It is the biggest land reclamation project in the country with a density that is similar to Mont’ Kiara in KL. When completed the reclaimed land will cover an area equivalent to five Pulau Jerejaks. It will have a massive impact on the livelihood of fisherfolk as the area has the largest bed of sea grass in the country.
The developer: Country Garden Pacific View Sdn Bhd (a 60:40 joint venture between Country Garden Holdings Ltd of China and Kumpulan Prasarana Rakyat Johor, owned by Johor state government). Has strong connections.
Gross development value: RM600bn (RM750psf, assuming 80 per cent utilisation)
Land and construction cost: RM310bn (estimated by The Edge) (RM380psf, including reclamation cost of RM100psf)
Projected proft: RM290bn (RM370psf net or RM290psf gross).
877 acres (existing land near Second Link)
4011 acres to be reclaimed (including four artificial islands)
4888 acres in total
Gross floor area: 1.0bn square feet (80 times the size of Mid-Valley!)
Average plot ratio: 4.7 (high density)
Land premium (paid by Country Garden Pacific to Johor state government): RM225m (for 877 acres) or RM5.90psf only.
There are concerns over the impact of the project/reclamation on:
– the future viability of the Port of Tanjung Pelepas
– the impact on Singapore
– the fisher folk and food security especially with the loss of a patch of sea grass. Development for whom?
– the flow of water between Johor and Singapore
– the massive ongoing property development at the Iskandar Region (What happens if/when there is a glut in high-end property?)
The Johor Department of Environment had given the project the green light in January 2014. But the federal DOE put a stop work order in June 2014, and the developer was asked to carry out a detailed Environmental Impact Assessment. (How did it start without a DEIA, in the first place?)
A 21 September public meeting in Johor with 200 residents turned out to be a fiery and stormy affair. Read all about it here.
The other issue is that from the north to the south – from Pulau Langkawi to Penang (not just Sri Tanjung Pinang Phase 2 but also mainland Penang – think of the talk about the possible relocation of the RMAF base in Butterworth) to Malacca (Melaka Gateway, etc) all the way down to Johor – will we eventually see much of the west coast taken over for land reclamation for the high-end property market?
Figures and some info gleaned from an Edge report in the 15-21 September 2014 edition