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Thursday, March 6, 2008

RM540m boost for Iskandar region

Three Malaysian companies are investing a total of RM540 million in new waterfront properties within the Iskandar Development Region (Iskandar), Johor Menteri Besar Datuk Abdul Ghani Othman said yesterday.

The projects — by Kota Selat Tebrau Sdn Bhd (KST), Best Reality Point Sdn Bhd and Tune Hotels Sdn Bhd — are all coming up in Danga Bay, which is within a 25km stretch of the Iskandar waterfront.

KST, a special purpose company under the South Johor Investment Corporation (SJIC), is the master developer of waterfront land in Nusajaya and Danga Bay, which are among the two prime locations within the Iskandar.

KST will develop Iskandar’s first high-end serviced condominium called Oakwood Residence Johor (ORJ).

ORJ, a joint venture with Singapore-based Oakwood Asia Pacific Pte Ltd, will occupy a 22-storey tower block offering 235 fully-serviced units. Also to be built are a podium and two 40-storey towers, which will be converted into serviced residences.

This RM400 million integrated-building coming up on a 2.43ha waterfront site will be jointly developed by KST and Danga Bay Sdn Bhd. Construction is due to start in April.

Construction will also start this month on a new 371-room four-star hotel by Best Reality Point. The company is investing RM120 million in the development, including RM11.5 million for land.

The 25-storey hotel, which will be managed by the International Hotel Group, will be ready by mid-2010.

Tune Hotels, meanwhile, is investing RM20 million to open a 220-room hotel in Danga Bay, with construction scheduled to start by June.

The hotel, when ready early next year, will have café and fast-food outlets, a 24-hour convenience store, Internet room, safe room, male/female surau, self-service laundry and luggage room.

Abdul Ghani said to date, Iskandar has attracted some RM22 billion in total investments, and the hive of activity has spurred a property boom in Johor Baru with no less than 25 local developers investing billions of ringgit over the past year into new townships and residential schemes.

Abdul Ghani said all indications are that Iskandar is on track to achieve the total investment target of RM47 billion by 2010.

“The IDR is the brainchild of the Prime Minister. We are anxious to roll out all planned projects fast to fully realise his vision for south Johor,” he said in a statement, adding that more announcements about new Iskandar investments are likely soon.

By New Straits Times

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