LIMBONGAN-EKOVEST Management Sdn Bhd hopes to repeat the success stories of renowned waterfront cities such as Sydney, New York, San Francisco, Vancouver and Venice with its ongoing Danga Bay project in Johor Baru.

Its director Datuk Lim Kang Hoo said the company was fortunate to undertake the fully integrated mixed residential and commercial waterfront development sited on 1,600 acres at the Danga River estuary and Lido beach.

''The project could be the last piece of large-scale waterfront development of its kind in Malaysia and will take at least 15 years to complete,'' Lim said in an interview last Friday.

He said the total development cost for the project would be between RM10bil and RM15bil, and RM500mil had been allocated for phase one, which involved reclaiming 80 acres of the defunct Lagun Puteri park, turning part of Lido beach into a public park and constructing four blocks of high-rise condominium towers.

Construction of the condominiums started two years ago and all four blocks, each with 360 units of apartments, were expected to be completed in October this year.

Lim said response to the units was good and 87% have been sold. With floor area ranging from 1,107 sq ft to 4,200 sq ft, the units are priced from RM230,000 upwards, and penthouses at RM1.2mil.

''The view from the apartment blocks facing the sea and river is beautiful and breathtaking, especially in the evening when the sun goes down,'' he added.

Lim said phase one was expected to be completed within the next three years, featuring a waterfront shopping mall, food and beverage outlets, business avenue, marina, hotel and serviced apartments.

He said the company planned to attract foreign investors to take part in the project, adding that, for a mega-scale development, it would be good to have some big international and influential names in the portfolio.

Lim said the company also wanted to turn Danga Bay into an international playground for the rich and famous, especially luxury cruise yacht owners.

''We'll be going to Dubai next month, and Las Vegas in May, on a roadshow, and believe that the project will stir the interest of foreigners,'' he said.

Source : The Star   11/3/2003