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SENIBONG COVE

JOHOR

 

                It was recently reported in the local news that the Johor state government is mulling over the possibility of foreign companies coming over here to initiate investment projects in Permas Jaya. It was understood that Australia’s Walker Corp intends to invest some RM1.7billion (Aus$1=RM3.056 as of 1st April 2010) or Aus$556.283million to develop Senibong Cove, Johor’s first exclusive waterfront enclave, on the eastern corridor of Iskandar Malaysia. The project will be developed in a joint-venture with the landowner, Iskandar Waterfront Sdn Bhd, via Front Concept Sdn Bhd. In a statement made on 13th April 2010, the JV company said Johor Menteri Besar Datuk Abdul Ghani was instrumental in securing the investment. Abdul Ghani said the project was the first of several initiatives to incorporate foreign investments in significant Iskandar Malaysia growth areas. The new world-class residential enclave, Senibong Cove, is developed on an 84ha freehold site overlooking the Straits of Johor.

                 Senibong Cove waterfront project is an integrated development featuring cluster homes, semi-detached houses, bungalows, apartments, luxury condominiums and terraced houses with prices ranging from RM290,000 to RM1.8million each. Sited at the Lunchoo River on the Straits of Johor, it will be the first integrated waterfront housing project in the state. 

                 The project is scheduled to be completed by 2012. Abdul Ghani Othman said this was a positive sign as it was the first time the Australian developer, Walker Corporation, was entering the local property market. Walker Corporation executive chairman Lang Walker said while he observed a lot of Malaysian investors were zooming onto selected properties in Australia, on the other hand, he saw a lot of potential in Johor state and that was why the company wanted to participate in this project. He further added that the completion of the Johor EDL (Eastern Dispersal Link) and the recovering global and regional economy made it attractive for developers to start their projects here.


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