Walker Corp invests RM1.7 billion in waterfront project

KUALA LUMPUR: Australian property developer Walker Corp is investing RM1.7 billion in the development of the first exclusive waterfront project in the eastern corridor of Iskandar Malaysia.

Dubbed Senibong Cove, the world-class project is spread over 208 acres of freehold land on the banks of Sungai Lunchoo and the Straits of Johor, the company said in a statement on Tuesday, April 13.

It is located within Johor Bahru's prime waterfront land earmarked for major resort and real estate development.

The entire project will be developed in phases over 10 to 15 years. The first phase of Senibong Cove will comprise 244 houses, slated for completion by early 2012.

When fully developed, the project will offer over 2,200 homes comprising bungalows with private berths for boats, semi-detached houses and terrace units, in addition to low-density apartments. Prices start at RM290,000.

Johor Menteri Besar Datuk Abdul Ghani Othman, who co-chairs Iskandar Regional Development Authority (IRDA), said Senibong Cove would mark the opening of the new Eastern Corridor for major development, with the entry of new and reputable investors in the following months.

"In line with our holistic development model, we want to also bring development to the eastern side of Johor Bahru. I am confident this project by Walker Corp will boost development here," said Ghani, according to the statement.

The Senibong Cove is a 15-minute drive away from the Johor Bahru Central Business District via the soon-to-be completed Eastern Dispersal Link (EDL) expressway.