre of Puteri Harbour, catering to the accommodation needs of discerning Malaysians, Singaporeans and the growing expatriate community in the Iskandar region."
This is part of a move to strengthen their development business in Asean countries.
He added that it looks forward to launching the sales before the end of this year, with an aim of a gross development value of more than RM1.18 billion.
Construction is slated for completion by mid-2017.
[email protected]
S'pore-based developer buys Iskandar plot
Published on May 04, 2013
By Rachael Boon
THE development arm of real estate investment house Pacific Star Group will be making waves in rapidly emerging Iskandar Malaysia, after a new acquisition there.
Singapore-based Pacific Star Development has bought a prime waterfront freehold plot of 339,800 sq ft in Puteri Harbour for RM93.328 million (S$38 million), from master developer UEM Land.
Puteri Harbour is about midway between the Causeway and the Second Link at Tuas.
Pacific Star Development said the site will house a mixed-use development, with a gross floor area of about 1.3 million sq ft.
This includes waterfront apartments and small office, home office (Soho) units, which will be designed with a sea view in mind.
The integrated project will also be home to a two-level commercial lifestyle retail centre of about 120,000 sq ft, with views of the private marina that will be built later this year.
The project is just five minutes away from the Puteri Harbour Custom, Immigration and Quarantine (CIQ) Centre, which is almost ready for ferry service operations. It is due to open later this year.
Officials have suggested that a ferry service could be operated from the Puteri Harbour CIQ Centre to Singapore.
The chief operating officer of Pacific Star Group and president of Pacific Star Development, Mr Glen Chan, said: "Our integrated waterfront project will bring a slice of affordable luxury to the centre of Puteri Harbour, catering to the accommodation needs of discerning Malaysians, Singaporeans and the growing expatriate community in the Iskandar region."
This is part of a move to strengthen their development business in Asean countries.
He added that it looks forward to launching the sales before the end of this year, with an aim of a gross development value of more than RM1.18 billion.
Construction is slated for completion by mid-2017.
[email protected]