The Greenland Group has purchased 128 acres (518,000sq m) of land from Malaysian property developer Iskandar for RM2.4bn (US$664m, €586.8m, £440m) to build a mixed-use development which will include a theme park and an opera house.

Chinese state-owned Greenland Group has purchased the waterfront land with the intention of building a ‘snow world’ theme park, an opera house, a hospital specialising in traditional Chinese medicine and a school.

The deal marks Greenland’s second land deal in Asia after the Shanghai-based company purchased plots for residential and commercial use in April 2014 in the Malaysian state of Johor.

The Greenland project will be the first phase of development for the waterfront, with further additions to come over the next 15 years. The development is a joint venture between Greenland and the Johor State Government-linked Iskandar.

Dubbed Iskandar Waterfront City, the full site has a cumulative gross development value of RM125bn (US$34.6bn, €30.6bn, £23bn).

Speaking at a press conference, Greenland Group executive vice-chairman Xu Jing said Greenland was "extremely upbeat" about growth prospects in Iskandar Malaysia, as the special economic zone was spearheaded by the Malaysian government, adding that Iskandar would be transformed into “an international destination.”