70% of Danga Island Villas snapped up

Source : Business Times - 16 Oct 2008

Nearly 70 per cent of the luxury waterfront villas on Danga Island, located within Iskandar Malaysia, have been taken up by buyers from all over the world even though the project will only be launched in November.

Ready buyers: The 152 villas of the Danga Island Villas project, located within Iskandar Malaysia, are priced between RM4 million and RM15 million each

Danga Bay Sdn Bhd chief executive officer Lim Kang Ho said the Danga Island Villas managed to secure RM230 million (S$105 million) sales at the Cityscape international property show in Dubai last week.

Investors’ bullish perception on the project was further testament of their confidence in Iskandar Malaysia and Danga Bay, he said.

‘Despite the prevailing global economic conditions, they are still willing to spend and invest in our project, reflecting their confidence in Danga Bay and Iskandar Malaysia backed by the government,’ he told a media conference.

Mr Lim said Danga Bay Sdn Bhd had not deferred any project planned for Danga Bay due to the global economic uncertainties.

Mr Lim also said the value of completed projects at Danga Bay, for example, apartments, commercial blocks and the Casa Almyra residential development, had doubled, further proving its lure to investors.

The Danga Island Villas project, worth RM900 million in gross development value, is the first high-end waterfront lifestyle living concept in Iskandar Malaysia, straddling over 45 acres of a natural island off Danga Bay.

The 152 villas, which come complete with private berths for yachts, are priced between RM4 million and RM15 million each.

Of the 70 per cent Danga Island Villas units sold todate, Mr Lim said 27 per cent of the buyers were Johoreans, 28 per cent from those living in Kuala Lumpur and Penang and 6 per cent from Sabah and Sarawak.

Buyers from Middle East countries, India, Pakistan, Canada and Spain accounted for 38 per cent, 5 per cent from Singapore and 2 per cent from Hong Kong.

The project is targeted primarily at wealthy retirees, jetsetting businessmen, expatriate families and the well-heeled from Malaysia and the region keen to make Iskandar their home.

Other upcoming property developments in Danga Bay are refurbishment of the Danga Bayleaf Restaurant into a RM30 million convention hall and construction of office blocks.

A budget hotel and a six-star luxury hotel are on the drawing board, he added.