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Thursday, March 6, 2008

Local firms to build IDR waterfront projects

JOHOR BARU: Three local companies will undertake new waterfront property projects worth about RM540mil in the Iskandar Development Region (IDR) this year.

Kota Selat Tebrau Sdn Bhd, Best Reality Point Sdn Bhd and Tune Hotels Sdn Bhd have projects slated in Danga Bay, which is within the 25km stretch of the IDR waterfront.

“The investments are a clear indication of confidence not only by foreign investors but also among local investors in the IDR,” Johor Mentri Besar Datuk Abdul Ghani Othman in a statement.

To date, IDR has attracted some RM22bil in investments, especially from Middle Eastern investors. It is on track to achieve the targeted RM47bil by 2010.

He said no less than 25 developers had invested billions of ringgit in the IDR over the past one year.

Ghani, the co-chairman of the Iskandar Development Region Authority (IRDA), said more announcements on IDR investments would be made soon.

An artist’s impression of Oakwood Residences, Johor Baru

Kota Selat Tebrau will develop the IDR’s first high-end serviced condominium, Oakwood Residence Johor (ORJ), which is a joint venture with Singapore-based Oakwood Asia Pacific Pte Ltd.

Oakwood manages serviced apartments in China, India, Indonesia, Japan, South Korea and Thailand, with 19 more properties due to open over the next two years across the Asia-Pacific.

The RM400mil project comprises a 22-storey tower block with 235 fully serviced units, two 40-storey towers which will be converted into serviced residences, and a podium.

Best Reality Point will be investing RM120mil in a 25-storey hotel with 371 rooms which would be managed by the International Hotel Group on its completion in mid-2010.

Tune Hotels is investing RM20mil in its 220-room hotel, with construction to start in June for completion in early 2009.

The no-frills hotel operator plans to open six more hotels this year in Ipoh, Penang, Miri, Kuching, Kota Kinabalu and at the Low Cost Carrier Terminal in Sepang.

By The Star (by Zazali Musa)

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