The entry of foreign investments could change the landscape of the state, besides providing benefits from the economic and job opportunities to the rakyat in the long term, the Sultan said.
The Johor Sultan consented to officiate at the groundbreaking ceremony for the Princess Cove project in Tanjung Puteri here, being developed by R&F Properties Co Ltd, a property developer based in China.
On the project, Sultan Ibrahim said it would become the landmark that the rakyat could be proud of in Johor Baharu.
“I am thankful to R&F Properties as the company has the confidence in the investment potential in Johor Baharu. It is hoped that this investment would generate profits to the company,” said the Sultan.
The project, which is located opposite Singapore’s Woodland immigration complex and in close proximity to the Johor Causeway, will become the new landmark here similar to what Kuala Lumpur has in the Petronas Twin Towers.
The project will have twin skyscrapers, one of which will be a grade A office tower while the other will feature a five-star hotel.
R&F Properties Director-General, Sales and Marketing, Fairus Cheung, told reporters later that the first phase of the project involved the construction of 15 blocks of high-end condominiums comprising 3,200 residential units as well as a three-storey shopping complex which is scheduled for completion in 2017.
“Since the opening of the sales office to visitors last month, some 30,000 registrations have been received from buyers from Malaysia, Singapore, Australia, Japan and Indonesia,” he said.
The whole project is expected to be completed in five phases until 2022.
R&F Properties, which is listed on the Hong Kong Stock Exchange, bought a 46.94-hectare of seafronting prime land here worth RM4.5 billion in a deal involving the Johor royalty.
Also present at the ceremony were the Tunku Mahkota of Johor Tunku Ismail Idris, Johor Menteri Besar Datuk Seri Mohamed Khaled Nordin, R&F Properties Chairman Li Sze Lim and its Chief Executive Zhang Li.