Another proposed development has been added to the Iskandar Malaysia project near the southern border in Johor state. A Singapore-Malaysia partnership called Azea Properties has announced plans for a RM500 million (US$158.8 million) waterfront and commercial project at Danga Bay, one of Iskandar Malaysia’s ‘key flagship zones’.

The RM150 million Singapore portion of the investment will come from Imperial Marina Pte Ltd., a firm created especially to explore opportunities at Iskandar. A joint venture named Para Impiana Sdn Bhd will include Malaysian developers Danga Bay Sdn Bhd (37%) and civil engineers Pembinaan Sahabatjaya Sdn Bhd (33%). Both companies have participated in more than RM1.3 billion ($413 million) worth of projects in the past decade.

Azea Properties will consist of 700 serviced apartments in several tower blocks over 1.68 hectares. There will also be room for retail space.

source & article: PropertyGuru via Yahoo! Singapore