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Thursday, January 24, 2008

More mega projects slated for IDR

25 developers submit plans for top-notch developments

JOHOR BARU: The outlook for the Iskandar Development Region (IDR) is set to change with work on several mega projects scheduled to commence over the next three to five years.

Johor Mentri Besar Datuk Abdul Ghani Othman said some 25 developers had submitted project plans, many of which were top-notch lifestyle developments, including high-end bungalows, luxury apartments and upmarket retail and commercial complexes.

“IDR is already a hive of activity with some well-known housing developers launching projects here,” Ghani said in a statement.

Datuk Abdul Ghani Othman

The latest property launches indicate that luxury houses are priced between RM1mil and RM15mil while a new price benchmark has been set with condominiums fetching more than RM1,000 per sq ft.

Ghani said 10,000 new houses were due to enter the market by 2012, and even with the present unsold stock of 8,000 houses, there would be a glaring deficit to meet demand in the IDR.

It is projected that the IDR would generate some 800,000 jobs over the next 15 years and housing has been identified as a priority to draw the best drains in Malaysia and abroad to fill these positions.

“It is therefore crucial that developers start up their planned housing schemes on schedule so that there will be no supply or demand shortfall when the IDR in full swing,” he said.

Ghani, who is a co-chairman of the Iskandar Regional Development Authority (IRDA), is optimistic the continuous inflow of foreign investment into the IDR would jumpstart slow-moving projects.

He said the Johor construction sector would also see significant growth, fuelled by government stimulus measures for the IDR.

By The Star (by Zazali Musa)

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