New developments to share

[solelyone]

Re: Sky Suite / Skysuite VS V Summerplace VS paragon at CIQ

Anyone know if any Sky Suites @ Meldrum 2Br still available? Really like the location (away from the crowd) but still within the city.

Having a RTS stop nearby, will be an additional bonus.

 

[Jetstream]

Wow impressive! Will change the JB skyline and certainly add glamour. What's the exact location?

 

[cytan6613]

Re: Sky Suite / Skysuite VS V Summerplace VS paragon at CIQ

two bed room finish already. left only one bed and 3 bed ...

Anyone know if any Sky Suites @ Meldrum 2Br still available? Really like the location (away from the crowd) but still within the city.

Having a RTS stop nearby, will be an additional bonus.

 

[shctaw]

GLOMAC Bhd group managing director Tan Sri Fateh Iskandar Mohamed Mansor brought up the subject of Iskandar Malaysia during a recent seminar.

His topic for the day was affordable housing and he took a few minutes to digress.

“Six months ago, people did not ask me about Iskandar. Today, people keep asking me if I have anything to sell there. Iskandar is expected to undergo a 100% urbanisation with 3 million people, both through natural and urban migration,” he told real estate agents who formed the bulk of the participants.

His remark underscores the interest in Iskandar and the legal work that goes through law firm Zaid Ibrahim & Co's Johor branch confirms that interest.

Partner Sunita S. Sothi says the law firm has seen quite a bit of land and property purchases the past year with a marked increase in interest in Ledang Heights bungalow land and Leisure Farm, and in Kulai's industrial land.

“People are sensing that Iskandar Malaysia is taking off; there is visible business development and improved infrastructure.

“We have seen interest from foreign expats working in Singapore who wish to live in Malaysia and quite a few have also decided to move their children in to study at the Marlborough College,” she says.

Sunita says that so far, the Johor state authorities have been quick to respond to queries by the purchasers and lawyers.

“We have not faced any challenges with regard to advising or handling Iskandar Malaysia transactions. The main concern investors into the area have is understanding the land system and the relevant guidelines applicable.

“Once this is explained to them they are comfortable moving forward. We sometimes have to translate documents from Malay to English, e.g. the land title searches/title documents so that they have a better understanding of what is being transacted and the procedure for the same,” says Sunita.

The last several years, a number of Klang Valley developers have bought land there. Those who went earlier before the completion of infrastructures have benefited.

Other developers are following suit. Ken Holdings Bhd executive director Sam Tan is planning a 23-acre mixed integrated project 33km from Nusajaya, in old town Johor Baru where people can work, live and play in the same development. Tan says the completion of the infrastructure was a huge booster, plus timing.

He is planning to have a hotel, serviced apartments, offices, health and education components located on a strip of land that measures 800m from end to end bordered by Jalan Yahya Awal in the south and Jalan Tarum in the north.

“Johoreans have the purchasing power, the place is vibrant,” he says.

His enthusiam is reflected by a fellow developer from Singapore. Link (THM) Holdings Pte Ltd group CEO Kenny Tan was in Iskandar more than two years ago. There was no LegoLand nor infrastructure then.

Today, Kenny has 15 acres in Medini, directly outside of Pinewood Studios. He is planning to have residential, commercial and retail developments.

“When people visit Pinewood Studios and LegoLand, they will visit us. The spin-offs from Pinewood will be promising. Each filming session will bring in 500 to 700 crew members and celebrities. We will benefit from the spillover. Each filming takes three to six months, so there should be good rental yield,” he says.

The project, with a gross development value of S$1bil, comprises four blocks of residentials of 25 to 30 storeys and another three blocks of business suites, also 25-30 storeys.

The plan is to get an international company to manage and operate the business suites and residentials of about 600 sq ft, priced at RM500,000-RM600,000 a unit, or RM750 per sq ft. Half of the residential buyers will likely be investors.

Kenny was among 200 company representatives, most of them small and medium enterprises, who attended a seminar Seizing Opportunities across the Causeway organised by Singapore-based United Overseas Bank Ltd in late Feburary.

UOB's managing director and group head of commercial banking Eric Tham says the bank has a working relationship with Singapore businesses and some have showed interest to operate here.

“We want to capitalise on this business flow. We want to ride on the momentum. The big boys know how to go about it. It is the mid-sized groups who need help.”

Tham and his team are establishing foreign direct investment advisory units within the bank in Malaysia and in the region to tap on the interest in FDI flows in the region.

The timing, says Tham, is perfect because the Singapore economy is undergoing restructuring.

The push and pull factors were there before and the recent Singapore budget brought into sharper focus the government stand on Singapore businesses expanding abroad.

Singapore's SMC Food 21 Pte Ltd recently bought land in Tanjung Pelepas for future expansion. Managing director Cheng Liang Chye says the company has operations in Pasir Gudang.

“We plan to expand production capacity in Malaysia and scale back operations in Singapore,” he says. He currently has 60 staff members in Malaysia and 100 more in Singapore.

Another Singapore company operating in Iskandar is Silicon Application Pte Ltd. Managing director Chan Wai Yin says he bought properties in Iskandar and will start production there.

 

[shctaw]

Iskandar property prices in a tizzy

THE last six months have seen a tremendous spike in property prices in Iskandar Malaysia, one of Malaysia's most successful economic corridors, with interest and imagination fired by warming of government ties between Singapore and Malaysia and the completion of several infrastructure projects.

While agents from both sides of the Causeway say they have never seen such a steep climb in interest the last two years, it is the last six months that have taken their breath way. Everything, from price to density; to interest from foreigners, has been strastopheric.

How much of this is hype and how much of it is for real?

Although there have been occasions where agents have been “overly optimistic” and exaggerated sales numbers, Jones Lang LaSalle head of residential project sales David Neubronner says they are seeing more enquiries in recent months, stronger buying interest and rising capital values.

Show houses and apartments in Iskandar are busy even on weekdays. Good Malaysian property launches in Singapore draw in full houses, says Neubronner who is based in Singapore.

Robust demand is evident in popular developments such as Senibong Cove and Straits View Residences where both have sold out all their previously released landed properties.

“Visitors to their show-houses have to register their names with their agents for future releases and at higher prices,” says Neubronner.

On the residential front, Nusajaya is hoarding the limelight with the slew of initiatives and developments coming on board. Of particular interest, and rightly so, says Neubronner, is the Puteri Harbour scheme which boasts of a variety of opportunities such as luxury waterfront villas, apartments, serviced residences, hotels and commercial developments.

The other attractions are the new international schools in Nusajaya, like the world renowned Marlborough College. This has caught the attention of the expatriate community in Singapore and many are making enquiries, says Neubronner.

Other hot areas are waterfront homes in Danga Bay and Permas Jaya.

“Iskandar is a big scheme and waterfront homes stand out for its exclusivity and lifestyle concepts,” he says.

Taking a retrospective view from the Johor side, CB Richard Ellis (Johor) Sdn Bhd director Wee Soon Chit compares today's prices with June 2012 and as far back as 2006 when Iskandar was first launched.

In 2006, vacant bungalow lots in Ledang Heights were priced at RM25-RM30 per sq ft. In June 2012, it was RM60-RM80 per sq ft. Today, it is between RM100 and RM120 per sq ft.

“There seems to be very strong interest and an element of speculation,” says Wee, adding that he has never seen such a dizzying spike in his 17 years in the property market.

“Property prices have been rather stagnant since 1998 to around 2006. The hike in property prices especially over the last two years has been phenomenal and cuts across the board for the sub-segments of the market.”

Industrial prices in the Southern Industrial Logistics cluster UEM group in Nusajaya were hovering at RM25 per sq ft in 2006. By June 2012, it doubled to between RM40 and RM50 per sq ft and today, lots are transacted as high as RM75 per sq ft.

As for commercial land in Johor Baru, known as the old town, Wee says the latest transaction for a yet-to-be converted parcel fronting Jalan Abdullah Tahir was sold for RM380 per sq ft (June, 2012: RM280 to RM300 per sq ft; 2006: RM180 per sq ft).

In Nusajaya, at least 60% of buyers of residential properties are foreigners compared with 40% in Johor Baru. Prices of high-rise units launched two years in 2006/07 have moved from RM350 psf to RM1,200 per sq ft.

Wee says it is not really “an apple to apple comparison” because they are now seeing better finishes and designs.

Wee says he is naturally concerned about the price spike. By 2013, at least 10 blocks will be completed and by the end of 2014, between 20 to 30 blocks.

“All in all, we are talking about 70 to 80 blocks of new high rise developments,” he says.

But despite in influx of projects, more seems to be on the way, he says. Nearly all the big developers from Kuala Lumpur are there, and likewise the big developers from Singapore like CapitaLand, Temasek and Maple Tree group.

 

[Valdez]

Irda clears the air over conflicting information



ON March 4, Singapore's Business Times (BT) highlighted the conflicting information given to Singaporean investors when buying land and properties in Iskandar Malaysia.

Entitled “Iskandar beckons, but investors beware”, the article brought up issues on lending, administrative matters and the 30% bumiputra quota.

The article said although Iskandar Malaysia “may hold promise to Singapore firms seeking a reprieve from high costs, or to property investors hunting a lucrative residential project, the process of making an investment there appears tricky.”

Regulatory authority Iskandar Regional Development Authority (Irda) and Iskandar Investment Malaysia (IIB), tasked to promote investments into the economic corridor three times the size of Singapore, issued a joint statement on Monday.

They say the standard rules on sale and purchase of residential properties apply for the whole of Iskandar, except for specific exemption granted in designated areas.

“Non-Malaysians are allowed to purchase properties RM500,000 and above, plus a levy of RM10,000. There are no different rules for the different flagship zones in Iskandar Malaysia,” the statement says. It also advise investors to engage professional business advisors.

Among the issues brought up by BT were zoning or the lack of it and the control of plot ratios. Developments have to comply with standards approved by the local authorities. Citing Puteri Harbour in Flagship B (Nusajaya), the statement says every development there has to be compatible with neighbouring projects. While developers can appeal to increase the plot ratio under certain circumstances, approval will not be done at the expense of jeopardising prior agreements or promises made to buyers, the statement says.

The joint statement also refuted claims that a Malaysia-incorporated firm must be set up to own properties.

They can own land (except for agricultural land, which foreigners can only lease) and properties under their own names. For those who purchase properties under a company, that company need to be incorporated and registered in Malaysia. A company with 100% foreign ownership may still own properties in Malaysia. A company with 51% or more of its shares being held by foreigners will be deemed as a foreign company, the statement says.

A private limited (Sdn Bhd) company may be 100%-foreign owned with its entire board of directors comprising foreign nationals if it has a registered business address in Malaysia.

However, foreigners are not allowed to register for sole proprietorships and partnerships. The statement says there are certain regulated businesses which will require local directors or shareholders and companies with IDR (Iskandar Development Region) status are exempted from the 30% minimum bumiputra equity.

The statement says foreigners can purchase properties subject to certain quota and conditions as well as the types of properties and the loan tenure differ between financial institutions, which are governed by Bank Negara.

Those with projects approved for implementation are advised to engage Irda's Iskandar Service Centre to help obtain land and development approvals (subject to the nature and magnitude of their investment), as well as immigration and incentives approvals.

Irda says it will continue to engage with Malaysian and Singaporean business promoters, business development consultants, financiers and other relevant parties to update and clarify policies and rules to avoid any future misconceptions.

Meanwhile, Singapore Business Federation (SBF) director (Asean and South Asia, global business division) Alan Tan (pic) says Singapore investments have “traditionally” gravitated towards Johor.

“Malaysia offers opportunities to market their products and services as well as to procure products and services. The manufacturing clusters seem most keen to expand into Iskandar,” he says.

Although its members hail from various sectors of the economy, the top three sectors are trading (26%), manufacturing (15%) and banking and insurance (13%).

SBF has 19,400 member companies, of which 70% are small and medium enterprises and the rest multinational companies.

Areas of concern among members doing business in Malaysia include the following (not in any order of priority):

Investment incentives;

Availability of local manpower supply and skills level;

Employment of foreign professionals;

Availability of suitable land sites/spaces;

Cross-border movement of goods and

Crime and safety situation.

 

[shctaw]

Astaka location.

 

[shctaw]

The Astaka is going to be build on the land of Stadium Bandaraya?

Is it correct?

 

[sgtsk]

The Astaka is going to be build on the land of Stadium Bandaraya?

Is it correct?

Seems you are right....one web site says it is on BUKIT senyum.

Here is more details on site layout.

http://www.newsghouse.com/the-astaka.html

 

[cytan6613]

yes u are right ... this is the one. remember RM 2M ... can buy two unit in senibong already ... ha ha ha. ...

Seems you are right....one web site says it is on BUKIT senyum.

Here is more details on site layout.

http://www.newsghouse.com/the-astaka.html

 

[Newbie11]

Rendering looks good. Who is developer n architect

 

[ahhock24]

The Astaka for sales , seem very big and huge end.

Metro Homes Iskandar is proud to have the opportunity to market this New Super Condo Iskandar – The Astaka ( meaning The Royal Pavilion)

The Astaka’s mindblowing Features:- high end business centers/mall aka ‘Marina Bay Financial center’ of JB iskandar.

Just wondering, is the city centre moving northwards? Also considering the CIQ now further inland. Any opinion?

 

[cytan6613]

They merged my v summerplace VS skysuites I am lost the thread ... cry :(

 

[Newbie11]

Rendering looks good. Who is developer n architect

ok I found this out..
Developer - Ataska (who? some say Sultan is shareholder??)
Architect - GDP
Feng shui - Good Feng Shui is proud to be engaged officially by the famous developer group to value-add the project phases, for instance, from its company logo, branding, project architechtural layout, internal & external designs and marketing advices.
View - will it be blocked by whatever is coming up at Pacific Mall?

 

[solelyone]

They merged my v summerplace VS skysuites I am lost the thread ... cry :(

You got a place there? I went down to Taman Baiduri yesterday to look see look see, indeed only few 1 bedder and 3 bedder available.

I also tried walking from the CIQ to the site at Meldrum passing thru a few hotels; really walkable....probably about 5 mins. Really good!

 

[barra10]

Wonder what impact this will have for Iskander ?? They haven't even complete the HSR study and now they are talking about this.
Interesting to find out what CAAS think...

Reported in The Star (18th March 2013)


Changi-Senai twin airport proposal

JOHOR BARU: Iskandar Malaysia is planning to propose the twin-airport concept to Singapore in a bid to boost the aviation industry in the republic and south Johor.

Iskandar Regional Development Authority (Irda) chief executive officer Datuk Ismail Ibrahim said it would further complement the two major transportation projects already in the planning stages between the two countries.

The projects are the High-Speed Rail (HSR) linking Kuala Lumpur and Singapore in just 90 minutes and the Rapid Transit System link (RTS) to improve connectivity and accessibility between Johor Baru and Singapore.

Ismail said with the two projects already on the drawing block, it was only logical for Malaysia and Singapore to start looking at ways to improve air travel in both countries.

“We should capitalise on each other's strengths and capabilities to make the twin-airport project a reality for mutual benefit,'' he said in an interview with StarBiz.

Ismail said with the shorter travelling time between Kuala Lumpur and Singapore via the HSR, it was only logical to undertake the project “the sooner the better.”

Malaysia and Singapore had on Feb 19 jointly announced their agreement to build the HSR between the republic and Kuala Lumpur, expected to be completed in 2020.

The proposed project would cut travel time between the two capitals to just 90 minutes from the present five hours of driving and seven hours by rail.

On the other hand, the RTS link is expected to be up and operational by 2018 and have a co-located Customs, Immigration and Quarantine (CIQ) facility in Singapore and CIQ facility here so that commuters need to clear immigration only once for each way of travel.

“Iskandar's close proximity to Singapore justifies us looking at ourselves as a single economic node and the point that Johor and Singapore cannot grow on their own,'' he said.

Ismail said Singapore and Iskandar would be a force to be reckoned with within the next 10 years, and both would be one huge economic corridor in the region and the envy of others in Asean.

He said Malaysia had to accept the fact that Singapore had positioned Changi Airport as one of the major hubs in the world for long-haul flights in the commercial aviation sector.

Ismail said Singapore was years ahead compared with Malaysia in the running of the airport; on how it managed to get the airlines to fly into Changi and the incentives given to them.

He said the odd thing about the aviation industry was that while it grew from the economic point of view, it would also create new demand at the same time.

“While Changi is serving the long-haul flight segment, it is creating a gap which is growing wider and wider that of the regional and medium-haul services segment,'' said Ismail.

He said while Singapore might want to develop the regional and medium-haul flight segment out of Changi, the airport faced a major problem of space constraint.

Ismail said Changi would reach the limit whereby it could no longer expand to cater to the growing demand for the regional and medium-haul services segment.

“This is where Senai Airport comes in it would serve as the airport for the regional and the medium-haul services segment, while Changi continued to reaffirm its position in the long-haul flight segment,'' he explained.

Ismail said regional flights referred to a three to four-hour timeframe, where the same plane could fly to one destination and return home the same day by dropping off passengers and ferrying in new ones.

He said it would result in lower operating costs, as the flight crew would not have to stay overnight and the plane would not have to pay airport charges.

“If Singapore does not start thinking about the twin-airport project and capitalise on it, then Changi might lose its position as a leading regional aviation hub,'' Ismail pointed out.

He said other cities in the region such as Bangkok, Jakarta, Manila or even Kuala Lumpur would eventually overtake Singapore.

Ismail said the twin-airport project was not something new, as major cities in Europe and North America have always had twin airports operating as one.

He said London had the Gatwick, Heathrow and Stansted Airports, Paris the Charles de Gaulle and Orly Airports, while Amsterdam had Schipol International Airport and Lelystad Airport.

http://biz.thestar.com.my/news/story.asp?file=/2013/3/18/business/12833427&sec=business

 

[jade apple]

Went to Property guru expo last saturday. Country Garden developer for Danga Bay project was there.

Talked to the sales guy then. They are going to build 10,000 + residential units. First phase will launch 3,400 units.
Jun - Jul 13 will launch.

Price is not out yet, he indicated may be in the range of RM1000 psf.

TOP for all the units is 2016, which I doubt so.
He is very confident that they can TOP for all the units within 3 years because that is the pace in China.

The project is on the reclaimed land.

 

[cytan6613]

Hi for an investor, you really need to think twice before make purchases ... This is China + Malaysia + on the reclaimed land + high rise building, you think yourself anything will happen?

Went to Property guru expo last saturday. Country Garden developer for Danga Bay project was there.

Talked to the sales guy then. They are going to build 10,000 + residential units. First phase will launch 3,400 units.
Jun - Jul 13 will launch.

Price is not out yet, he indicated may be in the range of RM1000 psf.

TOP for all the units is 2016, which I doubt so.
He is very confident that they can TOP for all the units within 3 years because that is the pace in China.

The project is on the reclaimed land.

 

[FHBH12]

Went to Property guru expo last saturday. Country Garden developer for Danga Bay project was there.

Talked to the sales guy then. They are going to build 10,000 + residential units. First phase will launch 3,400 units.
Jun - Jul 13 will launch.

Price is not out yet, he indicated may be in the range of RM1000 psf.

TOP for all the units is 2016, which I doubt so.
He is very confident that they can TOP for all the units within 3 years because that is the pace in China.

The project is on the reclaimed land.

10,000 is a huge number of condos in a small area. I wonder if it is Singapore government's plan to build executive condos over there to house part of the 6.9 mil people.

 

[jade apple]

10,000 is a huge number of condos in a small area. I wonder if it is Singapore government's plan to build executive condos over there to house part of the 6.9 mil people.

I actually doubt what the guy told me . 10000 units is indeed too much . If they really launch all the 10k, who are they going to sell them to?