Johor land price fetch historical new high in transaction yesterday 10 Dec 2013. Johor Sultan sold 6 pieces of land within Special Economic Zone Iskandar Malaysia with the total land coverage of 16 acres to China developer R&F Properties in record price of RM4.5 billion. The land price was transacted at RM890 per square feet, breaking the record of previous China developer Country Garden that bought the land at Danga Bay with RM363 per square feet early this year January 2013.
According to report submitted by the Guang Zhou developer R&F Properties to Hong Kong Securities Exchange, it bought the land in Iskandar Malaysia with RM4.5 billion after negotiation with Johor Sultan Ibrahim. Report said R&F Properties will pay RM100 million as down payment, and the remaining payment will be paid within following three years in four time method.
The Chairman of R&F Properties Mr Li said this is the company first foray to properties market oversea. and first oversea land purchase. He has confidence to Malaysia property market. He mentioned that Malaysia has huge Chinese population and current government policies to Special Economic Zone Iskandar Malaysia has great opportunities and benefits in offer and attracting foreign investor and oversea buyers. So, this is very suitable for the company expansion and first foray to oversea market. "Malaysia has strong economic fundamental and supported by large human population and rather high birth rate, its property market has strong growth potential."
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