By THE STAR
PETALING JAYA: Set to be a landmark property development in Tanjung Puteri, Johor, phase one of R&F Princess Cove will see the construction of about 15 blocks of luxury apartments by Hong Kong-based R&F Properties Co Ltd.
R&F Properties had bought the 116 acres of land at RM4.5bil in a deal involving the Johor royalty late last year.
On a per-sq-ft basis, the prime land values at more than RM890, making it the second most highly priced land in the city, trailing closely behind another China-based firm that had bought 37 acres of land in Danga Bay for RM991 per sq ft.
The whole R&F Princess Cove project would unveil an enormous integrated development in line with the current trend in Johor that has attracted streams of Chinese developers into the new growth area adjacent to Singapore.
Investors are betting on the economic development spurred by the establishment of Iskandar Malaysia and the upcoming rapid transit system between Johor Baru and Singapore.
Checks with the company revealed that the launching of phase 1 is slated for mid-July, while the sales gallery would be ready for a big-splash opening this Saturday.
Part of phase one ready to be booked in July would comprise 400 units of apartments built on four blocks of 30-35 storeys.
The company plans to develop 15 blocks of apartments in phase one.
Recent launches in Nusajaya, Medini, Danga Bay and Johor Baru showed that prices were in the range of RM600 to RM1,000 per sq ft, with prime units fetching RM1,500 per sq ft.
R&F Properties, listed on the Hong Kong stock exchange, has a series of iconic developments on its portfolio, mostly in China, and Malaysia would be its first foreign project.
The company, with over 20 years of experience in property development, has been involved in the building of classical bungalows, grade-A office towers and five-star hotels.
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