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New developments to share

US Six Flags to invest RM1.5bil in Iskandar theme park in Malaysia
January 10, 2013 by iskandarinsider

NUSAJAYA: US-based theme park operator Six Flags Entertainment Corp is planning to invest between RM1.2bil and RM1.5bil to set up a theme park in Iskandar Malaysia.

Sources told StarBiz that the theme park, which will be double the size of Legoland Malaysia and the company’s first theme park in Asia, would offer more than 40 rides.

According to Wikipedia, Six Flags Entertainment is the world’s largest amusement part corporation based on quantity of properties and the fifth most popular in terms of attendance.

The company maintains 19 properties throughout North America consisting of theme parks, thrills parks, water theme parks and family entertainment centres.

Iskandar Invesment Bhd (IIB) president and chief executive officer Datuk Syed Mohamed Syed Ibrahim, who spoke about Iskander Malaysia getting a theme park, which will be third in Iskandar Malaysia, said an announcement would be made by an investor within the next six months on the matter.

The other two theme parks are Legoland Malaysia and Puteri Harbour Family Theme Park.

“The new theme park caters to young adults unlike the existing two parks which are for children,” he told reporters yesterday after the ground-breaking ceremony of the RM250mil Raffles American School campus on an 18.21ha site at EduCity, offering pre-kindergarten to 12th grade education.

He declined to give more details when asked on the new theme park and its attractions, including whether it would be a water-theme park.

Syed Mohamed said the opening of Legoland Malaysia and Puteri Harbour Theme Park last year had created a new level of confidence among domestic and foreign investors that Iskandar Malaysia was moving in the right direction.

“Different theme parks cater to different segments of visitors and this will be better than just having one park in our development,” he added.

The US$200mil Legoland Malaysia on a 23ha site, which is a joint venture between Merlin Entertainment Groups and IIB, is the first Legoland park in Asia.

Other Legoland theme parks across the world are situated in Denmark, the UK, Germany and in Florida and California.

Update: Six Flags Entertainment Corp (NYSE:SIX) owner and operator of regional theme, water and zoological parks is not expanding to Asia with any investment or involvement in Iskandar, Malaysia.
 
Confused with the posting above on Six Flags. The article seems to suggest they are investing but the end of the article "Update:" says that they are not!!!

Did I misinterpreted it?

Cheers
N
 
Nusajaya said:
Confused with the posting above on Six Flags. The article seems to suggest they are investing but the end of the article "Update:" says that they are not!!!

Did I misinterpreted it?

Cheers
N
Click to expand...

I think it is not considering Iskandar at this point.
 
aliensmotor said:
US Six Flags to invest RM1.5bil in Iskandar theme park in Malaysia
January 10, 2013 by iskandarinsider

NUSAJAYA: US-based theme park operator Six Flags Entertainment Corp is planning to invest between RM1.2bil and RM1.5bil to set up a theme park in Iskandar Malaysia.

Sources told StarBiz that the theme park, which will be double the size of Legoland Malaysia and the company’s first theme park in Asia, would offer more than 40 rides.

According to Wikipedia, Six Flags Entertainment is the world’s largest amusement part corporation based on quantity of properties and the fifth most popular in terms of attendance.

The company maintains 19 properties throughout North America consisting of theme parks, thrills parks, water theme parks and family entertainment centres.

Iskandar Invesment Bhd (IIB) president and chief executive officer Datuk Syed Mohamed Syed Ibrahim, who spoke about Iskander Malaysia getting a theme park, which will be third in Iskandar Malaysia, said an announcement would be made by an investor within the next six months on the matter.

The other two theme parks are Legoland Malaysia and Puteri Harbour Family Theme Park.

“The new theme park caters to young adults unlike the existing two parks which are for children,” he told reporters yesterday after the ground-breaking ceremony of the RM250mil Raffles American School campus on an 18.21ha site at EduCity, offering pre-kindergarten to 12th grade education.

He declined to give more details when asked on the new theme park and its attractions, including whether it would be a water-theme park.

Syed Mohamed said the opening of Legoland Malaysia and Puteri Harbour Theme Park last year had created a new level of confidence among domestic and foreign investors that Iskandar Malaysia was moving in the right direction.

“Different theme parks cater to different segments of visitors and this will be better than just having one park in our development,” he added.

The US$200mil Legoland Malaysia on a 23ha site, which is a joint venture between Merlin Entertainment Groups and IIB, is the first Legoland park in Asia.

Other Legoland theme parks across the world are situated in Denmark, the UK, Germany and in Florida and California.

Update: Six Flags Entertainment Corp (NYSE:SIX) owner and operator of regional theme, water and zoological parks is not expanding to Asia with any investment or involvement in Iskandar, Malaysia.
Click to expand...

This report is not true. No 6 flags but another big theme park operator coming.
 
The article is a report from another news agency citing unconfirmed sources. 6 flags have already clarified earlier that they are not investing here. However there is still speculation that a 3rd theme park operator is coming and will be announced in 6 months time.
 
Singapore’s new hinterland?

Posted on February 10, 2013
With a population of 6.9 million come 2030, enhanced connectivity to Iskandar Malaysia by 2018 and the ability to use your CPF Medisave for medical treatment in Gleneagles Medini Hospital, could Iskandar be the new hinterland?


View of Causeway Bay in Hong Kong. Singapore will have the highest density population per sq metre come 2030, outpacing Hong Kong. Photo: Shutterstock.

With the Singapore Parliament approving the motion recently on the White Paper that projects a population of 6.9 million people by 2030, I was left wondering how Singapore can accommodate such a figure.

Since independence, Singapore has been trying to compete with Hong Kong as a hub for finance and commerce.

Today, the Lion City has succeeded beyond its wildest dreams – it has become a favoured wealth management destination among the wealthy, especially since the UBS banking scandal hit Switzerland in 2008.

The Boston Consulting Group in 2011 puts Singapore as a nation with the highest concentration of millionaires in the world at 17 per cent.

That’s 88,000 millionaire households – or one in six homes.

However, Singapore is also a victim of its success – rapid population growth via immigration and the most unhappy nation according to international pollster Gallup.


Singaporeans shopping in Chinatown. Singaporeans are the most unhappy people according to a poll conducted by Gallup in December 2012. Photo: Khalil Adis.

In addition, unlike Hong Kong which has China as a hinterland, Singapore has none to speak of.

It is only a tiny city-state with Malaysia and Indonesia as its closest neighbours.

Singapore’s current population stands at 5.3 million people.

For 6.9 million people to fit into the island, as the White Paper suggests, this begs the question on how sustainable this figure is.

Immigration policy, its effects and the political implications


Living in shoebox apartments – defined as those under 500 sq ft have
become the norm in Singapore. Photo: Shutterstock.

The effects of the current immigration policy have hit Singaporeans hard with creaking public infrastructure and a city already bursting at its seams.

Talk to any Singaporeans and they will tell you of the frequent train breakdowns, high property prices, wage stagnations and a heartland that suddenly seems so foreign to them.

Our current immediate neighbours include those from China and Myanmar, some of whom are not able to speak English – the lingua franca of the nation since independence.

This has resulted in HDB re-looking into its Ethnic Integration Policy (EIP) to include foreigners who have recently become Permanent Residents or Singapore citizens.

In 2011, the public showed its displeasure with the Lee administration at the ballot box which translated to the lowest vote margin ever for the ruling PAP government during the general election.

It also led to the fall of the Aljunied GRC to the Worker’s Party – the first time ever in Singapore’s history since independence.

Subsequently, the PAP lost two by-elections – Hougang in 2012 and Punggol in 2013.

In January this year, Prime Minister Lee Hsien Loong admitted his government lacked the 20/20 foresight and could have planned better.

“I decided that we should try and make up for lost time because you want the economy to grow. You want Singapore to make progress and you don’t know how long the sun is going to shine. As it turned out, the sun remained shining for longer than we expected. So the population grew faster than we expected, our infrastructure didn’t keep up,” he told Channel News Asia.

Therefore, it came as no surprise that the ‘selling’ of the recent White Paper to the Singapore public was met with much derision and opposition online.

The sentiment is – “If the government cannot get current infrastructure right for a population of 5.3 million people, what more for 6.9 million?”

New Singapore investments pouring into Iskandar Malaysia


By 2015, Singaporeans can use their CPF Medisave for medical treatment at Gleneagles Medini Hospital. Photo: Courtesy of Global Capital & Development.

Due to its small size and geographical constrains, there is only so much land Singapore can reclaim and height limit that our public housing can take.

With more and more Singapore-based companies now investing in Iskandar Malaysia, the closest Malaysian state, Johor, seems the only logical way to expand without encroaching on its territory.

Singapore companies with presence in Iskandar Malaysia include CapitaLand, Ascott Somerset, UOB, MDIS and Raffles Education.

According to Iskandar Regional Development Authority (IRDA), Singapore investments from 2006 to June 30 2012 is around RM5 billion.

Just last week, Global Capital & Development (GCD), the concession holder of Medini, announced that it has inked an investment deal worth S$1 billion in gross development value with Link (THM) Holdings Pte Ltd, a Singapore property developer to develop the Media Village @ Medini Iskandar.

For the uninitiated, Medini is a special economic zone that will be the hub for Islamic finance and creative industry.

It is also the site where Temasek Holdings and Khazanah Nasional will be jointly developing its iconic wellness centre.

The Link (THM) Holdings Pte Ltd investment will specifically result in 5.9 hectares of land to be turned into a development of mixed properties, expected to be completed in three phases, over a period of five years.

On offering will be more than 2,000 SOHO units (Small Office Home Office) and business suites of 1.2 million square feet of net saleable area.

Meanwhile, the commercial properties consisting of mainly food and beverage outlets will take up 1.1 million square feet of net lettable area.

The Media Village @ Medini Iskandar will also support the creative industries catalysed by the adjacent Pinewood Iskandar Malaysia Studios

Keith Martin, chief executive officer of GCD said the Link’s development of Media Village @Medini Iskandar will provide a catalyst for further business activity in Medini and complements the upcoming Pinewood Iskandar Malaysia Studios.


Keith Martin, CEO of Global & Capital Development, sees The Link (THM) Holdings Pte Ltd’s development of its Media Village as a boost for Pinewood Iskandar Malaysia Studios. Photo: Courtesy of Global Capital & Development.

“Together with Singapore’s Mediapolis, we see a ‘blended solution’ where the full value chain of media services from script to final production is offered all within an hour’s drive of each other. GCD looks forward to fruition Link (THM)’s plan to create business clusters and to kick-start this new destination for the production for film entertainment in Asia,” said Martin.

A new playground for Singaporeans?


Cost of living in Singapore is a huge concern that has resulted in many to delay marriages that has subsequently led to the country’s low fertility rate.

So much so that the White Paper sees the need to bring in more foreigners to support Singapore’s ageing population and artificially boosts the replacement rate.

In 2010, the Malaysia – Singapore Joint Ministerial Committee (JMC) for Iskandar Malaysia announced the Rapid Transit System (RTS) connection that will connect from the Tuas West extension and back to Woodlands North MRT Interchange.

In May last year, it was announced that Malaysia’s Land Public Transport Commission and Singapore’s Land Transport Authority were awarded the tender for the Malaysia-Singapore RTS Link Joint Engineering study.

I wonder if this is part of the White Paper’s plan to mitigate concerns of space constrains in tiny Singapore.

For the lucky few, I have seen instances of young couples being supported by their parents and parents-in-law to purchase their first homes as both public and private properties have hit their record highs.

Some, however, are not taking their chances and have started looking beyond their motherland for greener pastures abroad, fearing for their children’s future.


Bayou Creek, located in Leisure Farm Resort, offers a slower pace of life and freehold landed properties at a fraction of what you pay for a Good Class Bungalow (GCB) in Singapore. Photo: Courtesy of Mulpha International Berhad.

“Looking at how Singapore is rapidly developing now, I wonder how my children can afford to own their first homes. The salary of a fresh graduate can barely allow you to save for your future, what more your first property?” asked one concerned parent.

In 2010, GCD secured a landmark RM 500 million landmark deal in 2010 with Malaysia’s leading healthcare provider, Pantai Group for the development of the Gleneagles Medini Hospital in the Medini Lifestyle zone.

The hospital, operational in 2015 will benefit Singapore patients who can use their Medisave for healthcare services under the Medisave programme, enabling them to enjoy cost effective treatment in Malaysia.

With the strong Singapore dollar versus the Malaysian ringgit, enhanced connectivity by 2018 and the relatively slower pace of life, the thoughts of retiring in Iskandar Malaysia seem like an attractive proposition for some Singaporeans, if the local authorities get things right.

In the meantime, are you ready to brace an overpopulated Singapore come 2030?
 
首相18日官访狮城 马新轻快铁料达共识

（新山5日讯）首相拿督斯里纳吉将于本月18至19日官访新加坡，与新加坡总理李显龙会谈，据悉会谈内容将涉及两国联合落实马新跨国轻快铁系统（RTS）建设计划，以缓和往返新山与新加坡的人流。
消息指出，两国领导人届时将针对这项让各界引颈长盼的轻快铁计划，达成共识，并在缔造双赢的大框架下提升两国之间的交通、通讯、关卡及旅游服务，让两国人民皆能够受惠。
去年2月，纳吉在柔佛古庙游神庆典上宣布上述合作计划，并指轻快铁系统将衔接新山及新加坡，以缓和两国边境日益增加的物流量及人流量。
该项计划不但能解决新柔长堤交通堵塞问题，也成为两国商贸关系的大卖点，预料可吸引不少新加坡企业转移到新山投资，并带动新山的经济发展。
料2018年投入服务马新跨国轻快铁系统预计在2018年投入服务，无疑为依斯干达特区注入一剂强心针。
由于该项计划属于联合建设，涉及单位甚广，两国必须深入研究轻快铁的可行性、效益、风险、工程技术、环境影响、投资及营运开销。
加上其他合作领域，如关税、移民、检疫中心、兴建多用途终站及其他策略性等问题，始终只闻楼梯响，确实的运作方式更是八字还没一撇。
减低对陆路交通干扰 兴建海底隧道最理想
据依斯干达特区发展局总执行长拿督依斯迈依布拉欣在去年11月接受《星报》访问时透露，该项计划共有3个陆路交通系统选择，意即兴建天桥或大道、观景高架桥及隧道。
而他个人认为，兴建海底隧道是最理想的方法，因为海底工程可减低对陆路交通的干扰，但最终的决定权还是交给当局。
兜兜转转近一年，却迟迟没有定案，想必投资者也等得心痒痒，斟酌是否要趁现在把发展视线转移至大马的柔南特区，在本地扩大业务及投资设厂。
Prime Minister of the 18th official visit to the Lion City horse new LRT expected to reach a consensus

(Johor Bahru AP) - Prime Minister Datuk Seri Najib will be the month 18-19 days official visit to Singapore, talks with Singapore Prime Minister Lee Hsien Loong, it is learned that the contents of the talks will involve the two countries jointly operate horse multinational Light Rail Transit System (RTS) building plan to ease the flow of people between Johor Bahru and Singapore.

The sources pointed out that the leaders of the two countries will allow from all walks of life for the eagerly long LRT plan hope to reach a consensus, and enhance the traffic between the two countries, communications, checkpoints and travel services in the framework of a win-win solution, so that the two countries the people are able to benefit from it.

In February last year, Najib announced cooperation plans in Johor Old Temple celebration of God tour, and refers to the light rail system will link Johor Bahru and Singapore, to ease the border between the two countries is increasing the amount of logistics and the flow of people.

The scheme will not only solve the the causeway traffic jam problem, also become a major selling point of the commercial relations between the two countries, is expected to attract many Singapore companies transferred to the new Mountain investment, and promote the economic development of the new mountain.

Material in 2018 the service horse the new multinational LRT system is expected to be put into service in 2018, undoubtedly inject a shot in the arm for the Iskandar region.

Since the scheme is a joint construction, involving a wide range of units, the two countries must examine the LRT feasibility, benefits, risks, engineering technology, environmental impact, investment and operating cost.

Plus other areas of cooperation, such as customs, immigration and quarantine center, the construction of multi-purpose terminal and other strategic issues, and always only hear the thunder, the exact mode of operation is not a character to write.

Reduce the construction of the Cross-Harbour Tunnel ideal for land transport interference

According to Datuk Ismail Ibrahim, chief executive of the Iskandar Region Development Council in November last year to accept the "Star" visit revealed that the scheme a total of three land transport system selection, which means the construction of flyovers or road viewing viaduct and tunnel.

He personally believed that the construction of the Cross-Harbour Tunnel is the best method, because the underwater works to reduce interference or to the authorities, but the final decision rests with the Land Transport.

Going around in circles for nearly a year, but has yet to be finalized, presumably investors wait itching like to take the development of the line of sight is transferred to the Malaysian soft Nantes District, to expand their business and investment in the local discretion whether to set up factories
 
Iskandar Waterfront IPO hopes to lock in some global property, investment names

Posted on February 15, 2013 - Featured, Property News.

By WONG WEI-SHEN
[email protected]



PETALING JAYA: The impending mega initial public offering (IPO) of Iskandar Waterfront Holdings Sdn Bhd (IWH) is hoping to lock in some global names in the property and investment world as cornerstone investors, people familiar with the process told StarBiz.

Among possible candidates are Singapore’s Temasek Holdings Pte Ltd as well as its associate company CapitaLand Ltd, one of Asia’s largest real estate companies.

Also being wooed are Hong Kong investors in the likes of Malaysian tycoon Robert Kuok and other players there.

The Kuok group has diverse business interests as well as a significant property division under Kerry Holdings Ltd that has projects in Hong Kong, Macau, China and Australia.

Aside from these, IWH is also wooing big funds in the United States such as BlackRock Inc and Franklin Templeton.

BlackRock is a fund-management company based in New York with more than US$3 trillion (RM9.27 trillion) under management. Investment firm Franklin Templeton is headquartered in California and has more than US$800bil worth of assets under management.

The IWH IPO, slated for a listing in the middle of this year, is set to raise close to RM1bil. However, some reports have indicated that the figure could be much higher.

Insiders also said that some familiar names from the list of IHH Healthcare Bhd investors may potentially emerge in IWH’s listing as well, such as Vanguard Group Inc, Bank of New York Mellon Corp and Morgan Stanley.

Both the Employees Provident Fund and Khazanah Nasional Bhd have indirect stakes in IWH, held via Iskandar Investment Bhd.

IWH’s vision is to create an international waterfront destination. It has some 1,619ha in Iskandar Malaysia, Johor, which comprises three main areas: Danga Bay, Johor Baru City Centre and Tebrau Coast.

IWH is 60% owned by tycoon Tan Sri Lim Kang Hoo via Credence Resources Sdn Bhd. The Johor government, through Kumpulan Prasarana Rakyat Johor, holds the remaining 40% stake.

However, sources told StarBiz that this structure could change in the process of readying IWH for its mega listing.

IWH’s waterfront project will have a reported gross development value of about RM80bil. When completed, Iskandar Waterfront will be a waterfront city fronting Singapore.

The listing of IWH will see it joining about 10 master developers worldwide that are public listed, such as the Philippines’ Ayala Corp and Japan’s Mitsubishi Estate Co Ltd.

Some sceptics are questioning the attractiveness of IWH to investors on the basis that it is seen as a “one-project real estate company”.

On the other hand, bankers who are more bullish about the deal reckon that there are many reasons investors would be keen to have a slice of IWH. These include IWH land’s proximity to land-starved Singapore and the high plot ratios that IWH has in comparison to companies like UEM Land Holdings Bhd.
 
Thank you Valdez for the informative posts.
 
Last edited:
Monday February 18, 2013

Reported in The Star Biz - http://biz.thestar.com.my/news/story.asp?file=/2013/2/18/business/12693088&sec=business

Iskandar to draw more S’pore investments

JOHOR BARU: The presence of Temasek Holdings Pte Ltd executive director and chief executive officer Ho Ching at a tea party at the Muar Stadium last November has created a buzz in the Johor corporate world.

Ho, the wife of Singapore Premier Lee Hsien Loong, was there as the guest of Johor's Sultan Ibrahim Sultan Iskandar in conjunction with his birthday celebration and was seen sharing the main stage with members of the Johor royalty.

Many corporate leaders and local politicians saw Ho's presence as a sign that state-owned Temasek and more Singaporean investors were seriously considering making more investments in Iskandar Malaysia.

A source told StarBiz that Temasek had last year acquired a 30% stake for RM300mil in Central Malaysian Properties Sdn Bhd (CMP), which is developing Lido Boulevard.

The source said Temasek planned to increase its stake in CMP, which would lead to a corporate restructuring, including changing the company's name.

“Work on the project has been temporarily halted and will resume after the completion of the restructuring exercise,'' the source said.

The integrated waterfront development project, with a gross development value (GDV) of RM4bil, is sited opposite the Grand Palace here.

Meanwhile, a senior official from a property-based company said that six years on, more Singaporean investors had started to realise the growth potential of Iskandar.

“Initially they were rather sceptical but after seeing the development taking place (in Iskandar) in just six years, they don't want to miss the boat,'' he said.

He said the improvement in the bilateral ties between Malaysia and Singapore had also prompted many Singaporean investors to look at Iskandar

He said the involvement of Singapore billionaire Peter Lim in the RM3.5bil Motorsports City project in Gerbang Nusajaya could attract more “Peter Lims” to Iskandar.

The 70:30 joint venture between FASTrack Autosports and UEM Land Holdings Bhd will see both parties establishing the Motorsports City master plan, as well as development and marketing strategies.

Tomorrow, Prime Minister Datuk Seri Najib Tun Razak and Singapore Premier Lee will attend the ground-breaking of wellness development in Medini, Iskandar.

Pulai Indah Ventures Sdn Bhd (PIV), a joint venture between Khazanah Nasional Bhd and Temasek, is developing the “Urban Wellness” project on a 2.02ha site in Medini North and the 84.98ha “Resort Wellness” development in Medini Central.

The GDV of the project is estimated at RM5.2bil, which includes the development of a wellness centre, serviced residences, a corporate training centre and commercial, retail, residential and wellness-related offerings.

At the event, Najib and Lee are also expected to announce the decision on the Malaysia-Singapore Rapid Transit link project.
 
Iskandar Malaysia up the ladder

Feb 18, 2013 - PropertyGuru.com.my
By Farah Wahida:

Scepticism on Iskandar Malaysia’s property market has turned into confidence as real estate prices in the growth region continue to climb upwards.

Covering 2,217 sq km of land, Iskandar Malaysia was formerly known as the Iskandar Development Region and South Johor Economic Region. It is two times bigger than Hong Kong and is thrice the size of Singapore, reported The New Straits Times.

According to Samuel Tan, Executive Director at KGV International Property Consultants, home prices at Iskandar’s capital Johor Bahru rose by 40 percent on average since 2006.

Before that, the city used to suffer from a real estate overhang, as price were sluggish following the 1997 Asian financial crisis. But now, demand for properties in Iskandar has started to increase. In particular, Johor Bahru’s property market is catching up with places like Penang and Kuala Lumpur.

Although this is good for investors and real estate developers, local residents may struggle to get on the property ladder due to the significant price increases.

Notably, the quantum leap happened in 2011, when prices of luxury service apartments soared to RM700 psf from just RM500 psf.

In addition, the tighter cooling measures announced by the Singapore government on 11 January 2013, which includes an additional buyer's stamp duty (ABSD), has also boosted Iskandar Malaysia’s appeal.

Apart from Iskandar’s well-planned amenities, infrastructures, catchment and accessibility, interesting places such as the Puteri Harbour theme park and Legoland Malaysia have also wooed foreign investors.
 
Malaysia, Singapore to decide on RTS[/B]


SINGAPORE: Foreign Minister Datuk Seri Anifah Aman said the Malaysian and Singaporean governments will decide on whether to continue into phase 2 of a study to set up a Rapid Transit System (RTS) linking Johor Baru and the republic.

Speaking to reporters prior to the start of the 4th Malaysia-Singapore Leaders' Retreat which begins tonight, Anifah said both governments have up to 12 months to decide on their preferred option to implement the transport infrastructure for the project, following the commissioning of a Joint Engineering Study in November 2012.

Anifah said the RTS project update was among the new initiatives by both leaders -Malaysian Prime Minister Datuk Seri Najib Razak and his Singaporean counterpart Lee Hsien Loong--that are expected to be discussed during their annual retreat that lasts until tomorrow.
 
Najib in town for retreat with PM Lee

MALAYSIAN Prime Minister Najib Razak arrived here yesterday for a two-day retreat with his Singapore counterpart Lee Hsien Loong.

This is the fourth such retreat between the pair since the inaugural one in 2007; their last meeting took place 13 months ago in Putrajaya.

This retreat is the highest-level bilateral forum for discussions on a range of bilateral and regional issues of mutual interest to Singapore and Malaysia.

Mr Lee and his wife Ho Ching hosted Mr Najib and his wife Rosmah Mansor to a private dinner last night, said Singapore's Foreign Affairs Ministry yesterday.

The retreat proper will begin today. After their usual closed-door meetings this morning, Mr Lee and Mr Najib will lead their respective delegations on visits to the sites of a number of joint ventures between Singapore's Temasek Holdings and Malaysia's sovereign wealth fund Khazanah Nasional.

The leaders will unveil the Marina One project in Marina Bay and receive an update on the Duo project in Ophir-Rochor.

Both are mega mixed-use developments expected to add a total of just over 500,000 sq m of gross floor area space when completed in 2017.

Marina One has a development value of $7 billion; Duo, comprising two towers of residential, retail, hotel and Grade A office space, has been valued at $4 billion.

Mr Lee and Mr Najib will then make a short trip to Iskandar Malaysia in Johor, where they will unveil the Resort Wellness and Urban Wellness projects in Medini, and attend the ground-breaking for the 2 ha Urban Wellness project.

The Singapore and Iskandar joint projects came about as a result of a major land-swop deal the leaders sealed in 2010. The agreement resolved a decades-long dispute over railway land between the two countries.

Malaysia's High Commissioner to Singapore Hussin Nayan hinted that Mr Najib could announce new joint projects over the course of the retreat.

He was reported as having told Bernama on Sunday: "There could also be announcements of new projects which itself indicates further progress in our bilateral relations. Let's wait for the prime minister to announce (them).

"The current bilateral relations have improved tremendously. In conjunction with (Mr Najib's) visit here, we can expect greater collaborative effort in commercial interests, facilitated by the government."

Mr Najib's high-level delegation comprises Johor Chief Minister Abdul Ghani Othman and several Cabinet ministers. The Singapore delegation includes Deputy Prime Minister Teo Chee Hean and Cabinet ministers.
 
Land and development on man-made Danga Bay island to cost RM8bil

PETALING JAYA: Singapore's Temasek Holdings Pte Ltd and its unit CapitaLand Malaysia Pte Ltd will enter into an agreement with Iskandar Waterfront Holdings Bhd (IWH) today to buy a man-made island measuring about 28.33ha at Danga Bay for about RM800mil.

Those in the know said that IWH unit Iskandar Waterfront Sdn Bhd (IWSB) would also be party to the acquisition, and the three parties would jointly develop the 28.33ha into a mixed integrated development, comprising high-rise buildings and landed homes complete with a shopping mall and food and beverage outlets, to be completed over the next few years.

The total cost of the land and the integrated development was likely to cost RM8bil, they said.

A joint venture has been formed for this deal between CapitaLand Malaysia, IWSB and Temasek, with the Singaporeans taking the bigger share.

This is the second largest tract of land that is being sold by IWH in less than two months after China's Country Garden bought 22.26ha for RM900mil in December.

In total, IWH would have sold about 242.81ha thus far. It is the master developer of a waterfront city at the southern tip of Johor Baru fronting Singapore. IWH has a total land-bank of about 1,618.74ha in that area.

This deal with Temasek/CapitaLand signifies the entry of a big Singaporean investor that sees potential in Iskandar Malaysia, the southern economic corridor of Malaysia, and could signal the entry of more Singaporean investors into Iskandar Malaysia.

In fact, the premiers of both countries will be witnessing this deal today and also a ground-breaking ceremony for a wellness centre that is being jointly developed by Khazanah Nasional Bhd and Temasek.

Khazanah and Temasek are the investment arms of Malaysia and Singapore, respectively. CapitaLand Malaysia is a wholly owned subsidiary of CapitaLand Ltd, one of Asia's largest real estate companies. Temasek has a 40% stake in it.

Khazanah and Temasek, via their joint-venture vehicle Pulai Indah Ventures Sdn Bhd, are developing the “urban wellness” project on a 2.02ha site in Medini North and the 84.98ha “Resort Wellness” development in Medini Central. The whole development has a gross development value (GDV) of RM5.2bil.

Both the projects, the man-made island and the wellness centre, will have a combined GDV of over RM16bil and these development will be spread over a few years, catalysing construction and other business activities in the state in the process.

Those in the know claim that the negotiations for the sale of the man-made island, also known as the A2 island, took almost two years to complete, as both parties were haggling over the price. It is man-made because it is a result of reclaimed land.

IWSB is the master developer of over 1,699.68ha at the southern tip of Johor Baru. Of this, 809.37ha make up Danga Bay, a development of 10 flagship projects, including a marina. The other parcels of land owned by IWSB are within the Johor Baru city centre, Tebrau Coast, and also 121.41ha in Desaru.

Apart from today's land sale and that to Country Garden, IWH has sold 81.75ha to Australia's Walter Group, 99.15ha to Dijaya Corp and about 10.12ha to the Brunsfield group.

The Johor government, via Kumpulan Prasarana Rakyat Johor, has a 40% stake in IWH, with influential businessman Tan Sri Lim Kang Hoo holding the remaining 60% via Credence Resources Sdn Bhd.

http://biz.thestar.com.my/news/story.asp?file=/2013/2/19/business/12727602
 
Re: Land and development on man-made Danga Bay island to cost RM8bil

WOW..........High speed rail!!!

Singapore and Malaysia have agreed to build a high speed rail link between Kuala Lumpur and Singapore by 2020, in a move that both heads of government called a "game-changer".

Announcing the breakthrough agreement at a press conference today following bilateral talks, Prime Minister Lee Hsien Loong said that the rail link would create a 90 minute door to door journey for commuters, and that it will "change the way we do business, the way we look at each other and interact."

He pointed to the Eurostar link between Paris and London, which transformed "two European cities into one virtual urban community" as a model for the KL-SG link.

Malaysian PM Najib Razak said that the project will be a private-public one, with the link being built by private contractors with government infrastructural support. He declined to estimate how much the project will cost.



http://www.straitstimes.com/breakin...-link-between-kuala-lumpur-and-singapore-2013
 
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