Temasek Looks to Purchase Stake in Johor Development
Singapore’s Temasek Holdings is in discussions to purchase a stake in a major project in Malaysia’s southern state of Johor. The 4 billion ringgit (US$ 1.26 billion) project is a residential and commercial waterfront development project that overlooks the Straits of Johor. Lido Boulevard is located in zone A of Iskandar Malaysia and is in close proximity to Johor Bahru’s Central Business District. The Lido Boulevard project is a joint venture between Central Malaysian Properties Sdn Bhd (CMP) and State Secretary Johor Inc. State Secretary Johor Inc. is the holding company of the Johor state government.
The Straits of Johor is what separates Singapore from Malaysia.
Temasek Holdings is looking to purchase a portion of Vincent Tan’s 47% stake in CMP. Johor crown prince Tunku Ismail Ibrahim Iskandar holds another 30% of the company.