Country Garden, China’s third-largest home builder by sales, is speeding up its expansion in Malaysia and Indonesia within its core strategy of building mega projects across Southeast Asia, to reduce domestic risk.
The developer has signed another new project in Malaysia and its first on the Indonesian island of Bali, according to company statements.
In October, it formed a joint venture with Damansara Realty to build a 21-hectare integrated township known as Central Park in Tampoi, a suburb near downtown Johor Bahru on the southern tip of Malaysia.
“Central Park will target local Singaporean and Malaysian buyers and provide affordable quality housing,” the statement said.
The venture, 30 per cent owned by local partner Damansara, and 70 per cent by Country Garden, will pay 130.3 million ringgit for the 53 acres site, and the project will be developed over six to eight years, starting in the fourth quarter of 2016, Damansara said.
Central Park becomes Country Garden’s fourth project in Malaysia, after Danga Bay and Forest City in Johor, and Diamond City in the capital, Kuala Lumpur.
