September 29, 2014 by iskandarinsider
Launches by Singapore property players in the Iskandar Malaysia development zone appear to have stalled amid a subdued market.
For instance, CapitaLand said on Tuesday it is “waiting for the relevant regulatory approval for (its) Danga Bay project’s masterplan”. CapitaLand has yet to launch the first phase of its $3.2 billion development there, a high-rise 900-unit condominium being undertaken with joint venture partners.
In its annual report, it said the project would be “launch ready” this year. A spokesman said the developer has not sought an extension, contrary to a news report on Tuesday. The Straits Times understands CapitaLand’s local partner, Iskandar Waterfront Holdings (IWH), on Tuesday called for a meeting with the Singapore firm to explore how best to expedite the approval. Temasek Holdings is a third partner in the joint venture.