Walker Corp pursuing more Malaysian residential projects

Billionaire Lang Walker told Bloomberg  last week that property prices in Sydney and Melbourne have climbed too much.

It was in part an explanation to why his focus is increasingly Malaysia.

“Sydney is a little too hot at the moment,” Walker, executive chairman of Walker Corp, said in an interview in Singapore.

“Melbourne has gone through a period of intense growth and that’s plateaued off.

"The residential market in Brisbane, in Queensland state, still has some potential, he said.

Walker is converting land, previously used for prawn-breeding farms, into swanky apartments, the Bloomberg report said.

The Johor project in southern Malaysia is expected to be valued at about $US7.5 billion along with an adjoining plot it will develop with a Singapore-based company.

Walker Corp made its foray into Asia in 2008 to develop Senibong Cove, a waterfront residential project.

Walker said he is looking to increase investments in the Johor region after putting in about $2 billion in the Senibong Cove project.