Princess Cove set to be Johor Baru’s latest landmark

JOHOR BARU: The sprawling Princess Cove project in Tanjung Puteri by China-based property developer R&F Properties Co Ltd is expected to become the latest landmark in Johor Baru.

The project is located opposite Singapore’s Woodlands immigration complex and next to the Johor Causeway.

“It will be a new landmark in Johor Baru, similar to what Kuala Lumpur has in the Petronas Twin Towers, and will greet those who are coming to Johor via the Causeway,” R&F Properties sales representative Joe Tan said during a tour of the project’s yet-to-be officially launched sales gallery yesterday.

Tan said the new landmark will comprise twin skyscrapers, one of which will be a Grade A office tower while the other will house a five-star hotel. He declined to divulge further details about its height.

But several local property websites quoted the height of one of the skyscrapers at over 550m.

Tan said for the first phase, which is slated for completion in 2017, the developer will build 3,000 units of luxury condominiums in 15 blocks and a three-storey shopping complex.

“We already have enquiries from customers from the United States and Britain,” he said, adding that the project, targeted for Malaysian and foreign buyers, will be completed in five phases spanning eight years.

R&F Properties, one of the largest property developers in China and listed on the Hong Kong Stock Exchange, late last year bought 47ha of seafront, prime land in Johor Baru worth RM4.5 billion in a deal involving Johor royalty.

The land was formerly the site of Tanjung Puteri’s Royal Malaysian Customs Department. On a per sq ft (psf) basis, the prime land is valued at more than RM890, making it the second most highly priced piece of land in the city, trailing closely behind another China-based property firm that bought 15ha of land in Danga Bay for RM991 psf. — Bernama

This article first appeared in The Edge Financial Daily, on July 3, 2014.