Phase one of the project will begin early next year and is expected to complete by 2014.
"They are the pioneers in this real estate field and I know some other developers from China are also studying the possibility of coming into Malaysia. The signing ceremony today I believe would encourage other developers and other entrepreneurs to come to invest in Malaysia," Chinese ambassador to Malaysia Chai Xi told reporters after the signing ceremony.
That was Country Garden's third project in Malaysia as it aggressively expands in a burgeoning property market that has been drawing strong interest from abroad.
"Our team has been performing very well in China as we are capable in terms of finance, branding and management. We make Malaysia our first stop in the overseas and when our projects here pans out well we plan to take it to more places across the country and to other countries," President and executive director of Country Garden, Mo Bin said.
Iskandar Waterfront is part of Iskandar Malaysia, a development spearheaded by state investment fund Khazanah Nasional that attracted the first Legoland theme park in Asia, UK-based Pinewood Studios and several UK universities such as Newcastle and Southampton to open their campuses here.
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