Sundays, holidays and a limited number of days are free before the $20 kicks in.
-
IP addresses are NOT logged in this forum so there's no point asking. Please note that this forum is full of homophobes, racists, lunatics, schizophrenics & absolute nut jobs with a smattering of geniuses, Chinese chauvinists, Moderate Muslims and last but not least a couple of "know-it-alls" constantly sprouting their dubious wisdom. If you believe that content generated by unsavory characters might cause you offense PLEASE LEAVE NOW! Sammyboy Admin and Staff are not responsible for your hurt feelings should you choose to read any of the content here. The OTHER forum is HERE so please stop asking.
New developments to share
- Thread starter wuqi256
- Start date
Sundays, holidays and a limited number of days are free before the $20 kicks in.
Apply MM2H.
Can buy a Malaysia car at hugh discount.
Get a high COE and high PARF luxury car, scrap, collect back from LTA encashment and export under MM2H tax-exempted status and save a big bundle. It is worth the effort and money.
Some more big cars very good use on Malaysia road and long distance.
Latest from Maybank Research:
usajaya is heating up. UEML has finally launched the long-awaited Teega @ Puteri Harbour. 80% of the 900 units of serviced apartments ranging from 600-1,600 sq ft were sold over a weekend at an ASP of MYR700psf (Singaporean buyers – 20%). Given the strong response, UEML will launch the last residential tower (close to 400 units) in Dec 2012 at higher prices. Meanwhile, we understand it is in talks for more land sales at Gerbang Nusajaya and Puteri Harbour.
usajaya is heating up. UEML has finally launched the long-awaited Teega @ Puteri Harbour. 80% of the 900 units of serviced apartments ranging from 600-1,600 sq ft were sold over a weekend at an ASP of MYR700psf (Singaporean buyers – 20%). Given the strong response, UEML will launch the last residential tower (close to 400 units) in Dec 2012 at higher prices. Meanwhile, we understand it is in talks for more land sales at Gerbang Nusajaya and Puteri Harbour.
Way too many to keep up with. To name a few:
Zone B: Nusajaya West, Medini, Puteri Harbour
Zone A: Iskandar waterfront holdings developments (a developer from
china has paid approx 375psf RM for one parcel of land, with quite a few more akan datang), Peter Lim "medical village" which will include commercial, residential.
Zone B: Nusajaya West, Medini, Puteri Harbour
Zone A: Iskandar waterfront holdings developments (a developer from
china has paid approx 375psf RM for one parcel of land, with quite a few more akan datang), Peter Lim "medical village" which will include commercial, residential.
Let the experts on this forum share more details.
I only think there's Nusajaya West and possibly a few more JV at Puteri Harbour. For eg, UMland has JV with UEM for that plot of land next to CIQ.
As the master developer of Nusajaya, they have sold out some plots of land, whilst choosing to JV for some, other than developing themselves.
Having said this, I'm just a layman with no experience in the ppty industry...
I only think there's Nusajaya West and possibly a few more JV at Puteri Harbour. For eg, UMland has JV with UEM for that plot of land next to CIQ.
As the master developer of Nusajaya, they have sold out some plots of land, whilst choosing to JV for some, other than developing themselves.
Having said this, I'm just a layman with no experience in the ppty industry...
Hi streams,
The immediate upcoming ones are:
- Teega Tower A on December 15 & 16 for existing purchasers and registrants respectively. Prices to be 10-15% higher than base prices of Tower B launched earlier. I also heard that discount will be lower, 10%, as opposed to 15% for the initial launch.
- East Ledang Lake Facing Semi Ds Phase 6B. Sometime this month. Not heard of the confirmed dates yet.
Iskandar Waterfront Holdings gets the task of remaking Johor Baru
Connection to the past: Johor Baru’s old bridge.
TAN Sri Lim Kang Hoo was beaming with excitement to show off his grand plan for the makeover of Johor Baru when StarBizWeek met him for an interview recently.
He had just got the plans approved for the makeover of the central business district (CBD) and the eastern side of the tip of Johor Baru (JB). The makeover of the CDB will change the face of several streets such as Jalan Wong Ah Fook, Jalan Segget, Jalan Ibrahim, and Jalan Meldrum which now house buildings that have been abandoned for a long time.
In his opinion, and that of others, JB has not recovered from the property glut after the 1997 Asian economic crisis.
On the eastern side or the Tebrau coast, he wants to create a lifestyle haven similar to that of the Gold Coast in Australia. He is hoping to attract expatriates who are going to work at the oil and gas hub that is taking shape in Pengerang to reside at the Tebrau coast.
Combined with the Danga Bay development which is located at the western side of the southern tip of JB, he has over 1,619ha that will be developed into an waterfront city fronting Singapore over several years.
The land is parked under Iskandar Waterfront Holdings Sdn Bhd (IWH), which is the master developer of parts of JB city. He owns 60% of IWH via Credence Resources Sdn Bhd and his partner in this venture is the Johore state government via Kumpulan Prasarana Rakyat Johor (KPRJ), which holds the remaining 40% stake in IWH. Both EPF and Khazanah Nasional Bhd has indirect stake in IWH held via Iskandar Investments Bhd.
IWH's over 1619ha forms part of Iskandar Malaysia's 221,707ha and Iskandar is being built into a metropolis of the south. With the developments taking shape in Iskandar from theme parks to an edu-city and a water front city, investors are trickling in.
Singapore has shown its willingness to participate in the development but there is a need to really change the CBD into a more vibrant city to attract more investors from across the causeway and other countries. The other developer of plots of land in Iskandar Malaysia is Khazanah.
Rejuvenating JB heritage: Cascading Retail @ Bukit Timbalan.
“Fifteen years ago no one wanted to lend me a dollar and people used to a laugh at me when I showed the concept of creating JB into a waterfront city like Hong Kong-Shenzhen. They thought I was crazy. But now, they are same ones telling me that JB is going to be another Hong Kong-Shenzhen and I am not even talking,” he tells StarBizWeek in an interview.
This week he sealed his biggest deal yet. He sold 55 acres to one of China's biggest property developers, Country Garden Holdings Ltd, for nearly RM1bil and he says a lot more deals are in the pipeline including selling of an island made of reclaimed to an influential Singapore company. And all of IWH's land is sold on a joint venture basis except the 55 acres to Country Garden.
CBD the heritage city
Abandoned and half closed shops are a common sight at the CBD and it has become an eyesore. Some are also infested by the squatters. Some owners of the buildings and shops have migrated and to track them down has been a big challenge for Lim. He managed to trace and has bought some 50 plots in various locations, the latest being a plot of 133ha at Jalan Wong Ah Fook from an old man who had migrated and was the seventh generation owner.
This is part of the makeover process and is necessary if JB is to be turned into a waterfront city.
“You cannot be attracting investors to JB and still have squatters in the city. We need a vibrant city that has all the ingredients of a modern and world class city to be able to attract the investors,” he says, adding that when he buys over a plot that has squatters, he has to compensate and relocate them.
“We want to beautify the city, clean up the sea bed and sewerage, improve the landscape and traffic flow. There will also be a city tram and this new CDB will be themed as a heritage city,” he says. The makeover of the city is the state government's project and IWH has mandated to see it through.
The city will be divided up into sections where there will be food and beverage areas, China town, Little India, a Malay street, and night-life attractions.
“We are doing all this for the people in the state and that will create economic activity and at the same time we want to attract some of the Johoreans who have migrated to return and participate in the economic activity in their state.
“We will also put up a city college, a medical related college, service apartments, budget hotels, convert old heritage buildings into boutique hotels and also do up the streets. Jalan Wong Ah Fook will be turned into a pedestrian street and phase one which includes the redevelopment of Jalan Wong Ah Fook should be ready by mid- or end-2014,” he says.
Work on beautification will begin in the first quarter of 2013 and the Johor state government will dish out tenders for the beautification of the CBD. It will also get involved in the cleaning and reclaiming of Sungai Segget, right now has the indignation of being labelled one of the smelliest rivers.
To develop the area into a CBD, he says options will be given to the existing land and shop owners to follow designs that have been approved and keep their shops open.
“We can work out joint ventures with them or they can sell it to us or develop themselves. Our approach is very friendly. What we want is to create economic activity and attract tourists and Malaysians into JB,” he adds.
For the beautification of the CBD the state government will invest RM200mil and an additional RM200mil will be invested by the Federal Government for the cleaning of Sungai Segget and putting up a new sewerage treatment plant.
The east-west side
The next thing on his plate after developing certain plots of land in Danga Bay is the Tebrau Coast. Danga Bay will be developed into a premier waterfront destination with features such as a cruise ship terminal, marina, fisherman's wharf and tower blocks to house commercial offices, hotels, exhibition and convention centres, and residential properties.
“We were asked to do a master plan for the eastern corridor and now we have obtained the approvals. It is only right to now tackle the east side after we have developed some parts of the west side (Danga Bay) and are also going to begin works on the CBD,” he says.
Tebrau Coast will replicate the Gold Coast model where there will be high rise buildings comprising apartments, hotels, commercial buildings and also retail outlets.
Living with heritage: Artist impression of Boutique Hotel @ Bukit Timbalan
“We will be working with the Australian Walker Group on this over a 81ha site. The lifestyle product in Gold Coast is selling like hot cakes and we want the same concept here.
“We also have a joint venture with DiJaya Corp to develop the land over 81ha there,” he adds. All these developments will be built over 15 years.
There are several rivers in the Tebrau Coast that will need to be cleaned and land reclaimed. They include Sungai Plentong, Sungai Lunchoo, Sungai Reko and Sungai Tebrau.
Lim is known to have the expertise to reclaim land and as a result of that he has managed to grow the landbank of IWH to over 1619ha. But that acerage also includes the land that IWH has got after taking control of Tebrau Teguh Bhd.
With him buying more plots of land and with the reclamation work underway, it will be no surprise if IWH's acerage increases to over 2023ha.
“Half of our land in Danga Bay has been reclaimed. It used to be a swamp area and that is why the cost is high. We have reclaimed 324ha of land. We have a proven track record of reclaiming land and now we are going to do the same at the Tebrau coast. We are starting all over again,” he says.
Of the 1619ha, half of it is at Danga Bay. The Tebrau coast comprise 405ha of which 162ha has been sold thus far.
Some of the ongoing projects at the 1619ha owned by IWH include the RM500mil Azea Residences by a Singapore group, the RM105mil Plazzo Hotel & Serviced Suites by Waz Lian Group, RM20mil Tune Hotel project, Dijaya Corp Bhd is investing to build a high-end mixed development project that will have a gross development value (GDV) of about RM5bil. Burnsfield is building retail and commercial buildings that will have a GDV of about RM4bil. The Country Garden project will have a GDV of RM18bil.
Avoiding the glut
The deal with Country Garden took four months to conclude but some others are taking their time because some companies have longer evaluation and approval process than others. He is in talks with several parties, some of them are GLCs and that requires government approval.
But what he is excited about is the sale of a man-made island in the east side to a Singapore party. There are other investors from Singapore who are interested in the fisherman's wharf, which is one of the 10 projects in Danga Bay.
“They (the influential Singapore party) are haggling for a lower price,” he says.
But there are other Singapore parties looking at different parcels and even Country Gardens wants to buy more land in Danga Bay.
“The Indonesians are looking to buy some land to create lifestyle projects,” he adds.
While he wants a variety of investors, he is also vary that if they cannot sell their high rise commercial buildings, apartments or commercial units, it would create another glut and that is something he wants to avoid.
Having learnt the experience of the 1997 crisis, he says land will only be sold in stages so that there are takers for whatever is being developed. “We have to ensure each developer has product differentiation so that demand for their products will always be there and this prevents a glut,” he says.
When he started out, Lim bought land for RM1.50 psf to RM3 psf. Now the same land is being sold at RM300 psf to RM500 psf depending on location. He can't say how much more the land will appreciate given the total development at Iskandar Malaysia, which comprise of over 221,707ha.
“I can't say how much more it will go up or what is the valuations are now because we have not valued the land but we have commissioned someone to do it recently,” he says.
He adds that “for now we are still selling at early bird prices but eventually we would have to tender the land and sell it to the highest bidder.”
“What we are creating is an international waterfront city. The buildings will all be high rise as just to clean up the rivers and reclaim the land we have to buy sand from Pengerang and that costs us a lot of money, hence our land is expansive.
“There is no way we can do landed property or terrace houses on such a land because the cost will be too expensive and nobody will buy a terrace or semi-D for RM10mil. That is why we are modelling our land on Hongkong-Shenzhen and this development will take years because waterfront cities are not built in a day. They can take decades for full realisation,” he says.
Lim also wants to work with developers from different countries, say China, India, Europe, Australia, Indonesia and Singapore so that when there is a problem in their home country, not every developer is affected and the overall development can go on.
Connection to the past: Johor Baru’s old bridge.
TAN Sri Lim Kang Hoo was beaming with excitement to show off his grand plan for the makeover of Johor Baru when StarBizWeek met him for an interview recently.
He had just got the plans approved for the makeover of the central business district (CBD) and the eastern side of the tip of Johor Baru (JB). The makeover of the CDB will change the face of several streets such as Jalan Wong Ah Fook, Jalan Segget, Jalan Ibrahim, and Jalan Meldrum which now house buildings that have been abandoned for a long time.
In his opinion, and that of others, JB has not recovered from the property glut after the 1997 Asian economic crisis.
On the eastern side or the Tebrau coast, he wants to create a lifestyle haven similar to that of the Gold Coast in Australia. He is hoping to attract expatriates who are going to work at the oil and gas hub that is taking shape in Pengerang to reside at the Tebrau coast.
Combined with the Danga Bay development which is located at the western side of the southern tip of JB, he has over 1,619ha that will be developed into an waterfront city fronting Singapore over several years.
The land is parked under Iskandar Waterfront Holdings Sdn Bhd (IWH), which is the master developer of parts of JB city. He owns 60% of IWH via Credence Resources Sdn Bhd and his partner in this venture is the Johore state government via Kumpulan Prasarana Rakyat Johor (KPRJ), which holds the remaining 40% stake in IWH. Both EPF and Khazanah Nasional Bhd has indirect stake in IWH held via Iskandar Investments Bhd.
IWH's over 1619ha forms part of Iskandar Malaysia's 221,707ha and Iskandar is being built into a metropolis of the south. With the developments taking shape in Iskandar from theme parks to an edu-city and a water front city, investors are trickling in.
Singapore has shown its willingness to participate in the development but there is a need to really change the CBD into a more vibrant city to attract more investors from across the causeway and other countries. The other developer of plots of land in Iskandar Malaysia is Khazanah.
Rejuvenating JB heritage: Cascading Retail @ Bukit Timbalan.
“Fifteen years ago no one wanted to lend me a dollar and people used to a laugh at me when I showed the concept of creating JB into a waterfront city like Hong Kong-Shenzhen. They thought I was crazy. But now, they are same ones telling me that JB is going to be another Hong Kong-Shenzhen and I am not even talking,” he tells StarBizWeek in an interview.
This week he sealed his biggest deal yet. He sold 55 acres to one of China's biggest property developers, Country Garden Holdings Ltd, for nearly RM1bil and he says a lot more deals are in the pipeline including selling of an island made of reclaimed to an influential Singapore company. And all of IWH's land is sold on a joint venture basis except the 55 acres to Country Garden.
CBD the heritage city
Abandoned and half closed shops are a common sight at the CBD and it has become an eyesore. Some are also infested by the squatters. Some owners of the buildings and shops have migrated and to track them down has been a big challenge for Lim. He managed to trace and has bought some 50 plots in various locations, the latest being a plot of 133ha at Jalan Wong Ah Fook from an old man who had migrated and was the seventh generation owner.
This is part of the makeover process and is necessary if JB is to be turned into a waterfront city.
“You cannot be attracting investors to JB and still have squatters in the city. We need a vibrant city that has all the ingredients of a modern and world class city to be able to attract the investors,” he says, adding that when he buys over a plot that has squatters, he has to compensate and relocate them.
“We want to beautify the city, clean up the sea bed and sewerage, improve the landscape and traffic flow. There will also be a city tram and this new CDB will be themed as a heritage city,” he says. The makeover of the city is the state government's project and IWH has mandated to see it through.
The city will be divided up into sections where there will be food and beverage areas, China town, Little India, a Malay street, and night-life attractions.
“We are doing all this for the people in the state and that will create economic activity and at the same time we want to attract some of the Johoreans who have migrated to return and participate in the economic activity in their state.
“We will also put up a city college, a medical related college, service apartments, budget hotels, convert old heritage buildings into boutique hotels and also do up the streets. Jalan Wong Ah Fook will be turned into a pedestrian street and phase one which includes the redevelopment of Jalan Wong Ah Fook should be ready by mid- or end-2014,” he says.
Work on beautification will begin in the first quarter of 2013 and the Johor state government will dish out tenders for the beautification of the CBD. It will also get involved in the cleaning and reclaiming of Sungai Segget, right now has the indignation of being labelled one of the smelliest rivers.
To develop the area into a CBD, he says options will be given to the existing land and shop owners to follow designs that have been approved and keep their shops open.
“We can work out joint ventures with them or they can sell it to us or develop themselves. Our approach is very friendly. What we want is to create economic activity and attract tourists and Malaysians into JB,” he adds.
For the beautification of the CBD the state government will invest RM200mil and an additional RM200mil will be invested by the Federal Government for the cleaning of Sungai Segget and putting up a new sewerage treatment plant.
The east-west side
The next thing on his plate after developing certain plots of land in Danga Bay is the Tebrau Coast. Danga Bay will be developed into a premier waterfront destination with features such as a cruise ship terminal, marina, fisherman's wharf and tower blocks to house commercial offices, hotels, exhibition and convention centres, and residential properties.
“We were asked to do a master plan for the eastern corridor and now we have obtained the approvals. It is only right to now tackle the east side after we have developed some parts of the west side (Danga Bay) and are also going to begin works on the CBD,” he says.
Tebrau Coast will replicate the Gold Coast model where there will be high rise buildings comprising apartments, hotels, commercial buildings and also retail outlets.
Living with heritage: Artist impression of Boutique Hotel @ Bukit Timbalan
“We will be working with the Australian Walker Group on this over a 81ha site. The lifestyle product in Gold Coast is selling like hot cakes and we want the same concept here.
“We also have a joint venture with DiJaya Corp to develop the land over 81ha there,” he adds. All these developments will be built over 15 years.
There are several rivers in the Tebrau Coast that will need to be cleaned and land reclaimed. They include Sungai Plentong, Sungai Lunchoo, Sungai Reko and Sungai Tebrau.
Lim is known to have the expertise to reclaim land and as a result of that he has managed to grow the landbank of IWH to over 1619ha. But that acerage also includes the land that IWH has got after taking control of Tebrau Teguh Bhd.
With him buying more plots of land and with the reclamation work underway, it will be no surprise if IWH's acerage increases to over 2023ha.
“Half of our land in Danga Bay has been reclaimed. It used to be a swamp area and that is why the cost is high. We have reclaimed 324ha of land. We have a proven track record of reclaiming land and now we are going to do the same at the Tebrau coast. We are starting all over again,” he says.
Of the 1619ha, half of it is at Danga Bay. The Tebrau coast comprise 405ha of which 162ha has been sold thus far.
Some of the ongoing projects at the 1619ha owned by IWH include the RM500mil Azea Residences by a Singapore group, the RM105mil Plazzo Hotel & Serviced Suites by Waz Lian Group, RM20mil Tune Hotel project, Dijaya Corp Bhd is investing to build a high-end mixed development project that will have a gross development value (GDV) of about RM5bil. Burnsfield is building retail and commercial buildings that will have a GDV of about RM4bil. The Country Garden project will have a GDV of RM18bil.
Avoiding the glut
The deal with Country Garden took four months to conclude but some others are taking their time because some companies have longer evaluation and approval process than others. He is in talks with several parties, some of them are GLCs and that requires government approval.
But what he is excited about is the sale of a man-made island in the east side to a Singapore party. There are other investors from Singapore who are interested in the fisherman's wharf, which is one of the 10 projects in Danga Bay.
“They (the influential Singapore party) are haggling for a lower price,” he says.
But there are other Singapore parties looking at different parcels and even Country Gardens wants to buy more land in Danga Bay.
“The Indonesians are looking to buy some land to create lifestyle projects,” he adds.
While he wants a variety of investors, he is also vary that if they cannot sell their high rise commercial buildings, apartments or commercial units, it would create another glut and that is something he wants to avoid.
Having learnt the experience of the 1997 crisis, he says land will only be sold in stages so that there are takers for whatever is being developed. “We have to ensure each developer has product differentiation so that demand for their products will always be there and this prevents a glut,” he says.
When he started out, Lim bought land for RM1.50 psf to RM3 psf. Now the same land is being sold at RM300 psf to RM500 psf depending on location. He can't say how much more the land will appreciate given the total development at Iskandar Malaysia, which comprise of over 221,707ha.
“I can't say how much more it will go up or what is the valuations are now because we have not valued the land but we have commissioned someone to do it recently,” he says.
He adds that “for now we are still selling at early bird prices but eventually we would have to tender the land and sell it to the highest bidder.”
“What we are creating is an international waterfront city. The buildings will all be high rise as just to clean up the rivers and reclaim the land we have to buy sand from Pengerang and that costs us a lot of money, hence our land is expansive.
“There is no way we can do landed property or terrace houses on such a land because the cost will be too expensive and nobody will buy a terrace or semi-D for RM10mil. That is why we are modelling our land on Hongkong-Shenzhen and this development will take years because waterfront cities are not built in a day. They can take decades for full realisation,” he says.
Lim also wants to work with developers from different countries, say China, India, Europe, Australia, Indonesia and Singapore so that when there is a problem in their home country, not every developer is affected and the overall development can go on.
Emerald Bay and Residential North is the same?
They are launching mid 2013. Think they hv terrace units there.
Written by Ho Chin Soon Oct 2010: lets see how much has turned true in 2 years..still counting
Rail Catalyst
Imagine taking the high-speed train from KL and arriving in Singapore within two hours. You could be working in Singapore but staying in KL and paying KL prices. What might be considered a hugely improbable scenario a few years ago may indeed turn out to be a reality in eight years’ time.
If this materializes, it could well spell an increasingly ‘borderless’ world between the two neighbouring countries. It would spur economic growth along the route where the train passes through resulting in a growth corridor stretching from Singapore to Kuala Lumpur.
“It will be one Mega Region that will bring serious competition to other global mega regions [such as Hong Kong – Shenzhen-Guangzhou],” predicts well-known property consultant Ho Chin Soon.
Elaborating further, Ho said, “How KL and Singapore, with the help of Iskandar Malaysia, come together to work for common objectives and goals of both countries in the long run remains to be seen. I believe Iskandar Malaysia will be that catalyst for the rise of a Mega Region to compete in the global arena.”
Brian Koh, executive director of DTZ Nawawi Tie Leung Property Consultants Sdn Bhd agrees. “The train will expand Singapore ‘hinterland’ beyond Johor and if cross- border immigration is eased, and security, actual and perceived is improved, and political goodwill persists, then there will be a strong spill-over up to KL.”
Boost for KL & Iskandar
In a recent report, CIMB Research echoed the same sentiments stating that the High-Speed Rail project could boost property prices in Kuala Lumpur significantly, as values are far behind Singapore’s and travelling time between the two cities could be reduced to 2.4 hours.
“The rail project will also benefit property prices in Iskandar Malaysia as the proposed train will stop in Johor Baru before proceeding to Singapore.” The research house revealed that the rail project already has a “partial or near commitment from a named investor” as disclosed in the ETP (Economic Transformation Programme) unveiled recently. The ETP has identified Johor Bahru as a geographic location that is a driver of economic activity.
Connection Deepens
The high speed rail is just one of several ambitious plans in the pipeline to leverage on each country’s resources. The planned rapid transit system (RTS) connecting Johor Bahru and Singapore (possibly through an undersea tunnel) and the much-hyped 500-acre Wellness Township to be jointly developed by both governments are strong signals that Singapore’s presence in Iskandar is well-entrenched and fast-growing.
The recent historic land swap deal where Malaysia cedes its KTMB land in Woodlands, Singapore, in exchange for prime pieces of land in central Singapore to be developed jointly by both governments, is yet the strongest signal of more co-operations to come.
Seizing the Opportunities
A growing population is one of the keys drivers of the Mega Region. With Greater KL’s population set to increase from 7 mil currently to 10 mil, while Singapore targets 6.5 mil from its current 5 mil (one third are foreigners), there is no shortage of human resources. In fact, recent advertisements for vacancies in Iskandar netted about 700 registrants, mostly interested in employment opportunities at Legoland Malaysia, Asia’s first Legoland theme park located in Medini.
Such opportunities are not lost on Malaysian developers. Established ones from the Klang Valley such as Mah Sing, SP Setia and IJM have all set foot in Iskandar. More are expected to follow.
According to CIMB Research, developers with a sizeable land bank in Johor include SP Setia, Mah Sing Bhd, UM Land Bhd, KSL Holdings Bhd, Bandar Raya Developments Bhd, Mulpha International Bhd, IJM Land, Tebrau Teguh Bhd, Plenitude Bhd and Daiman Development Bhd.
UEM Land
The biggest beneficiary however will be UEM Land Holdings Bhd, due to its vast and strategic landbank in Iskandar. “Arguably, UEM Land’s 10,000-acre land bank in Nusajaya is at the heart of Iskandar and the proposed MRT from Singapore will also pass through its project,” the report says.
Another research house Credit Suisse Group AG in fact reports that UEM Land aims to grow revenue five-fold to RM2 billion in five years, out of which its Bandar Nusajaya project is expected to contribute at least 60 per cent of the sales in five years. UEM Land is also in talks with several Singaporean government-linked companies on property projects, the report adds.
Nusajaya – Key Driver
The 9,308 ha Nusajaya is the key driver of Iskandar Malaysia. It comprises eight catalyst developments — Kota Iskandar (Johor’s new administrative centre), Southern Industrial and Logistic Clusters, Puteri Harbour Waterfront Development, EduCity, Medical City, International Destination Resort and Nusajaya Residences. Work on infrastructure and several development projects in Nusajaya are on schedule and are expected to be completed in the next two to five years.
They include the RM1.4bil Coastal Highway linking Johor Baru city centre to Nusajaya, Legoland Theme Park, Indoor Theme Park @ Puteri Harbour, Marlborough College, Newcastle University Medical Faculty, and Pinewood Studios.
Investments Up
Located in the southern most part of Johor, spanning 2,217 sq km (three times the size of Singapore), Iskandar has grand plans to transform into an international metropolis within 25 years. To realize this, the Iskandar Regional Development Authority (IRDA) was formed to drive investments into Iskandar Malaysia. It works closely with Iskandar Investment Berhad (IIB), the catalytic developer of Iskandar Malaysia.
Recent figures released by the IRDA showed Iskandar received RM62.32bil cumulative investment up to June this year, surpassing the 2010 target of RM47 bil.
It used to be the case that most of the foreign investments were from the Middle East. However, as result of the Dubai financial meltdown a year ago, fewer have committed themselves and some may even have pulled out. What potentially could be a catastrophic event for Iskandar has in fact turned out to be a blessing in disguise. More attention is now diverted to Singapore. Iskandar, as it turns out, can’t flourish without Singaporeans’ involvement, commented a political observer.
Tipping Point
IIB is looking at 2012 as the tipping point for Iskandar Malaysia. “By that time, projects such as Legoland, Indoor Theme Park @ Puteri Harbour, Newcastle University Medical Malaysia and Marlborough College @ EduCity, Premium Outlet, CyberCity and Danga Bay Waterfront Development will be completed and operational, says IIB CEO Puan Arlida Ariff. Also operational then would be the 15 km 6-lane coastal highway to connect Nusajaya to JB’s CBD. Parts of the 500-acre Wellness Township in Medini are also expected to be completed at that time.
Ho Chin Soon agrees but added his own expanded version. The property consultant, who has authored a book on Iskandar entitled “Iskandar Malaysia – A Story of Singapore and Kuala Lumpur” foresees 3 Tipping points:
2010 – to move in early to invest as Singapore is coming in. Smaller industrialists and some Singaporeans have started to invest in lands for factories
2012 – when the catalytic projects and the Coastal Highway are completed and the tipping point is deemed to be reached
2018 – when the proposed LRT connection from Tanjung Puteri to Woodlands MRT starts operation. JB CBD will benefit the most.
Mindset Change
Having said that, not all is smooth-sailing. The mindsets of both Malaysians and Singaporeans are the greatest impediments. “Generally, Singaporeans are skeptical and they need more signals from their government before they come to Iskandar in a big way. However the recent 500
acres Wellness Township is a good start,” says Ho. Malaysians, especially local Johoreans also need to accept Singapore as a serious investor in Iskandar. Ho added that political will and the efficiency of the civil service (red tape) are two other important factors that could either drive or hinder development.
The other factor that could affect the tipping point is the coming Malaysian general election due by 2012. If these are sorted out and when the rail and MRT projects materialize by 2018, Iskandar, located mid-point, would transform into a bustling city. Malaysia’s first economic growth centre, conceived on 4th Nov 2006, would then have realized its vision of being an international metropolis.
Development in IM is focused on five flagship zones as follows:
Flagship A: Johor Bahru City
Landmarks: Danga Bay waterfront development, Johor Bahru City Centre, Heritage Precinct
Key players: Danga Bay Holdings Sdn Bhd, Crescendo Corporation Bhd, Johor Land Bhd, Mah Sing Group Bhd, Pelangi Bhd
Flagship B: Nusajaya and Medini
Landmarks: Kota Iskandar, Puteri Harbour, EduCity, Afiat Healthpark, Legoland Malaysia, Southern Industrial and Logistics Centres (SILC), Nusajaya Residences, Medini Iskandar Malaysia
Key players: UEM Land Bhd, Iskandar Investment Berhad (IIB), Mulpha International Bhd, KSL Holdings Bhd, S P Setia Bhd, Middle Eastern Consortium
Flagship C: Western Gate Development
Landmarks: Port of Tanjung Pelepas, Second Link to Singapore, Ramsar Heritage Park, Power Plant, Petroleum Hub, Maritime Centre
Key players: Port of Tanjung Pelepas, Tanjung Bin Power Plant, Tanjung Bin International Maritime Centre, KIC Oil and Gas Group
Flagship D: Eastern Gate Development
Landmarks: Tanjung Langsat Industrial Complex, Tanjung Langsat Port, Pasir Gudang Industrial Park, Pasir Gudang Circuit, Johor Port, Asia Pacific Trade & Expo City (APTEC)
Key players: Johor Port Bhd, Tanjung Langsat Port Sdn Bhd, TPM Technopark Sdn Bhd, Malaysia Pacific Corporation Bhd
Flagship E: Senai – Skudai
Landmarks: Senai International Airport, Senai Free Zone, Senai Logistics City, MSC Malaysia Cyberport, Johor Premium Outlet
Key players: Senai Airport Terminal Services Sdn Bhd, IOI Properties, Genting Property Sdn Bhd, UM Land Bhd, MSC Cyberport Sdn Bhd, Lee Rubber Group
Excerpts from “Iskandar Malaysia – A Story of Singapore and Kuala Lumpur”
“The last 2 to 3 decades of rapid growth for Johor Bahru can be attributed to the growth of Singapore. On the other hand, when Singapore went into recession, the property market of Johor Bahru went into a tail-spin and has just about to recover.”
“Many do not know that the project and land to be known as Tanjung Puteri has yet to be reclaimed from the Straits of Johor and that the beneficial owner is Iskandar Investment Bhd.”
“Shinkansen and Eurostar’s average speed is about 250 – 275 kph. Chinese trains now have average speeds of 350km per hour, making it a cool 1 hour 15 mins from KL to JB.”
Rail Catalyst
Imagine taking the high-speed train from KL and arriving in Singapore within two hours. You could be working in Singapore but staying in KL and paying KL prices. What might be considered a hugely improbable scenario a few years ago may indeed turn out to be a reality in eight years’ time.
If this materializes, it could well spell an increasingly ‘borderless’ world between the two neighbouring countries. It would spur economic growth along the route where the train passes through resulting in a growth corridor stretching from Singapore to Kuala Lumpur.
“It will be one Mega Region that will bring serious competition to other global mega regions [such as Hong Kong – Shenzhen-Guangzhou],” predicts well-known property consultant Ho Chin Soon.
Elaborating further, Ho said, “How KL and Singapore, with the help of Iskandar Malaysia, come together to work for common objectives and goals of both countries in the long run remains to be seen. I believe Iskandar Malaysia will be that catalyst for the rise of a Mega Region to compete in the global arena.”
Brian Koh, executive director of DTZ Nawawi Tie Leung Property Consultants Sdn Bhd agrees. “The train will expand Singapore ‘hinterland’ beyond Johor and if cross- border immigration is eased, and security, actual and perceived is improved, and political goodwill persists, then there will be a strong spill-over up to KL.”
Boost for KL & Iskandar
In a recent report, CIMB Research echoed the same sentiments stating that the High-Speed Rail project could boost property prices in Kuala Lumpur significantly, as values are far behind Singapore’s and travelling time between the two cities could be reduced to 2.4 hours.
“The rail project will also benefit property prices in Iskandar Malaysia as the proposed train will stop in Johor Baru before proceeding to Singapore.” The research house revealed that the rail project already has a “partial or near commitment from a named investor” as disclosed in the ETP (Economic Transformation Programme) unveiled recently. The ETP has identified Johor Bahru as a geographic location that is a driver of economic activity.
Connection Deepens
The high speed rail is just one of several ambitious plans in the pipeline to leverage on each country’s resources. The planned rapid transit system (RTS) connecting Johor Bahru and Singapore (possibly through an undersea tunnel) and the much-hyped 500-acre Wellness Township to be jointly developed by both governments are strong signals that Singapore’s presence in Iskandar is well-entrenched and fast-growing.
The recent historic land swap deal where Malaysia cedes its KTMB land in Woodlands, Singapore, in exchange for prime pieces of land in central Singapore to be developed jointly by both governments, is yet the strongest signal of more co-operations to come.
Seizing the Opportunities
A growing population is one of the keys drivers of the Mega Region. With Greater KL’s population set to increase from 7 mil currently to 10 mil, while Singapore targets 6.5 mil from its current 5 mil (one third are foreigners), there is no shortage of human resources. In fact, recent advertisements for vacancies in Iskandar netted about 700 registrants, mostly interested in employment opportunities at Legoland Malaysia, Asia’s first Legoland theme park located in Medini.
Such opportunities are not lost on Malaysian developers. Established ones from the Klang Valley such as Mah Sing, SP Setia and IJM have all set foot in Iskandar. More are expected to follow.
According to CIMB Research, developers with a sizeable land bank in Johor include SP Setia, Mah Sing Bhd, UM Land Bhd, KSL Holdings Bhd, Bandar Raya Developments Bhd, Mulpha International Bhd, IJM Land, Tebrau Teguh Bhd, Plenitude Bhd and Daiman Development Bhd.
UEM Land
The biggest beneficiary however will be UEM Land Holdings Bhd, due to its vast and strategic landbank in Iskandar. “Arguably, UEM Land’s 10,000-acre land bank in Nusajaya is at the heart of Iskandar and the proposed MRT from Singapore will also pass through its project,” the report says.
Another research house Credit Suisse Group AG in fact reports that UEM Land aims to grow revenue five-fold to RM2 billion in five years, out of which its Bandar Nusajaya project is expected to contribute at least 60 per cent of the sales in five years. UEM Land is also in talks with several Singaporean government-linked companies on property projects, the report adds.
Nusajaya – Key Driver
The 9,308 ha Nusajaya is the key driver of Iskandar Malaysia. It comprises eight catalyst developments — Kota Iskandar (Johor’s new administrative centre), Southern Industrial and Logistic Clusters, Puteri Harbour Waterfront Development, EduCity, Medical City, International Destination Resort and Nusajaya Residences. Work on infrastructure and several development projects in Nusajaya are on schedule and are expected to be completed in the next two to five years.
They include the RM1.4bil Coastal Highway linking Johor Baru city centre to Nusajaya, Legoland Theme Park, Indoor Theme Park @ Puteri Harbour, Marlborough College, Newcastle University Medical Faculty, and Pinewood Studios.
Investments Up
Located in the southern most part of Johor, spanning 2,217 sq km (three times the size of Singapore), Iskandar has grand plans to transform into an international metropolis within 25 years. To realize this, the Iskandar Regional Development Authority (IRDA) was formed to drive investments into Iskandar Malaysia. It works closely with Iskandar Investment Berhad (IIB), the catalytic developer of Iskandar Malaysia.
Recent figures released by the IRDA showed Iskandar received RM62.32bil cumulative investment up to June this year, surpassing the 2010 target of RM47 bil.
It used to be the case that most of the foreign investments were from the Middle East. However, as result of the Dubai financial meltdown a year ago, fewer have committed themselves and some may even have pulled out. What potentially could be a catastrophic event for Iskandar has in fact turned out to be a blessing in disguise. More attention is now diverted to Singapore. Iskandar, as it turns out, can’t flourish without Singaporeans’ involvement, commented a political observer.
Tipping Point
IIB is looking at 2012 as the tipping point for Iskandar Malaysia. “By that time, projects such as Legoland, Indoor Theme Park @ Puteri Harbour, Newcastle University Medical Malaysia and Marlborough College @ EduCity, Premium Outlet, CyberCity and Danga Bay Waterfront Development will be completed and operational, says IIB CEO Puan Arlida Ariff. Also operational then would be the 15 km 6-lane coastal highway to connect Nusajaya to JB’s CBD. Parts of the 500-acre Wellness Township in Medini are also expected to be completed at that time.
Ho Chin Soon agrees but added his own expanded version. The property consultant, who has authored a book on Iskandar entitled “Iskandar Malaysia – A Story of Singapore and Kuala Lumpur” foresees 3 Tipping points:
2010 – to move in early to invest as Singapore is coming in. Smaller industrialists and some Singaporeans have started to invest in lands for factories
2012 – when the catalytic projects and the Coastal Highway are completed and the tipping point is deemed to be reached
2018 – when the proposed LRT connection from Tanjung Puteri to Woodlands MRT starts operation. JB CBD will benefit the most.
Mindset Change
Having said that, not all is smooth-sailing. The mindsets of both Malaysians and Singaporeans are the greatest impediments. “Generally, Singaporeans are skeptical and they need more signals from their government before they come to Iskandar in a big way. However the recent 500
acres Wellness Township is a good start,” says Ho. Malaysians, especially local Johoreans also need to accept Singapore as a serious investor in Iskandar. Ho added that political will and the efficiency of the civil service (red tape) are two other important factors that could either drive or hinder development.
The other factor that could affect the tipping point is the coming Malaysian general election due by 2012. If these are sorted out and when the rail and MRT projects materialize by 2018, Iskandar, located mid-point, would transform into a bustling city. Malaysia’s first economic growth centre, conceived on 4th Nov 2006, would then have realized its vision of being an international metropolis.
Development in IM is focused on five flagship zones as follows:
Flagship A: Johor Bahru City
Landmarks: Danga Bay waterfront development, Johor Bahru City Centre, Heritage Precinct
Key players: Danga Bay Holdings Sdn Bhd, Crescendo Corporation Bhd, Johor Land Bhd, Mah Sing Group Bhd, Pelangi Bhd
Flagship B: Nusajaya and Medini
Landmarks: Kota Iskandar, Puteri Harbour, EduCity, Afiat Healthpark, Legoland Malaysia, Southern Industrial and Logistics Centres (SILC), Nusajaya Residences, Medini Iskandar Malaysia
Key players: UEM Land Bhd, Iskandar Investment Berhad (IIB), Mulpha International Bhd, KSL Holdings Bhd, S P Setia Bhd, Middle Eastern Consortium
Flagship C: Western Gate Development
Landmarks: Port of Tanjung Pelepas, Second Link to Singapore, Ramsar Heritage Park, Power Plant, Petroleum Hub, Maritime Centre
Key players: Port of Tanjung Pelepas, Tanjung Bin Power Plant, Tanjung Bin International Maritime Centre, KIC Oil and Gas Group
Flagship D: Eastern Gate Development
Landmarks: Tanjung Langsat Industrial Complex, Tanjung Langsat Port, Pasir Gudang Industrial Park, Pasir Gudang Circuit, Johor Port, Asia Pacific Trade & Expo City (APTEC)
Key players: Johor Port Bhd, Tanjung Langsat Port Sdn Bhd, TPM Technopark Sdn Bhd, Malaysia Pacific Corporation Bhd
Flagship E: Senai – Skudai
Landmarks: Senai International Airport, Senai Free Zone, Senai Logistics City, MSC Malaysia Cyberport, Johor Premium Outlet
Key players: Senai Airport Terminal Services Sdn Bhd, IOI Properties, Genting Property Sdn Bhd, UM Land Bhd, MSC Cyberport Sdn Bhd, Lee Rubber Group
Excerpts from “Iskandar Malaysia – A Story of Singapore and Kuala Lumpur”
“The last 2 to 3 decades of rapid growth for Johor Bahru can be attributed to the growth of Singapore. On the other hand, when Singapore went into recession, the property market of Johor Bahru went into a tail-spin and has just about to recover.”
“Many do not know that the project and land to be known as Tanjung Puteri has yet to be reclaimed from the Straits of Johor and that the beneficial owner is Iskandar Investment Bhd.”
“Shinkansen and Eurostar’s average speed is about 250 – 275 kph. Chinese trains now have average speeds of 350km per hour, making it a cool 1 hour 15 mins from KL to JB.”
Construction: Singapore link to Tanjung Puteri land? The long awaited rail transit system (RTS) from Singapore will likely land in Tanjung Puteri, Johor Baru, according to executives involved in the project. An announcement, expected in the next two months, will finally put to rest speculation on the location of the RTS that is likely to provide the connection from Woodlands in Singapore to Johor Baru. Mentari Besar Datuk Abdul Ghani Othman announced last week that a further 200 acres would be reclaimed in Tanjung Puteri which would be extended as the new centre for Johor Baru City. (Sources: The Edge Financial Daily)
Similar threads
