A Malaysian property developer plans to build two "mega-townships" worth over RM35 billion (S$10 billion) in neighbouring Johor Bahru, reported Malaysian media New Straits Times (NST).

The developer, Tropicana Corp Bhd, has over 1,000 acres of land in the JB district, deputy chief executive officer Khoo Thian Shyang said.

He noted that the current rental price hike in Singapore makes it a "prime time" for Tropicana to launch these projects.

Highest prices

The developer is targeting prices of above RM1,000 (S$286) per square foot, said Khoo.

He added that the planned development's prime location and modern features would appeal to Malaysians, Singaporeans, as well as Malaysians working in Singapore.

To that end, both townships will also be located with easy access to the Causeway and the Second Link Expressway.

The first township, Lido Waterfront Boulevard, will be situated on reclaimed land along the waterfront near Singapore and be valued at over RM25 billion (S$7 billion).

Its first residential development, The Watermark Residences, will be located at an eight-minute drive from the under-construction Bukit Chagar station of the JB-RTS Link.

Whereas the second township, Tropicana Uplands, will be located in Gelang Patah, near Legoland Malaysia.

That's about an hour's drive from Singapore, according to Google Maps.

Khoo said that after the JB-Singapore Rapid Transit System (RTS) Link is complete, Johor will be "busier than Kuala Lumpur".

Tropicana aims to tap the potential of this accelerated growth, he added.

"We are excited about the special economic zone, which will boost demand for properties across Johor, including houses, offices, malls, and hotels."

Top image from Tropicana's website and New Straits Times