PETALING JAYA: Iskandar Waterfront City Bhd (IWCITY) unveiled its master development plan for the next 10 years involving the phased development of 59.08 hectares with a total gross development value (GDV) of RM4.3 billion.

In a statement today, the company said the developments will be strategically located near the Bukit Chagar Rapid Transit System (RTS) station and Johor Bahru city centre, capitalising on their proximity to key transportation hubs and urban centres.

IWCITY said the first phase of the three key development projects is expected to generate a total GDV of RM1.8 billion by developing approximately 25.50 hectares over the next five years.

It said one of the flagship projects in the company’s development pipeline is Danga Rivera, a mixed waterfront development in the mature area of Permas Jaya.

“This project will feature shop offices, retail spaces, hotels, and service suites, with an expected GDV of RM500 million,” it said.

IWCITY said a memorandum of understanding (MoU) was signed with Meliá Hotels International S.A. from Spain to develop a hotel at Danga Rivera.

In a filing with Bursa Malaysia, IWCITY said the MoU covers the conceptualisation and initial planning; marketing and planning; mutual exchange of skills, knowledge and expertise; and implementation of the development and management of the proposed hotel.

“We are excited to partner with Meliá Hotels International to bring a new dimension of luxury and service to Johor Bahru.

“This is an exciting time for IWCITY as we capitalise on the strategic location of our land bank, which is within a 10–15-minute drive to the RTS Bukit Chagar station,” said IWCITY deputy CEO Yap Meow Hin.

Another highlight of IWCITY’s development plan is Tebrau Bay, a waterfront township located at the serene river mouth of Sungai Tebrau focused on health and wellness.

It said the 40.47 hectares development will offer quality waterfront living and generate a total GDV of RM3.5 billion in several phases, starting with a pilot phase of 12.14 hectares.

Additionally, IWCITY said it is also developing Danga Heights, a vibrant mixed-use project focusing on retail.

“This development, spanning 11.86 hectares, will feature two-storey plus mezzanine shop offices in its first phase, with an expected GDV of RM330 million.

“The project will also include a branded hotel, office, and service apartment and is strategically surrounded by approximately 500,000 residents in the mature residential area of Kempas,” it added.

At the close of trading, Iskandar Waterfront’s share price was down by 0.5 sen or 0.68% at 73.5 sen, giving it a market capitalisation of RM677.03 million.