New developments to share

[Dfiris]

Whenever Singaporeans drive up north to Malaysia, we often drive past Johor Bahru to Kuala Lumpur as there is nothing much to do in the closest Malaysian state to Singapore. An exception, of course, is to do grocery shopping and for Muslims to buy cookies and cakes at the bazaar stalls during the festive month of Ramadan.

Soon, however, all that is set to change come next month when LEGOLAND Malaysia officially opens. Managed under a subsidiary of Khazanah Nasional by Themed Attractions Malaysia, work is underway to ensure a smooth opening with finishing touches being put to the miniature buildings at MINILAND.

During my last site visit in March this year, construction staff at LEGOLAND Malaysia took me on a jeep with safety helmets as we braved the muddy tracks to see the progress taking place. Back then, the structure for the roller coaster rides had already been laid but there was still plenty of work to do. Tickets have already been snapped up at a travel expo. I was left wondering if they will be able to open in time.

LEGOLAND Malaysia recently made an announcement that it will officially open on 15 September. Looking at the picture from the site visit attached in this article, the speed of construction to ensure a timely opening is quite a feat.

That’s not all. The Rapid Transit System (RTS) station will be located very near to LEGOLAND Malaysia. The RTS will connect the MRT extension from Tuas. At this time of writing, plans are still being finalised between Singapore and Malaysian governments if the train connection will be built above ground or under the sea. This is considered a milestone in Singapore-Malaysia bilateral relationships which were often rocky during the Lee Kuan Yew-Mahathir era.

There’s more to come. Come November, Singaporeans can also look forward to other themed attractions, meant to capture the younger audience. Over in Puteri Harbour, Themed Attractions Malaysia will be opening the first ‘Hello Kitty Town’ outside Japan, ‘The Little Big Club’ and ‘Lat’s Place’, just in time for the school holidays. There are also plans for ferry rides from Singapore to the CIQ facility in Puteri Harbour. In all, Themed Park Attractions is expecting 500,000 visitors to make their way here annually.

Having covered the special economic zone since 2008 when it was still a massive and dusty construction site, it is really exciting to see Iskandar Malaysia finally taking shape.

http://www.property-report.com/beyond-grocery-shopping-in-johor-24065

 

[Dfiris]

http://thedevelopmentadvisor.com/johor-bahru-singapore-mrt-rts-link/

 

[Lyc396]

Thanks tutucake and ichin for e info. Will do more research in next few days.

The price looks very very good for a G&G... Somemore it's hilltop with NIce view...

 

[Lyc396]

Yes, a good idea. I might consider that in future any gd recommendation?

em..further away..how about the Shrine? View attachment 8412
View attachment 8413

 

[Valdez]

Iskandar to have a new 'southern gateway' to M'sia - BT 18dec

WITH interest in Iskandar Malaysia rising noticeably, Iskandar Waterfront Holdings Sdn Bhd (IWH) appears to be sitting on a number of "gold mines".

Arguably the most attractive of its 4,000-acre (1,620ha) waterfront landbank is the 200-acre Tanjung Puteri Waterfront - since it lies just across the Causeway and is reportedly the likely site for the MRT station link from Singapore.

IWH executive vice-chairman Lim Kang Hoo said the former site of the customs lorry terminal will be transformed into "prime waterfront real estate" and function as a new "southern gateway" to Malaysia.

"We have reclaimed 50 acres so far but the balance 150 acres can be done in six months," Mr Lim told BT in a recent interview in Johor. IWH has plans to build some 157 acres of commercial mixed development straddling both sides of the Causeway over the next two to three decades.

The company, as custodian and master planner for 4,000 acres of prime waterfront land in Johor Baru and Desaru, has also been tasked with transforming Danga Bay and Tg Puteri into international-standard waterfront harbours as well as remaking Johor Baru into a Heritage City.

Negotiations are ongoing with a number of Singapore and multinational companies that are considering expanding or relocating to Johor Baru - a state of affairs that could be hastened when the government officially informs where the MRT station will be sited. The link is expected to be completed in 2018.

In any event, Mr Lim thinks Tg Puteri and the area to its west will be sufficiently attractive in the coming years given the facilities it has in mind. These include a cruise terminal with water taxis and cruise liners connecting Johor Baru, Puteri Harbour, and terminals in Singapore and Batam; a 54-acre Fisherman Wharf; the Bund; and a few other commercial developments.

Given the ambitions, a lot of capital will be required. With more and more Singapore companies - about 300 already in Iskandar - and multinationals now taking a second look at the special economic zone, getting strategic local and foreign partners in to shoulder some of the costs should be a little easier.

Take Hong Kong-listed Country Garden Holdings Co Ltd which recently agreed to pay nearly RM1 billion (S$400 million) for 55 acres of land on Danga Bay to build an integrated waterfront development with an estimated gross development value of RM18 billion.

Mr Lim has a convincing sales pitch. "With the rental companies pay for two to three years (in Singapore) they can own their own building (in Johor)."

IWH has also been quick to snap up more land in the central business district, acquiring more than 40 acres. Mr Lim's privately held Credence Resources Sdn Bhd owns 60 per cent of IWH with state-owned Kumpulan Prasarana Rakyat Johor holding the balance.

Only some 1,000 acres (of brownfield development), Johor Baru's CBD is not large by city standards. Bypassed ever since the ICQ facility was relocated, beautification works - refurbishing buildings, landscaping and the cleaning up of squatters - will commence next year under a RM1 billion project to inject life into the city.

"The whole idea is to revive businesses and to bring people back to JB," said Mr Lim.

 

[streams]

My opinion is both has its charm and are good projects in great locations.
Having said that, my preference goes to Matax for two simple reasons:

1. Matex psf is currently lower than SetiaSky 88.
2. Matex (1Q, 2016) TOP a year earlier than SetiaSky 88 (2017).

Which project location is better?

Matex or Setia 88?

Cos matex is only selling for RM800psf after rebate on low flr.

 

[Valdez]

Tang Group buys site in Iskandar for RM750m mixed-use project


Your window to Malaysia
Thursday, 20 December 2012
Font-size: A | A | A
by Cecilia Chow of The Edge Singapore on Wednesday, 19 December 2012 16:00

DENNIS Chiu, managing director of privately held Tang Group of Cos in Singapore, has been looking for a development opportunity in Iskandar Malaysia since last year. He recently managed to purchase a 7.92-acre (about 345,000 sq ft) prime site in Medini, within Nusajaya for RM49 million. The official signing ceremony between Medini Land, a wholly-owned subsidiary of Iskandar Investment Bhd (IIB), and Global Skyline, a subsidiary of Tang Group, was held on the evening of Nov 28.

The 99-year leasehold site purchased by Tang Group is made up of three parcels, with a total gross floor area (GFA) of 1.38 million sq ft. Situated in Zone A of Medini, it is near LegoLand Malaysia, Mall of Medini, EduCity and Puteri Harbour. Medini is considered "the nerve centre" of the 240,000-acre Nusajaya in Iskandar, according to Syed Mohamed Syed Ibrahim, president and CEO of IIB. "It's very important for Medini to take off because it's the CBD of Nusajaya," he says.

Called iMedini Walk, the planned development by Tang Group will be designed by renowned international architectural firm Aedas. It will be a mixed-use development with residential and serviced-apartment blocks, a hotel, more than 150 shophouses, as well as a retail mall with a new "shop-office" concept. The mixed-use development is expected to have a gross development value of RM750 million, and is scheduled to be completed in 2018.

This is Tang Group's maiden project in Iskandar. Chiu and his family, who were originally from Hong Kong, control the Hong Kong Stock Exchange-listed Far East Consortium International, a conglomerate involved in property development, hotels and property investment in Australia, Hong Kong, Malaysia, New Zealand and Singapore.

Chiu is not surprised at Iskandar's transformation as he has witnessed something similar in Shenzhen, which was considered Hong Kong's hinterland for the past 15 years. "I still remember in 1997, during the handover [of the British colony to China], if you told people you were buying property in Shenzhen and said that prices there would match those in Hong Kong someday, people would say you were crazy," he recounts.

Today, luxury residential prices in Shenzhen are averaging RMB39,071 psm, according to CBRE Global Research's 3Q2012 report on the China property market. Residential units are therefore trading at four times higher than the RMB10,000 to RMB15,000 psm seen over a decade ago, adds Chiu.

Five years ago, it was a challenge trying to persuade investors in Singapore to go over to Iskandar, says IIB's Syed Mohamed. As a strategic developer, IIB therefore focused on developing the infrastructure and catalytic projects within Nusajaya's four clusters: education, tourism, wellness and healthcare. These catalytic projects include Marlborough College, LegoLand, Gleneagles Hospital and Pinewood Studio.

Incentives for foreign investors and developers in Medini were also put in place. These include income-tax breaks and exemption from Malaysia's Foreign Investment Committee rules. For instance, developers and investors in Medini are not required to apply for approval to sell 100% of their residential units to foreign individuals, says Syed Mohamed. Elsewhere within Malaysia and even in Iskandar, some restrictions still apply. As a result, Medini has attracted not just investors from Singapore, but also from Japan, China and even South Korea. "It is becoming a truly cosmopolitan place," says Syed Mohamed.

Deals by Singapore property developers and investors have certainly picked up pace in recent months. In October, Singapore government-linked Ascendas Land International partnered Malaysia's UEM Land Bhd to develop a S$1.5 billion tech park on a 519-acre freehold site at Gerbang Nusajaya.

On Nov 29, Vantage Bay, an integrated development in Johor Baru located near the Causeway, was said to have received the go-ahead from the Iskandar Regional Development Authority. The RM10 billion project is a 70:30 joint venture between Singapore billionaire investor Peter Lim and the Johor royal family.

Central to the Vantage Bay development is a medical hub to be operated by Thomson Medical Centre, in which Lim is a substantial shareholder. When completed in 10 years, the 10ha (1.08 million sq ft) freehold site will contain a medical campus, apartments, hotels, a convention centre, as well as shopping malls and offices.

"Whenever Singapore property prices are at a peak, some of the money will be looking for investments in neighbouring countries," notes Donald Han, special adviser to HSR Property Group, who was at the Tang Group's signing ceremony. "The spillover effect is now felt in Iskandar."

There are also some push factors, concedes Tan Tiong Cheng, chairman of Knight Frank, who was also at the signing ceremony. If the Singapore government introduces more restrictions on the purchase of industrial land and reduces the inflow of foreign workers, a lot of SMEs will have no choice but to consider Iskandar as an alternative solution, says Tan.

Chiu agrees. In fact, he is confident of Iskandar's success, given its symbiotic relationship with Singapore. "In Singapore, land is scarce and labour cost is high," he says. "Johor [Iskandar] is no longer just an opportunity. I think for us in Singapore, we cannot [afford to] ignore Johor anymore."

This story first appeared in The Edge Singapore weekly edition of Dec 3-9, 2012.

 

[Valdez]

Rowsley plans to acquire RSP, Iskander region for S$581m

SINGAPORE: Singapore-listed Rowsley Ltd plans to acquire RSP Architects Planners & Engineers (RSP) and a site in Malaysia's Iskander region for S$581 million.

In a filing to the Singapore Exchange, Rowsley, an investment holding company controlled by prominent businessman Peter Lim, said the proposed all-share deal will transform the company into a real estate player.

RSP will also be one of only two buildings, design and engineering practices that will be listed on the Singapore Exchange, when the deal is finalised.

Rowsley said it entered into a non-binding term sheet to acquire RSP for up to S$223 million, to be paid by the issue of Rowsley shares at S$0.15 per share.

Rowsley also signed a term sheet with Vantage Bay Sdn Bhd to acquire its 9.23 hectares of vacant land at Iskandar for S$358 million. Vantage Bay counts Peter Lim who holds a 70 per cent stake and a member of the Johor royal family, who holds the remaining 30 per cent stake, as its beneficial shareholders.

The land is located on a waterfront site just a few hundred metres away from Johor's new customs, immigration and quarantine facility.

The firm said there are plans to develop the land into an integrated mixed-use township with a major shopping, entertainment and residential complex. The development will also include hotels, commercial and office developments. The proposed township is expected to yield a gross floor area of at least 10 million square feet.

Rowsley added that the proposed township will be boosted by an adjacent medical hub to be jointly developed by Vantage Bay and Thomson Medical which is also controlled by Mr Lim.

Chief executive officer of Vantage Bay, Ho Kiam Kheong, noted in a statement," the proposed deal with Rowsley will allow the development to tap into the capital market of Singapore, building from the established platform, experience and reputable track record of RSP to transform the company into a serious real estate player."

Chairman of RSP Architects Planners & Engineers, Albert Hong, said in a media statement, "through Rowsley, RSP will have a strong pipeline of design and engineering projects, further strengthening our regional practice which is already one of the biggest in Asia. If the deal goes through, RSP will continue to be run by its existing management. There will be little change operationally."

If the deal goes through, Rowsley will reward existing shareholders with a free bonus issue of two warrants for every one existing share. Each warrant will have an exercise price of S$0.18 per share.

The proposed deal will be subject to Rowsley's shareholders approval.

- CNA/ck

 

[Narmi]

Anybody noticed there is construction beside Columbia Hospital? From what I saw on the roadside board its some commercial building.

 

[dragonlance]

Anybody noticed there is construction beside Columbia Hospital? From what I saw on the roadside board its some commercial building.

Hi Narmi, that I believe is the Afiat Healthpark by UEM...

 

[graveyard]

Can their RTS beat our MRTs in term of no of stations . After you drop off at some ulu stations , cant get a cab or bus to go home ? Can they make as much money as our MRTs and yet can increase fare anytime they like ?
Not a easy equation to run railway , other wise they would have done it donkey years ago .

we dont even have to go so far. what matter most to zone A investors is that RTS materialize and connection btw the end point at Spore and JB is established.

 

[graveyard]

My opinion is both has its charm and are good projects in great locations.
Having said that, my preference goes to Matax for two simple reasons:

1. Matex psf is currently lower than SetiaSky 88.
2. Matex (1Q, 2016) TOP a year earlier than SetiaSky 88 (2017).

Setia last tower is shooting way too high. Location wise, Matex is definitely better. Sky88 is not even walking distance to CIQ

 

[Newbie11]

But sky88 is a full facility condo where family can even stay. Matex is more of a yuppie apt with little to shout about except ciq, city sq and right now crimes, ah kua. I thinking hard. What's the advantage to be near ciq?

 

[graveyard]

But sky88 is a full facility condo where family can even stay. Matex is more of a yuppie apt with little to shout about except ciq, city sq and right now crimes, ah kua. I thinking hard. What's the advantage to be near ciq?

key target buyers for matex will be ppl who commute to work in Spore and like to stay near a successful mall like City Square that is linked to CIQ. Matex has <350 units and is a integrated mixed development with retail. sky88 has 588 units and is located at an area full of car wash shops and a low end mall at Zon Hotel. as per setia website, highest psf is >RM1700 for studio and matex psf is <RM1000 for one bedder.
Matex is the only condo as of now to be built at jalan wong ah fook, smack right in the heart of the city. Sky88 has several condos like summerplace, twin galaxy and skysuites in its vicinity. i think crime should be more rampant at sky88 area with the pubs and clubs. if i really want a full facility, family friendly condo, i would have looked for older condo with much more space and much cheaper psf and much bigger facilities compound

 

[Dfiris]

Just to share something.

Recently, I spoke to some agents from KL whom are about to make their way down to JB to deal on the resale market.

The feedback I got from them is quite universal. They are concerned with whether there will be a resale market eventually for those whom bought at high prices like RM1200-1500psf.

They will be better off serving the group whom bought at RM600-800psf and do resale for them at RM1000-1300psf in the secondary market, taking experience from the KL market boom over the years.

key target buyers for matex will be ppl who commute to work in Spore and like to stay near a successful mall like City Square that is linked to CIQ. Matex has <350 units and is a integrated mixed development with retail. sky88 has 588 units and is located at an area full of car wash shops and a low end mall at Zon Hotel. as per setia website, highest psf is >RM1700 for studio and matex psf is <RM1000 for one bedder.
Matex is the only condo as of now to be built at jalan wong ah fook, smack right in the heart of the city. Sky88 has several condos like summerplace, twin galaxy and skysuites in its vicinity. i think crime should be more rampant at sky88 area with the pubs and clubs. if i really want a full facility, family friendly condo, i would have looked for older condo with much more space and much cheaper psf and much bigger facilities compound

 

[Dfiris]

So what i am trying to say is new projects launching next year will start to get competition, not only from neighbouring new launches, but also competition from the resale market. so pricing will face a limited upside next year, probably heavy resistance above RM1500psf.

 

[shctaw]

key target buyers for matex will be ppl who commute to work in Spore and like to stay near a successful mall like City Square that is linked to CIQ. Matex has <350 units and is a integrated mixed development with retail. sky88 has 588 units and is located at an area full of car wash shops and a low end mall at Zon Hotel. as per setia website, highest psf is >RM1700 for studio and matex psf is <RM1000 for one bedder.
Matex is the only condo as of now to be built at jalan wong ah fook, smack right in the heart of the city. Sky88 has several condos like summerplace, twin galaxy and skysuites in its vicinity. i think crime should be more rampant at sky88 area with the pubs and clubs. if i really want a full facility, family friendly condo, i would have looked for older condo with much more space and much cheaper psf and much bigger facilities compound

After tower 3 launch , Sky 88 will have more than 900 units.

 

[shctaw]

So what i am trying to say is new projects launching next year will start to get competition, not only from neighbouring new launches, but also competition from the resale market. so pricing will face a limited upside next year, probably heavy resistance above RM1500psf.

When I bought Sky 88, I told myself I need 3 years to see RM1500.

But that is cut short to 8 months. Too hot, I think market has lost touch with reality with the Iskandar craze.

 

[graveyard]

There was a time when people in SG said its crazy to pay SGD700psf for leasehold condo, there was also a time when people in SG said its crazy to invest in MM (Mickey Mouse) studio that measures only 400sqf.

Now leasehold project like Sky Habitat hits SGD1700psf and MM like Alexis hits SGD2000psf .. yes these are outlier cases (anyway those familar with SG property will know these are not that extreme and the median price is not far from these numbers) but this goes to show sky (and not what the herd says) is the limit when it comes to property speculation/investment

 

[graveyard]

After tower 3 launch , Sky 88 will have more than 900 units.

wow. thats one big entourage