KUALA LUMPUR: Property developer, United Malayan Land Bhd (UM Land) is set to develop a mixed commercial and residential project in Medini, Iskandar Malaysia with a gross development value of RM1.4bil.
The proposed development in the southern development region will include townhouses, apartments, service apartments/small office house office (SOHO), hotels, retail promenade with food and beverages outlets and a specialty retail centre.
“The project is still in planning stage and it is expected to commence in the third or fourth quarter next year,” group CEO Charlie Chia tolf reporters after the signing ceremony for a lease purchase agreement between UM Land and Iskandar Investment Bhd (IIB) here yesterday.
The development will be implemented in four phases and would take six to 10 years to complete, Chia said, adding that the project will be located on the land UM Land acquired from IIB today.
Worth RM83mil, the 5.35 hectare land acquisition was entered through UM Land’ wholly-owned subsidiary, Lextrend Sdn Bhd, and IIB’s wholly-owned subsidiary Medini Development Sdn Bhd.
Also present at today’s event was IIB President and CEO Datuk Syed Mohamed Syed Ibrahim.
By Bernama
Showing posts with label Johor Bahru. Show all posts
Showing posts with label Johor Bahru. Show all posts
Thursday, November 22, 2012
UMLand expects foreigners to snap up its Medini units
KUALA LUMPUR: UMLand Bhd is confident that its soon-to-be-launched project in Medini Iskandar will be snapped up by foreign buyers.
Its group chief executive officer, Charlie Chia, said 70 per cent of its boutique service residences known as Somerset Puteri Harbour apartments had been bought by foreigners including Japanese and Singaporeans.
UMLand's subsidiary Lextrend Sdn Bhd signed a lease purchase agreement with Iskandar Investment Bhd yesterday for 5.2ha of prime development land in Zone B of Medini at RM82.49 million.
Strategically located at the junction of the gateway to Medini and near Legoland, the land will be developed into a mixed commercial and residential project comprising business and lifestyle components with an expected gross development value of about RM1.4 billion.
"This real estate jewel is expected to be launched in the second quarter of 2013," Chia said at a media briefing yesterday.
UMLand is also working with UEM Land to develop a mixed development project at its second parcel of land.
"With its strategic location neighbouring Singapore as well as its range of attractive fiscal and non-fiscal incentives, Medini@Iskandar Malaysia is poised to attract a growing influx of foreign and high level corporate investments."
UMLand has projects in four out of five flagship zones of Iskandar Malaysia and they include Bandar Seri Alam, Taman Seri Austin, Somerset Puteri Harbour and the forthcoming JB City Centre.
Iskandar Investment president Datuk Syed Mohamed Syed Ibrahim said the Lextrend projects will be implemented in four phases and are scheduled for completion in the next three to five years.
Iskandar Malaysia wants to create an eco-system of a modern metropolis and a liveable city but its ultimate objective is to nudge capital appreciation for the real estate properties in Johor.
By Business Times
Its group chief executive officer, Charlie Chia, said 70 per cent of its boutique service residences known as Somerset Puteri Harbour apartments had been bought by foreigners including Japanese and Singaporeans.
UMLand's subsidiary Lextrend Sdn Bhd signed a lease purchase agreement with Iskandar Investment Bhd yesterday for 5.2ha of prime development land in Zone B of Medini at RM82.49 million.
Strategically located at the junction of the gateway to Medini and near Legoland, the land will be developed into a mixed commercial and residential project comprising business and lifestyle components with an expected gross development value of about RM1.4 billion.
"This real estate jewel is expected to be launched in the second quarter of 2013," Chia said at a media briefing yesterday.
UMLand is also working with UEM Land to develop a mixed development project at its second parcel of land.
"With its strategic location neighbouring Singapore as well as its range of attractive fiscal and non-fiscal incentives, Medini@Iskandar Malaysia is poised to attract a growing influx of foreign and high level corporate investments."
UMLand has projects in four out of five flagship zones of Iskandar Malaysia and they include Bandar Seri Alam, Taman Seri Austin, Somerset Puteri Harbour and the forthcoming JB City Centre.
Iskandar Investment president Datuk Syed Mohamed Syed Ibrahim said the Lextrend projects will be implemented in four phases and are scheduled for completion in the next three to five years.
Iskandar Malaysia wants to create an eco-system of a modern metropolis and a liveable city but its ultimate objective is to nudge capital appreciation for the real estate properties in Johor.
By Business Times
Friday, November 9, 2012
Distinctive in RM1.5bil property project
PETALING JAYA: Iskandar Investment Bhd has signed a lease purchase agreement with Distinctive Ace Sdn Bhd, a member of Distinctive Group, for the latter to develop a parcel of land in zone A of Medini into a mixed commercial development project with a gross development value (GDV) of RM1.5bil.
The 99-year lease purchase agreement between the two involved the purchase of a gross floor area 2.75 million sq ft over 18.05 acres of land at a consideration price of RM99.9mil.
Distinctive Group chairman Datuk Dr David Koh said the entire project would be undertaken in four phases over the next five years.
“The first phase, comprising shop office and service apartments, would be launched in the second quarter of next year. The first phase will involve the development of a gross floor area of 957,000 sq ft with a GDV of RM500mil.
“However the registration of interests is welcome with immediate effect,” he told the press after the signing agreement ceremony yesterday.
Koh further elaborated that the development, dubbed the 18@Medini, which would be close proximity to Legoland, would be at the very soul of Medini Iskandar with its colourful and diverse offerings to include retail spaces, small office home office, small office versatile office, corporate offices, show rooms, food and beverages outlets, business and entertainment centres, an indoor sports and exhibition centre, service apartments and hotels.
Iskandar Investment president and chief executive officer Datuk Syed Mohamed Syed Ibrahim said together with Distinctive Group, they had synergised their capabilities to give form and function to real estate landscape for the development of 18@Medini.
“This development will serve to make and complement Nusajaya into a cohesive eco-system that befits what we have envisioned,” he said.
Koh said actual construction work for 18@Medini would start sometime next year.
18@Medini is the third project of Distinctive Group in Iskandar Malaysia. Its first 1 Tebrau on Jalan Tebrau was a modern lifestyles mixed commercial project in Johor.
Distinctive Group's second project there involved a joint venture with Medini Land Sdn Bhd to luanch Iskandar Residences two towers of 39-storey and 28-storey luxury apartments over 6.31 acres in the heart of Medini.
By The Star
Distinctive Group buys land in Iskandar Malaysia for RM99.9m
KUALA LUMPUR: Distinctive Group, a real-estate developer, has purchased a 7.22ha land for RM99.92 million in Iskandar Malaysia, Johor, with a plan to develop the area into a mixed commercial project, comprising business and lifestyle components.
The project is expected to have a gross development value (GDV) of about RM1.5 billion.
Called 18@Medini, Distinctive Group chairman Datuk Dr David Koh said this project is the company's third in Iskandar Malaysia after the first on Jalan Tebrau and the second known as Iskandar Residences.
"We look forward to jumpstart our third project in Iskandar Malaysia, which I am confident will be the pulse of Medini Iskandar upon its successful completion in about five years," he said in his welcoming remarks at the signing of a leasing agreement for the land between Distinctive Ace Sdn Bhd, a member of the Distinctive Group and Medini Land Sdn Bhd of Iskandar Investment Board (IIB) here yesterday.
Koh said the entire project is scheduled to be undertaken in four phases over the next five years, with the first phase, comprising shop offices and service apartments, to be launched in the second quarter of 2013.
"We are confident that 18@Medini will be a viable proposition for both local and regional investors, with an assurance of positive returns," he said.
He said 18@Medini will be the very soul of Medini Iskandar with its colourful and diverse offerings to include retail spaces, small office home office, small office versatile office, corporate offices, showrooms, food and beverage outlets, business and entertainment centre, indoor sports and exhibition centre, service apartments and hotels.
Speaking to reporters later, Distinctive Group chief executive officer Lim Ech Chan said the first phase of the project, which is expected to commence sometime next year, will cover some 88,908sq m of retail spaces and service apartments, with an expected GDV of about RM500 million.
Commenting on the 18@Medini project, IIB president and chief executive officer Datuk Syed Mohamed Syed Ibrahim said this proposed development is well-poised to capitalise on its proximity to EduCity, Puteri Harbour and many others, with an easy accessibility to the coastal highway leading to the city centre.
"It is also strategically located at the confluence of Lebuh Kota Iskandar and the spine road leading to Legoland Malaysia and the Mall of Medini," he said.
Distinctive Group's maiden foray into Johor, in particular Iskandar Malaysia, is the commercial development on Jalan Tebrau, Johor Baru, called 1 Tebrau.
Next in the pipeline and the group's second foray into Johor is Iskandar Residences, a luxury condominium project in Medini, Iskandar. This project by Distinctive Resources Sdn Bhd is a 20:80 joint venture between Medini Land Sdn Bhd, a wholly owned subsdiary of IIB and Dsitinctive Group.
By Business Times
The project is expected to have a gross development value (GDV) of about RM1.5 billion.
Called 18@Medini, Distinctive Group chairman Datuk Dr David Koh said this project is the company's third in Iskandar Malaysia after the first on Jalan Tebrau and the second known as Iskandar Residences.
Koh said the entire project is scheduled to be undertaken in four phases over the next five years, with the first phase, comprising shop offices and service apartments, to be launched in the second quarter of 2013.
"We are confident that 18@Medini will be a viable proposition for both local and regional investors, with an assurance of positive returns," he said.
He said 18@Medini will be the very soul of Medini Iskandar with its colourful and diverse offerings to include retail spaces, small office home office, small office versatile office, corporate offices, showrooms, food and beverage outlets, business and entertainment centre, indoor sports and exhibition centre, service apartments and hotels.
Speaking to reporters later, Distinctive Group chief executive officer Lim Ech Chan said the first phase of the project, which is expected to commence sometime next year, will cover some 88,908sq m of retail spaces and service apartments, with an expected GDV of about RM500 million.
Commenting on the 18@Medini project, IIB president and chief executive officer Datuk Syed Mohamed Syed Ibrahim said this proposed development is well-poised to capitalise on its proximity to EduCity, Puteri Harbour and many others, with an easy accessibility to the coastal highway leading to the city centre.
"It is also strategically located at the confluence of Lebuh Kota Iskandar and the spine road leading to Legoland Malaysia and the Mall of Medini," he said.
Distinctive Group's maiden foray into Johor, in particular Iskandar Malaysia, is the commercial development on Jalan Tebrau, Johor Baru, called 1 Tebrau.
Next in the pipeline and the group's second foray into Johor is Iskandar Residences, a luxury condominium project in Medini, Iskandar. This project by Distinctive Resources Sdn Bhd is a 20:80 joint venture between Medini Land Sdn Bhd, a wholly owned subsdiary of IIB and Dsitinctive Group.
By Business Times
Tuesday, November 6, 2012
Jaycorp buys properties in Johor for RM8.05m
KUALA LUMPUR: Jaycorp Bhd's wholly-owned unit, Jaycorp Vantage Sdn Bhd, has signed two agreements -- sale and purchase and assets sale -- with Mensilin Holdings Sdn Bhd.
In a filing to Bursa Malaysia, Jaycorp said the agreements involved the acquisition of a piece of industrial leasehold land in Johor and plant and machinery worth a total of RM8.05 million.
"The acquisition is to cater to future expansion and extension of business activities and will be used as part of Jaycorp's and its units' operations," it said.
It said the purchase consideration will be financed partly by cash from internally-generated funds and bank borrowings.
By Bernama
In a filing to Bursa Malaysia, Jaycorp said the agreements involved the acquisition of a piece of industrial leasehold land in Johor and plant and machinery worth a total of RM8.05 million.
"The acquisition is to cater to future expansion and extension of business activities and will be used as part of Jaycorp's and its units' operations," it said.
It said the purchase consideration will be financed partly by cash from internally-generated funds and bank borrowings.
By Bernama
Monday, November 5, 2012
Making a dream resort township along Desaru Coast
KUALA LUMPUR: Desaru Coast, an up-and-coming development on the east side of Johor, will not only satiate the affluent's taste in luxury holidays but also the desire to own a holiday spot.
The group behind the development, Destination Resorts & Hotels (DRH), said Desaru Coast would flourish into not just a luxury travel destination, but also a resort township for recurrent holidaymakers.
“It's all part of our intention to make Desaru a resort township. The residential part of it will be more likely holiday homes or second homes for those who can afford it,” managing director Nadziruddin Basri told StarBiz.
He believed that with facilities already available in a neighbouring township, the resort township would be able to leverage off the necessities rather than having another set of its own facilities.
“If you look at the proximity between Desaru and Bandar Penawar, the latter is where the mass population is and has all the facilities like schools and hospitals,” he explained. “So when we look at the Desaru plan, we think it makes sense to keep it a resort township, not a full-fledged township.”
DRH is in partnership with UEM Land Bhd for its residential development in Phase 1. UEM Land owns 51% of the residential development, which will be a mix of mid- to high-end semi-detached houses, bungalows, villas and low-density condominiums.
Nadziruddin noted that the residential component was still in its preliminary planning stage but the projects would be launched “precinct by precinct,” depending on buyers' responses and the economy.
“There will also be a need for base population and this is when we look at Petronas' development in Pengerang, which would be complete about the same time as our Phase 1,” he said, noting that Petronas would likely bring in over 20,000 staff.
“There will always be the need for housing so the potential is there, even if we can lock in 10% of its staff,” he said, noting the strategic location close to Singapore and Iskandar Malaysia.
DRH, through subsidiary Desaru Development Corp Sdn Bhd (DDC), is also in talks with UKAS to obtain facilitation funds for infrastructure development. If obtained, DRH could get up to 10% of total infrastructure capex.
It has already a RM600mil loan from Malayan Banking Bhd and a seed capital from Khazanah Nasional Bhd, its parent company.
As for opening up equity ownership in some of the components, Nadziruddin said although it was welcomed, DRH would maintain a majority share in all projects carried out so that it ccould ensure the original luxury travel theme was always retained.
“We want the whole area to blend in well with the concept of a luxury holiday. With the names we are bringing in, we are prepared to invest to maintain the township because the operators have no qualms moving out if we are not up to standard,” he said.
Phase 1 will offer four premium resorts operated by Sheraton Resorts and Hotels, The Datai, Aman Resorts and another yet to be named for the plantation hotel. There will also be marine and water parks, Ocean Quest and Ocean Splash, which feature the world's biggest salt water wave pool.
Phase 2 and 3 have yet to be finalised as DRH has decided to plan them according to market demand in the coming years.
“We are a catalyst developer so we have to take a long-term view of the development,” Nadziruddin said of the 15-to-20-year timeline set for the three phases of Desaru Coast.
“We have to make sure not to overdevelop Phase 1 even though our investment is big, because we need it to benefit from Phase 2 and 3 too,” he added.
Desaru Development Holdings One Sdn Bhd is the operational vehicle of DDC to develop Phase 1. It is a 70:30 joint venture between Stulang Ventures Sdn Bhd and Permodalan Darul Ta'zim.
Desaru Coast covers 3,900 acres along a 17-km stretch of pristine coast.
By The Star
Iskandar Malaysia enters the fast lane
The chief of Iskandar Investment Bhd (IIB) is bullish on the outlook for Iskandar Malaysia in Johor, attributing his optimism to various projects like the high-speed rail (HSR) plan and the transformation of Desaru.
"Hopefully, it (HSR) can come earlier. Iskandar Malaysia will benefit from the MRT link between JB Sentral and Woodlands in Singapore," said IIB president and chief executive officer Datuk Syed Mohamed Syed Ibrahim.
"The outlook from 2013 onwards will be strong within the context of Nusajaya and Iskandar Malaysia. We see some of the current developments coming up and investors will be submitting their plans for new projects," he told Business Times in an interview recently.
Khazanah Nasional Bhd recently said plans are underway to transform Desaru, starting with Phase 1 that carries a gross development value of RM5 billion. The transformation will be carried out in three phases over 15 to 20 years.
For the HSR, a study to link Kuala Lumpur and Singapore is being carried out by the Land Public Transport Commission (SPAD), which is expected to be completed by year-end.
If found feasible, SPAD will call for pre-qualification bids by mid-2013.
IIB, set up in 2006, is a strategic developer of catalytic projects in Iskandar Malaysia, the country's special economic zone.
It is developing four clusters - education, driven by Educity; leisure and tourism, led by LegoLand; healthcare and wellness, with Gleneagles Medini Hospital being the key driver; and creative development, with Pinewood Iskandar Malaysia Studios the catalytic project.
Syed Mohamed said the catalytic projects will generate substantial multiplier effects, triggering economic activities.
"Without Educity, it would be difficult for any developers to enjoy the current pricing level. For the past 10 years, apartments in Johor were selling at RM300psf but UEM Land (Holdings Bhd) recently launched properties at RM700psqf," he said.
Syed Mohamed said growth for IIB is on the cards. By end-2012, the company is expected to ink six to seven new deals, including joint venture and land-lease purchase agreements.
IIB currently has such agreements with China's Qingdao Zhouyuan Investment Holdings, Mah Sing Group Bhd and WCT Bhd to undertake projects worth RM2.5 billion, RM1.1 billion, and RM1.5 billion, respectively.
By Business Times
"The outlook from 2013 onwards will be strong within the context of Nusajaya and Iskandar Malaysia. We see some of the current developments coming up and investors will be submitting their plans for new projects," he told Business Times in an interview recently.
Khazanah Nasional Bhd recently said plans are underway to transform Desaru, starting with Phase 1 that carries a gross development value of RM5 billion. The transformation will be carried out in three phases over 15 to 20 years.
For the HSR, a study to link Kuala Lumpur and Singapore is being carried out by the Land Public Transport Commission (SPAD), which is expected to be completed by year-end.
If found feasible, SPAD will call for pre-qualification bids by mid-2013.
IIB, set up in 2006, is a strategic developer of catalytic projects in Iskandar Malaysia, the country's special economic zone.
It is developing four clusters - education, driven by Educity; leisure and tourism, led by LegoLand; healthcare and wellness, with Gleneagles Medini Hospital being the key driver; and creative development, with Pinewood Iskandar Malaysia Studios the catalytic project.
Syed Mohamed said the catalytic projects will generate substantial multiplier effects, triggering economic activities.
"Without Educity, it would be difficult for any developers to enjoy the current pricing level. For the past 10 years, apartments in Johor were selling at RM300psf but UEM Land (Holdings Bhd) recently launched properties at RM700psqf," he said.
Syed Mohamed said growth for IIB is on the cards. By end-2012, the company is expected to ink six to seven new deals, including joint venture and land-lease purchase agreements.
IIB currently has such agreements with China's Qingdao Zhouyuan Investment Holdings, Mah Sing Group Bhd and WCT Bhd to undertake projects worth RM2.5 billion, RM1.1 billion, and RM1.5 billion, respectively.
By Business Times
Saturday, November 3, 2012
UEM planning auto city for Gerbang Nusajaya
JOHOR BARU: A multi-million ringgit auto city would be developed on a 32.37ha site within Gerbang Nusajaya, a integrated mixed development located near the Sultan Abu Bakar Customs, Immigration and Quarantine Complex (CIQ) at Tanjung Kupang in Gelang Patah.
UEM Group Bhd chairman Tan Sri Dr Ahmad Tajuddin Ali said among the components in the auto city project included showrooms for cars and related accessories, a racing circuit, retail outlets, entertainment and food and beverage outlets.
He said the project was among several new projects that would be launched or developed within one or two years.
UEM Land Holdings Bhd, which is part of UEM Group, is the master developer of the 9,308ha Nusajaya, the key driver of Iskandar Malaysia, which was launched on Nov 4, 2006.
Ahmad Tajuddin said Gerbang Nusajaya would also have a retail mall which would be unique and better than the Johor Premium Outlets.
Gerbang Nusajaya is divided into two parts, with a large parcel of land located on the left side of the CIQ (for motorists coming from Tuas in Singapore) and the other parcel on the right side of the complex.
UEM Land Holdings Bhd was still waiting for final approval to build the administrative complex to house the Federal Government's departments and agencies within Kota Iskandar, Ahmad Tajuddin told a press conference at the launch of Iskandar Malaysia Sustainability Summit 2012 yesterday.
He said “interest from investors towards Nusajaya in Iskandar Malaysia remains strong” with the momentum likely to continue in years to come.
Nusajaya had attracted interest from domestic and foreign investors despite uncertainties in the global economic growth, he said, adding that the completion of some catalytic projects within the Nusajaya development zone had reaffirmed its status as the key driver of Iskandar Malaysia.
Ahmad Tajuddin said among the notable projects included the Johor State New Administrative Centre's Kota Iskandar, Legoland Malaysia Theme Park, Puteri Harbour Indoor Theme Park and EduCity.
Nusajaya comprises eight catalyst developments Kota Iskandar, Southern Industrial and Logistic Clusters, Puteri Harbour Waterfront Development, EduCity, Medical City, International Destination Resort and Nusajaya Residences.
Nusajaya is one of the five flagship development zones in Iskandar Malaysia. The other four are the JB City Centre, Eastern Gate Development, Western Gate Development and Senai-Kulai.
By The Star
UEM Group Bhd chairman Tan Sri Dr Ahmad Tajuddin Ali said among the components in the auto city project included showrooms for cars and related accessories, a racing circuit, retail outlets, entertainment and food and beverage outlets.
He said the project was among several new projects that would be launched or developed within one or two years.
UEM Land Holdings Bhd, which is part of UEM Group, is the master developer of the 9,308ha Nusajaya, the key driver of Iskandar Malaysia, which was launched on Nov 4, 2006.
Ahmad Tajuddin said Gerbang Nusajaya would also have a retail mall which would be unique and better than the Johor Premium Outlets.
Gerbang Nusajaya is divided into two parts, with a large parcel of land located on the left side of the CIQ (for motorists coming from Tuas in Singapore) and the other parcel on the right side of the complex.
UEM Land Holdings Bhd was still waiting for final approval to build the administrative complex to house the Federal Government's departments and agencies within Kota Iskandar, Ahmad Tajuddin told a press conference at the launch of Iskandar Malaysia Sustainability Summit 2012 yesterday.
He said “interest from investors towards Nusajaya in Iskandar Malaysia remains strong” with the momentum likely to continue in years to come.
Nusajaya had attracted interest from domestic and foreign investors despite uncertainties in the global economic growth, he said, adding that the completion of some catalytic projects within the Nusajaya development zone had reaffirmed its status as the key driver of Iskandar Malaysia.
Ahmad Tajuddin said among the notable projects included the Johor State New Administrative Centre's Kota Iskandar, Legoland Malaysia Theme Park, Puteri Harbour Indoor Theme Park and EduCity.
Nusajaya comprises eight catalyst developments Kota Iskandar, Southern Industrial and Logistic Clusters, Puteri Harbour Waterfront Development, EduCity, Medical City, International Destination Resort and Nusajaya Residences.
Nusajaya is one of the five flagship development zones in Iskandar Malaysia. The other four are the JB City Centre, Eastern Gate Development, Western Gate Development and Senai-Kulai.
By The Star
WCT to embark on fifth Johor project
NEW investments and surging property prices in Johor have led WCT Bhd to embark on a fifth project in the state, which will have an estimated gross development value of RM1.5 billion.
WCT, through its subsidiary WCT Acres Sdn Bhd, yesterday signed a 99-year lease purchase agreement with Iskandar Investment Bhd (IIB) for a 7.25ha plot in Medini North in Iskandar Malaysia for RM99.47 million.
The RM1.5 billion mixed commercial project will comprise office spaces, retail components and apartments, to be developed over five years, starting from the third quarter of next year.
"We hope we can go upmarket with this project and attract foreign investors from the neighbouring city state," WCT managing director Taing Kim Hwa said at the exchange of documents with IIB, the master developer of Medini.
WCT's maiden property project in Medini North is called 1Medini Residences, comprising two residential buildings worth RM400 million.
The first block, launched at RM450 per sq ft in January this year, is fully sold. The second block, which was launched at around RM560 psf in April, is about 90 per cent sold.
According to Taing, 40 per cent of the total 644 units were sold to foreigners.
Taing said in the first quarter of next year, WCT will be launching Medini Signature, featuring 456 luxury apartments worth a combined RM400 million, or starting from RM600 psf.
"Property prices have been increasing in Medini. We are excited at the prospects Johor has to offer as well as the future of Medini. We have confidence with developments in Medini which we think will give us reasonable returns," he said.
Taing said the company is currently enjoying profit margins of between 20 and 30 per cent from its projects in Medini North.
The remaining two projects in Johor by WCT are slated for launch next year and in 2014. The projects are located at Jalan Skudai and within the Medini Business District, next to Medini North.
IIB chief executive officer Datuk Syed Mohamed Syed Ibrahim said some RM3 billion investments have come into Medini, with a significant portion contributed by Singapore.
Syed Mohamed said there is also rising interest from the Japanese.
By Business Times
The RM1.5 billion mixed commercial project will comprise office spaces, retail components and apartments, to be developed over five years, starting from the third quarter of next year.
"We hope we can go upmarket with this project and attract foreign investors from the neighbouring city state," WCT managing director Taing Kim Hwa said at the exchange of documents with IIB, the master developer of Medini.
WCT's maiden property project in Medini North is called 1Medini Residences, comprising two residential buildings worth RM400 million.
The first block, launched at RM450 per sq ft in January this year, is fully sold. The second block, which was launched at around RM560 psf in April, is about 90 per cent sold.
According to Taing, 40 per cent of the total 644 units were sold to foreigners.
Taing said in the first quarter of next year, WCT will be launching Medini Signature, featuring 456 luxury apartments worth a combined RM400 million, or starting from RM600 psf.
"Property prices have been increasing in Medini. We are excited at the prospects Johor has to offer as well as the future of Medini. We have confidence with developments in Medini which we think will give us reasonable returns," he said.
Taing said the company is currently enjoying profit margins of between 20 and 30 per cent from its projects in Medini North.
The remaining two projects in Johor by WCT are slated for launch next year and in 2014. The projects are located at Jalan Skudai and within the Medini Business District, next to Medini North.
IIB chief executive officer Datuk Syed Mohamed Syed Ibrahim said some RM3 billion investments have come into Medini, with a significant portion contributed by Singapore.
Syed Mohamed said there is also rising interest from the Japanese.
By Business Times
WCT agrees deal with Medini
KUALA LUMPUR: WCT Acres Sdn Bhd, a unit of WCT Bhd, has entered into a 99-year lease purchase agreement with Medini Land Sdn Bhd, a subsidiary of Iskandar Investment Bhd (IIB), for an 18.12-acre land for RM99.47mil.
The land, situated in Medini North in Johor, will be used for a proposed mixed commercial development with an estimated gross development value of approximately RM1.5bil.
The development which comprises offices, retail spaces and apartments will be carried out over the next five years.
At the signing ceremony, WCT managing director Taing Kim Hwa said works for the land would commence after the completion of the deal and expected it to be in another six to twelve months.
He said the project would give the company reasonable returns.
“As a developer, we work on a 20% to 30% margin,” he said, adding that it was targetting both local and foreign investors.
The land has a gross floor area of 2.76mil sq feet that works out to be RM36 per sq ft.
Last month, Mah Sing Group Bhd entered into a lease purchase agreement with IIB for a 8.2-acre land for RM74.7mil or RM34.90 per sq ft. Maybank Investment Bank Research said in a note dated Oct 19 that the price Mah Sing paid for was around 40% more than the RM24.70 per sq ft paid by Sunway and RM25 per sq ft E&O paid last year for a land in Medini.
“The surge in land cost may be attributed to the rapid progress in the area,” the research house noted.
After these two agreements, IIB will be announcing another four investment transactions this year.
It was reported that the transactions involved land sales or joint ventures between IIB and several Malaysian public listed property developers and a Singapore property developer.
IIB president and chief executive officer Datuk Syed Mohamed Syed Ibrahim said Medini had received RM3bil worth of investments including a significant amount from Singaporean investors.
Besides the latest agreement, WCT has other projects in Medini.
Taing said: “WCT also plans to develop 1.7mil sq ft of prime office space, neighbourhood retail and service apartment components on a 10.3-acre parcel we recently purchased in the 142-hectare (350.9 acre) Medini Business District located next to Medini North.”
By The Star
The land, situated in Medini North in Johor, will be used for a proposed mixed commercial development with an estimated gross development value of approximately RM1.5bil.
The development which comprises offices, retail spaces and apartments will be carried out over the next five years.
At the signing ceremony, WCT managing director Taing Kim Hwa said works for the land would commence after the completion of the deal and expected it to be in another six to twelve months.
He said the project would give the company reasonable returns.
“As a developer, we work on a 20% to 30% margin,” he said, adding that it was targetting both local and foreign investors.
The land has a gross floor area of 2.76mil sq feet that works out to be RM36 per sq ft.
Last month, Mah Sing Group Bhd entered into a lease purchase agreement with IIB for a 8.2-acre land for RM74.7mil or RM34.90 per sq ft. Maybank Investment Bank Research said in a note dated Oct 19 that the price Mah Sing paid for was around 40% more than the RM24.70 per sq ft paid by Sunway and RM25 per sq ft E&O paid last year for a land in Medini.
“The surge in land cost may be attributed to the rapid progress in the area,” the research house noted.
After these two agreements, IIB will be announcing another four investment transactions this year.
It was reported that the transactions involved land sales or joint ventures between IIB and several Malaysian public listed property developers and a Singapore property developer.
IIB president and chief executive officer Datuk Syed Mohamed Syed Ibrahim said Medini had received RM3bil worth of investments including a significant amount from Singaporean investors.
Besides the latest agreement, WCT has other projects in Medini.
Taing said: “WCT also plans to develop 1.7mil sq ft of prime office space, neighbourhood retail and service apartment components on a 10.3-acre parcel we recently purchased in the 142-hectare (350.9 acre) Medini Business District located next to Medini North.”
By The Star
Friday, November 2, 2012
Khazanah’s RM5bil project set to transform Desaru
KUALA LUMPUR: Destination Resorts and Hotels (DRH), an entity set up by Khazanah Nasional Bhd, got the cogwheels churning to change the face of Desaru, starting with its Desaru Coast Phase 1 carrying a gross development value of RM5bil.
DRH managing director Nadziruddin Basri said the first phase, covering 1,800 acres, was targeted to be completed in 2015 but its various components would be opened as and when they were ready.
“It is important to have Phase 1 come together at the same time. The idea is to stagger the project launches but have all ready in 2015.
“As for Phase 2 and 3 which are north and south of Phase 1, we have not done the details but the projects within them will be high-end tourism-focused,” he said at a briefing. “We want to raise the tourism industry in Malaysia by a few notches.”
DRH's operational vehicle Desaru Development Holdings One Sdn Bhd (DDH1) chief executive Firdaus Azharuddin said Phase 2 and 3 had not been finalised because tourism planning was not easy as consumer trends changed quickly.
“For us to tell you what we plan to build and when to complete exactly, we would be lying to ourselves. We have the land bank and we've put in key attractions in Phase 1 that we think will bring in the tourists.”
He said the remaining phases would be developed based on market demand.
Firdaus said DRH had the capability to expand outside the boundaries of Phase 1 and the infrastructure would also be ready for Phase 2 and 3 when the time came.
Phase 1 is 80% greenfield, with 15% pockets of land left for future development.
For this 15%, Firdaus said DDH1 was opening it up to other developers but whatever they brought into the area must add value to the luxury travel theme.
“We are also looking for private companies to come in and take equity ownerships in the resorts or projects we have under Phase 1 (after they are developed),” he said.
To date, there are four premium resorts featured in Phase 1 including Aman Country Club and Aman Villas, Datai Desaru under the Datai Langkawi brand, Sheraton Resort and Plantation Hotel.
Plantation Hotel will be linked to Themed Attractions and Resorts Sdn Bhd's two immersive water parks, Ocean Quest and Ocean Splash. The hotel will feature rooms and a dining area connected to the aquarium, giving an underwater atmosphere.
DRH will partner Themed Attractions and Resorts, another wholly-owned unit of Khazanah, to package services to tourists.
Other facilities available are a convention centre, golf courses, a man-made salt water river and a culinary and hospitality school.
Desaru Coast Phase 1 will also include residential development under a joint venture with UEM Land Bhd. DRH targets to have 3,000 to 4,000 mixed residential units.
Nadziruddin added that hotels and operators in Phase 1 were expected to break even two or three years after they begun operations.
The whole Desaru Coast development, stretching 17km over 3,900 acres, is estimated to take 15 to 20 years to be completed.
By The Star
Lido Boulevard work starts, first launched in 2013
KUALA LUMPUR: Work on the Lido Boulevard project in Johor worth over RM4 billion has started with Lido Residences being the first component to be launched.
Central Malaysian Properties Sdn Bhd (CMP) chief executive officer Khoo Boo Teng said mitigation works at the project site started in July, and would be completed in the next two months.
Khoo said CMP is planning to launch Lido Residences by early next year and it is upbeat on sales.
Lido Residences comprises eight blocks of 18-26 storey condominiums with 908 fully furnished units, ranging from 2,459 sq ft to 9,089 sq ft. The units are priced over RM2 million each, or around RM1,300 per square foot.
"We are targeting foreign markets like Asean and Europe. We have a lot of enquiries and are confident of launching it next year," Khoo told Business Times.
Overlooking the Straits of Johor, the 50ha Lido Boulevard is an integrated residential and commercial development that spans 2.4km along the Tebrau Straits coastal line.
The project is located within the Iskandar region and nearby Johor Baru's Central Business District, the Customs, Immigration & Quarantine (CIQ) complex, Johor Baru's railway station and the Johor Baru-Singapore Causeway.
Lido Boulevard is one of the biggest privately-financed initiatives in Iskandar. The project is a joint venture between CMP and the Johor state government, the landowner.
CMP is a private property developer majority-controlled by Berjaya Group's Tan Sri Vincent Tan Chee Yioun.
Besides Lido Residences, the project will feature serviced residences/hotel, office suites, a mall, an art and cultural centre and The Gardens.
Lido Boulevard was introduced in 2007 and was approved by over 30 departments and agencies and the Malaysia-Singapore joint-committee on the environment.
The detailed Environment Impact Assessment studies were approved in May 2008 and the Environmental Management Plan in March 2009.
The project was said to be abandoned after a portion of the land, which had been reclaimed, caved in, resulting in loss of a life, in November 2010.
Khoo said mitigation works are being carried out in accordance with the environmental guidelines. The works involve rigging out the sea area it will reclaim with sheet piles to prevent waste and debris from getting into the straits.
"Work at the project site is focused on putting in place all prescribed environmental mitigation work measures to ensure full compliance with our Environmental Management Plan," he added.
By Business Times
Central Malaysian Properties Sdn Bhd (CMP) chief executive officer Khoo Boo Teng said mitigation works at the project site started in July, and would be completed in the next two months.
Khoo said CMP is planning to launch Lido Residences by early next year and it is upbeat on sales.
Lido Residences comprises eight blocks of 18-26 storey condominiums with 908 fully furnished units, ranging from 2,459 sq ft to 9,089 sq ft. The units are priced over RM2 million each, or around RM1,300 per square foot.
"We are targeting foreign markets like Asean and Europe. We have a lot of enquiries and are confident of launching it next year," Khoo told Business Times.
Overlooking the Straits of Johor, the 50ha Lido Boulevard is an integrated residential and commercial development that spans 2.4km along the Tebrau Straits coastal line.
The project is located within the Iskandar region and nearby Johor Baru's Central Business District, the Customs, Immigration & Quarantine (CIQ) complex, Johor Baru's railway station and the Johor Baru-Singapore Causeway.
Lido Boulevard is one of the biggest privately-financed initiatives in Iskandar. The project is a joint venture between CMP and the Johor state government, the landowner.
CMP is a private property developer majority-controlled by Berjaya Group's Tan Sri Vincent Tan Chee Yioun.
Besides Lido Residences, the project will feature serviced residences/hotel, office suites, a mall, an art and cultural centre and The Gardens.
Lido Boulevard was introduced in 2007 and was approved by over 30 departments and agencies and the Malaysia-Singapore joint-committee on the environment.
The detailed Environment Impact Assessment studies were approved in May 2008 and the Environmental Management Plan in March 2009.
The project was said to be abandoned after a portion of the land, which had been reclaimed, caved in, resulting in loss of a life, in November 2010.
Khoo said mitigation works are being carried out in accordance with the environmental guidelines. The works involve rigging out the sea area it will reclaim with sheet piles to prevent waste and debris from getting into the straits.
"Work at the project site is focused on putting in place all prescribed environmental mitigation work measures to ensure full compliance with our Environmental Management Plan," he added.
By Business Times
UEM Land plans Auto City in Nusajaya
JOHOR BAHARU: UEM Land Holdings Bhd is working on plans to build a "Auto City", a dedicated zone for motoring enthusiasts, in Nusajaya.
Chairman Tan Sri Dr Ahmad Tajuddin Mohamed Ali said on Friday the city would be developed on a 32ha site near Gerbang Nusajaya.
"We've many development projects to be implemented in Nusajaya. There will be, hopefully before not too long, something we call Auto City related to auto enthusiasts," he said.
Ahmad Tajuddin also said UEM Land has plans to build a shopping complex, under a unique concept, in Nusajaya and other development projects.
"There will be several exciting developments in the next couple of years in Nusajaya," he said.
He was speaking to reporters after the opening of the Iskandar Malaysia Sustainability Summit 2012 by the Science Advisor to the Prime Minister, Prof Emeritus Datuk Dr Zakri Abdul Hamid, here.
By The Star
Chairman Tan Sri Dr Ahmad Tajuddin Mohamed Ali said on Friday the city would be developed on a 32ha site near Gerbang Nusajaya.
"We've many development projects to be implemented in Nusajaya. There will be, hopefully before not too long, something we call Auto City related to auto enthusiasts," he said.
Ahmad Tajuddin also said UEM Land has plans to build a shopping complex, under a unique concept, in Nusajaya and other development projects.
"There will be several exciting developments in the next couple of years in Nusajaya," he said.
He was speaking to reporters after the opening of the Iskandar Malaysia Sustainability Summit 2012 by the Science Advisor to the Prime Minister, Prof Emeritus Datuk Dr Zakri Abdul Hamid, here.
By The Star
Tuesday, October 23, 2012
UEM Land raised to 'trading buy'
RHB Research has raised its call on Malaysian builder UEM Land Holdings Bhd to "trading buy" from "market perform", citing bright prospects for projects in the economic region of Iskandar.
“We expect the Iskandar region to keep up with its news flow after the opening of Legoland, Lifestyle Mall, Marlborough College as well as other key infrastructure and highways,” said RHB in a report on Tuesday.
RHB expects a Singapore-based industrial company to take part in a 500-acre development in Gerbang Nusajaya, an area within Iskandar with an estimated gross development value of RM18 billion (US$5.90 billion).
“Strong news flow is likely over the next few months, and the announcement of big names shoulf lift the entire Nusajaya to the next level,” said RHB.
UEM Land has indicated that Gerbang Nusajaya will feature retail malls, campus offices, trade centers and residential projects.
The brokerage expects substantial spillovers from the projects into properties located in the rest of Iskandar.
Shares of UEM Land remain unchanged at RM1.87 as of 9.31am. The stock has shed 21 percent since the beginning of the year.
By Reuters
“We expect the Iskandar region to keep up with its news flow after the opening of Legoland, Lifestyle Mall, Marlborough College as well as other key infrastructure and highways,” said RHB in a report on Tuesday.
RHB expects a Singapore-based industrial company to take part in a 500-acre development in Gerbang Nusajaya, an area within Iskandar with an estimated gross development value of RM18 billion (US$5.90 billion).
“Strong news flow is likely over the next few months, and the announcement of big names shoulf lift the entire Nusajaya to the next level,” said RHB.
UEM Land has indicated that Gerbang Nusajaya will feature retail malls, campus offices, trade centers and residential projects.
The brokerage expects substantial spillovers from the projects into properties located in the rest of Iskandar.
Shares of UEM Land remain unchanged at RM1.87 as of 9.31am. The stock has shed 21 percent since the beginning of the year.
By Reuters
UEM Land in S$1.5bil Iskandar tech park venture
SINGAPORE: Ascendas, a Singapore government-linked firm, said on Tuesday it has entered into a joint venture with a unit of Malaysia's UEM Land to develop a technology park in an economic zone that the Malaysian government has been promoting aggressively.
The 519-acre (210-hectare) technology park in Iskandar Malaysia, with a projected investment value of S$1.5 billion ($1.23 billion), will cater to businesses in electronics, pharmaceuticals, medical devices, food processing and precision engineering, Ascendas and UEM said in a statement.
Ascendas, a developer and manager of industrial properties across Asia, is a unit of Jurong Town Corp, a Singapore government body. UEM's main shareholder is Malaysian state investor Khazanah Bhd.
Malaysia has been trying to woo companies to Iskandar, an economic zone in the southern state of Johor that is connected to Singapore by two bridges.
By Reuters
The 519-acre (210-hectare) technology park in Iskandar Malaysia, with a projected investment value of S$1.5 billion ($1.23 billion), will cater to businesses in electronics, pharmaceuticals, medical devices, food processing and precision engineering, Ascendas and UEM said in a statement.
Ascendas, a developer and manager of industrial properties across Asia, is a unit of Jurong Town Corp, a Singapore government body. UEM's main shareholder is Malaysian state investor Khazanah Bhd.
Malaysia has been trying to woo companies to Iskandar, an economic zone in the southern state of Johor that is connected to Singapore by two bridges.
By Reuters
Iskandar woos Singapore companies
When Tastyfood Industries decided to boost production to meet demand in Africa and the Middle East, the maker of Mr Cafe instant coffee and Vitamax cereal did not expand its Singapore factory or the one it owns in Xiamen, China.
Instead, it is planning to close its Singapore plant next year and move up the road to Malaysia's Iskandar economic zone, where it will set up a factory three times the size on low-cost freehold land and hire willing workers as cheaply as it can in China.
Singapore companies dominate the firms setting up factories in Iskandar, accounting for around 15 per cent of the RM32.7 billion committed as of June, according to the Iskandar Regional Development Authority (Irda).
Firms from Spain, Japan, the Netherlands and Germany are other large manufacturers in the zone in Johor, while companies from the United Arab Emirates are involved in housing and other property projects.
Tastyfood founder and managing director Joseph Lim, who will keep Tastyfood's marketing and product development operations in Singapore, said an average factory worker in Malaysia and China earns S$400 to S$500 (RM1,000 to RM1,300) per month, less than half the wage in the wealthy city-state.
Proximity is also key. The new Iskandar factory is just a 30-minute drive from Tastyfood's home base and major market, he said, against the four-hour flight from Xiamen.
"Doing business in China also carries a lot of risks, although things have been improving there," Lim said.
Singapore manufacturers are not the only ones heading to Iskandar. Theme park Legoland and Britain's Marlborough College chose Iskandar for their first forays into Asia. US-based Simon Property Group Inc set up its first Premium Outlets shopping centre in Southeast Asia there through a joint venture with Malaysia's Genting Group, eyeing Singapore's affluent customers.
Siegfried Boerst, general manager of Legoland Malaysia, said: "We are really convinced that the whole development of Iskandar will help create major tourist destinations in southern Malaysia."
Being cheaper, and yet close by, is making Iskandar and nearby areas popular among bakeries, dry cleaners and other small- and medium firms that have shop-fronts in Singapore but do much of the work just across the border.
Awfully Chocolate - a Singapore cake and ice-cream retailer that has expanded into China, Taiwan and Indonesia - makes some of the items for the 10 stores in its home market at a facility near Johor Baru.
In recent years, Singapore has begun to focus on banking, wealth management and other services, moving on from the manufacturing boom of the 1970s and 1980s that first brought prosperity to the city.
Iskandar, a 2,200-sq-km zone three times the size of Singapore, is just across a narrow strip of water and Malaysia is pushing its many advantages for factories looking to relocate.
Land prices are far lower and electricity costs are about half of Singapore's rates. Tax incentives are also on offer.
Tastyfood paid RM6.5 million for its freehold site in Iskandar that is the size of two soccer fields - about US$15 (RM45) per square foot. Singapore prices industrial sites by the potential built-up area and the cost could have been up to 30 times more.
Many see the budding relationship between Johor and Singapore as similar to the role that Shenzhen, once home to fishing villages and now a vibrant manufacturing centre, played in the growth of Hong Kong.
The territory's companies now employ about 11 million people in Shenzhen and other parts of the Pearl River Delta, but still use Hong Kong for logistics, marketing, banking and other services.
Singapore firms were initially lukewarm about Iskandar and interest picked up only after the two countries signed a broad agreement in 2010 to address longstanding issues.
A number of Singapore residents have already bought homes in Iskandar, including Templeton fund manager Mark Mobius, who has a bungalow for weekend getaways.
Malaysia's IHH Healthcare Bhd is building a 300-bed hospital that will provide medical treatment to Singaporeans at half the cost.
The many changes "gave us the extra encouragement", said Singapore businessman Ricky Tan, whose Kinderworld group is building a private school with boarding facilities in Iskandar.
Datuk Ismail Ibrahim, head of the Irda, said the Singapore companies in Iskandar are mostly small and medium enterprises but he is confident the larger firms will follow.
"We have the space, we have the geographical position and we have all the necessary infrastructure," he said. "With the right signals from both governments, big players from Singapore will be definitely coming in."
One of them could be engineering and property conglomerate Keppel Corp, which is in talks to buy a 30 per cent stake in a power plant that will supply electricity to Singapore, according to media reports.
Singapore state investor Temasek Holdings is involved in two large developments in Iskandar that will cost an estimated RM3 billion.
Still, some analysts warn that improved Singapore-Malaysia relations could hit a few speed bumps in the medium term. Ties could sour if there are changes to the political leadership in either country, said Chan Chong Beng, president of Singapore's Association of Small and Medium Enterprises.
Many however say there is a mutual interest in having Iskandar flourish.
"I think the economic benefits will drive the politicians in the future," said Kinderworld's Tan.
By Reuters
Instead, it is planning to close its Singapore plant next year and move up the road to Malaysia's Iskandar economic zone, where it will set up a factory three times the size on low-cost freehold land and hire willing workers as cheaply as it can in China.
Singapore companies dominate the firms setting up factories in Iskandar, accounting for around 15 per cent of the RM32.7 billion committed as of June, according to the Iskandar Regional Development Authority (Irda).
Firms from Spain, Japan, the Netherlands and Germany are other large manufacturers in the zone in Johor, while companies from the United Arab Emirates are involved in housing and other property projects.
Tastyfood founder and managing director Joseph Lim, who will keep Tastyfood's marketing and product development operations in Singapore, said an average factory worker in Malaysia and China earns S$400 to S$500 (RM1,000 to RM1,300) per month, less than half the wage in the wealthy city-state.
Proximity is also key. The new Iskandar factory is just a 30-minute drive from Tastyfood's home base and major market, he said, against the four-hour flight from Xiamen.
"Doing business in China also carries a lot of risks, although things have been improving there," Lim said.
Singapore manufacturers are not the only ones heading to Iskandar. Theme park Legoland and Britain's Marlborough College chose Iskandar for their first forays into Asia. US-based Simon Property Group Inc set up its first Premium Outlets shopping centre in Southeast Asia there through a joint venture with Malaysia's Genting Group, eyeing Singapore's affluent customers.
Siegfried Boerst, general manager of Legoland Malaysia, said: "We are really convinced that the whole development of Iskandar will help create major tourist destinations in southern Malaysia."
Being cheaper, and yet close by, is making Iskandar and nearby areas popular among bakeries, dry cleaners and other small- and medium firms that have shop-fronts in Singapore but do much of the work just across the border.
Awfully Chocolate - a Singapore cake and ice-cream retailer that has expanded into China, Taiwan and Indonesia - makes some of the items for the 10 stores in its home market at a facility near Johor Baru.
In recent years, Singapore has begun to focus on banking, wealth management and other services, moving on from the manufacturing boom of the 1970s and 1980s that first brought prosperity to the city.
Iskandar, a 2,200-sq-km zone three times the size of Singapore, is just across a narrow strip of water and Malaysia is pushing its many advantages for factories looking to relocate.
Land prices are far lower and electricity costs are about half of Singapore's rates. Tax incentives are also on offer.
Tastyfood paid RM6.5 million for its freehold site in Iskandar that is the size of two soccer fields - about US$15 (RM45) per square foot. Singapore prices industrial sites by the potential built-up area and the cost could have been up to 30 times more.
Many see the budding relationship between Johor and Singapore as similar to the role that Shenzhen, once home to fishing villages and now a vibrant manufacturing centre, played in the growth of Hong Kong.
The territory's companies now employ about 11 million people in Shenzhen and other parts of the Pearl River Delta, but still use Hong Kong for logistics, marketing, banking and other services.
Singapore firms were initially lukewarm about Iskandar and interest picked up only after the two countries signed a broad agreement in 2010 to address longstanding issues.
A number of Singapore residents have already bought homes in Iskandar, including Templeton fund manager Mark Mobius, who has a bungalow for weekend getaways.
Malaysia's IHH Healthcare Bhd is building a 300-bed hospital that will provide medical treatment to Singaporeans at half the cost.
The many changes "gave us the extra encouragement", said Singapore businessman Ricky Tan, whose Kinderworld group is building a private school with boarding facilities in Iskandar.
Datuk Ismail Ibrahim, head of the Irda, said the Singapore companies in Iskandar are mostly small and medium enterprises but he is confident the larger firms will follow.
"We have the space, we have the geographical position and we have all the necessary infrastructure," he said. "With the right signals from both governments, big players from Singapore will be definitely coming in."
One of them could be engineering and property conglomerate Keppel Corp, which is in talks to buy a 30 per cent stake in a power plant that will supply electricity to Singapore, according to media reports.
Singapore state investor Temasek Holdings is involved in two large developments in Iskandar that will cost an estimated RM3 billion.
Still, some analysts warn that improved Singapore-Malaysia relations could hit a few speed bumps in the medium term. Ties could sour if there are changes to the political leadership in either country, said Chan Chong Beng, president of Singapore's Association of Small and Medium Enterprises.
Many however say there is a mutual interest in having Iskandar flourish.
"I think the economic benefits will drive the politicians in the future," said Kinderworld's Tan.
By Reuters
Monday, October 15, 2012
Iskandar properties will stay hot
Improvement in connectivity and accessibility attracting more investments
JOHOR BARU: Developers can expect the “feel good factor” in the Iskandar Malaysia property market to continue in 2013, based on the number of transactions taking place this year.
KGV International Property Consultants (M) Sdn Bhd director Samuel Tan Wee Cheng said most new property launches in the area were well received by buyers.
He said completed but unsold properties or property overhang was no longer a dilemma faced by developers in south Johor unlike 10 to 15 years ago, and local developers had learnt their lesson well from the 1997-1998 Asian financial crisis as they were caught unaware, resulting in many abandoned projects and unsold properties.
“Iskandar Malaysia will continue to drive the growth of the property market in south Johor in years to come,'' Tan told StarBiz.
From 2006 until end-June 2012, Iskandar Malaysia had recorded total cumulative committed investments of MR95.45bil in various sectors with 43% of the investments already realised.
Domestic investments constituted 62% (RM58.95bil) of the total investments of RM95.45bil, while the remaining 38% (RM36.50bil) were from foreigners.
Tan said Iskandar Malaysia was more viable compared with other economic growth corridors economic growth corridors in Malaysia, including the Northern Economic Region, East Coast Economic Region, Sabah Development Corridor and Sarawak Corridor of Renewable Energy.
Located in the southernmost part of Johor, Iskandar Malaysia covers 2,217 sq km and is three times bigger than Singapore.
Tan said as a government-backed economic growth corridor, Iskandar Malaysia had strong backing fin terms of funding for infrastructure development projects.
The Government had spent RM7.31bil on infrastructure in Iskandar Malaysia since 2006 on the upgrading and construction of new roads and highways, flood mitigation, river cleaning and public housing.
“Improvement in connectivity and accessibility makes most areas within the Iskandar Malaysia flagship zones attractive to house buyers,'' said Tan.
The completion of the New Coastal Highway, the Eastern Dispersal Link Expressway and the Southern Link would help to push demand for properties, Tan said, adding that among the areas benefiting from better road linkages were Bukit Indah, Perling, Sutera Utama, Nusa Bestari, Seri Alam, Kempas, Setia Tropika, Senai, Kulai, Nusajaya, Skudai and Tebrau.
He said one advantage about Iskandar Malaysia was that most the of roads and highways were toll-free unlike in the Klang Valley.
Tan said prior to the inception of Iskandar Malaysia, property prices in south Johor had not seen many changes but now the prices were on the upward trend. He said, for instance, the price tag for an intermediate double-story link house now ranged from RM200,000 to RM500,000 each while a bungalow was now selling at between RM1mil and RM5mil.
“We anticipate that the property prices in south Johor will continue to be on the upward trend due to several factors such as the Singapore factor,'' said Tan.
Johor Baru continued to be a prefJohor Real Estate and Housing Developers Association (Rehda) branch chairman Koh Moo Hing concurred with Tan that the property market would remain positive next year.
He said Iskandar Malaysia would continue to contribute to the positive growth in the Johor Baru property market as it helped to boost demand for houses in south Johor.
With the completion of most flagship projects this and the next couple of years in Iskandar Malaysia, they would bring economic spills over to the property sector, Koh said, adding that the influx of domestic and foreign investors and the presence of new residents and workers in Iskandar Malaysia would create demand for residential properties as well as office spaces.
“Our Rehda members with projects in Iskandar Malaysia have reported good response for their new launches with no slowdown or property overhang,'' said Koh. He said statistics compiled from developers taking part in the Malaysia Property Expo (Mapex) Johor Baru in 2009, 2010, 2011 and up to May 2012, showed that they recorded better sales.
“The last four to five years were considered good for our members as they were able to keep the number of unsold properties to a minimum,'' he added.
Koh said while Tebrau and Skudai would remain the traditional hot spots for property development projects in Iskandar Malaysia, others areas were becoming popular with buyers.
By The Star
Wednesday, September 12, 2012
Legoland Malaysia opens Johor to the world
NUSAJAYA: While Legoland Malaysia is only slated to open this Saturday, thousands have been privy to be among the first to experience the many rides, shows and attractions at the theme park during sneak previews since end of last month.
Among them include Legoland’s own staff and their families, members of the media, tour guides, tourism industry players, members from various agencies, taxi drivers and others.
Many have given their thumbs up for Asia’s first Legoland theme park and the sixth around the world, which has 15,000 Lego models, built with about 50mil Lego bricks.
The park is divided into various areas including Miniland, The Beginning, Lego Technic, Lego Kingdom, Imagination, Land of Adventure and Lego City.
Miniland is at the heart of every Legoland Park with miniature models from Asia’s best known cities, countries and landmarks.
Sisters Ann Khalid and Rose came all the way from Klang to enjoy the extreme rides at the park.
“I am sure that once this place open, it will be a hit among locals and foreigners,” they said.
“We are all about the rides. Although some of the rides are still not open, we are still thrilled to be here,” Ann said, adding that both of them were excited about the park especially when both of them still kept their Lego toys.
Another visitor M. Vella from Kuala Lumpur who came to the park with his two daughters found the park to be excellent and clean.
“However, we find it a bit hot but I am sure that the area will cool down once the trees mature,” he said, adding that they were all excited about the roller coasters.
For visitor Jason Kua, the intricate details put in to recreate mini Lego versions of Asian landmarks was the highlight of the park for engineer Jason Kua.
The 30-year-old said that he had always been a Lego fan since he was a child and it was interesting to see the various structures all built from Lego.
“My favourite mini structure is the Taj Mahal which even has a team of Lego Bollywood dancers that spin around in front of the structure,” he said when met during a special preview at the theme park here recently.
Jason, who resides in Taman Perling said it was also a surprise to see miniature versions of the Johor Baru city centre including the iconic yellow coloured Clock Tower and Jalan Segget included in the Miniland.
Another visitor, housewife, Zanariah Ashraff, 35, said herseven-year-old son Mohd Khairil Anuar enjoyed the Lego Build and Test Centre the best.
“We spent more than an hour in the centre and my son was so excited about creating his own mini Lego race car and then testing it out with other children,” she said.
She added that the theme park was different as it not only provided a host of exciting rides for young children but also encouraged them to learn and think.
“My son was also very excited about one of the rides called the “Driving School” where he had the opportunity to drive a miniature car through a track which had actual signs that you could see on the road,” she said adding that she would definitely make another trip to the park after it officially opens on Sept 15.
Meanwhile, Khazanah Nasional MD Tan Sri Azman Mokhtar who was also touring the park with his wife said the dry runs and sneak previews were a good way to sort out some of the teething issues.
“This park is certainly one of the best and biggest among all the Legoland parks. They have some interesting features and I have been going around to visit some of the rides to see for myself,” he said, adding that so far he was pleased with everything.
By The Star
Among them include Legoland’s own staff and their families, members of the media, tour guides, tourism industry players, members from various agencies, taxi drivers and others.
Many have given their thumbs up for Asia’s first Legoland theme park and the sixth around the world, which has 15,000 Lego models, built with about 50mil Lego bricks.
The park is divided into various areas including Miniland, The Beginning, Lego Technic, Lego Kingdom, Imagination, Land of Adventure and Lego City.
Miniland is at the heart of every Legoland Park with miniature models from Asia’s best known cities, countries and landmarks.
Sisters Ann Khalid and Rose came all the way from Klang to enjoy the extreme rides at the park.
“I am sure that once this place open, it will be a hit among locals and foreigners,” they said.
“We are all about the rides. Although some of the rides are still not open, we are still thrilled to be here,” Ann said, adding that both of them were excited about the park especially when both of them still kept their Lego toys.
Another visitor M. Vella from Kuala Lumpur who came to the park with his two daughters found the park to be excellent and clean.
“However, we find it a bit hot but I am sure that the area will cool down once the trees mature,” he said, adding that they were all excited about the roller coasters.
For visitor Jason Kua, the intricate details put in to recreate mini Lego versions of Asian landmarks was the highlight of the park for engineer Jason Kua.
The 30-year-old said that he had always been a Lego fan since he was a child and it was interesting to see the various structures all built from Lego.
“My favourite mini structure is the Taj Mahal which even has a team of Lego Bollywood dancers that spin around in front of the structure,” he said when met during a special preview at the theme park here recently.
Jason, who resides in Taman Perling said it was also a surprise to see miniature versions of the Johor Baru city centre including the iconic yellow coloured Clock Tower and Jalan Segget included in the Miniland.
Another visitor, housewife, Zanariah Ashraff, 35, said herseven-year-old son Mohd Khairil Anuar enjoyed the Lego Build and Test Centre the best.
“We spent more than an hour in the centre and my son was so excited about creating his own mini Lego race car and then testing it out with other children,” she said.
She added that the theme park was different as it not only provided a host of exciting rides for young children but also encouraged them to learn and think.
“My son was also very excited about one of the rides called the “Driving School” where he had the opportunity to drive a miniature car through a track which had actual signs that you could see on the road,” she said adding that she would definitely make another trip to the park after it officially opens on Sept 15.
Meanwhile, Khazanah Nasional MD Tan Sri Azman Mokhtar who was also touring the park with his wife said the dry runs and sneak previews were a good way to sort out some of the teething issues.
“This park is certainly one of the best and biggest among all the Legoland parks. They have some interesting features and I have been going around to visit some of the rides to see for myself,” he said, adding that so far he was pleased with everything.
By The Star
Friday, August 31, 2012
Tradewinds to sell land in Johor via THR
KUALA LUMPUR: Tradewinds Corp Bhd, via its wholly-owned unit THR Hotel (KL) Sdn Bhd, plans to sell a piece of freehold land measuring 109.3ha in Johor to Casa Seroja Sdn Bhd for RM235.47 million.
“The proposed disposal will enable the group to raise cash for working capital for its other development projects undertaken by the group,” Tradewinds Corp said in its filing to Bursa Malaysia.
By Business Times
“The proposed disposal will enable the group to raise cash for working capital for its other development projects undertaken by the group,” Tradewinds Corp said in its filing to Bursa Malaysia.
By Business Times
Monday, August 27, 2012
Demand for industrial properties on the rise in Iskandar Malaysia
JOHOR BARU: Demand for industrial properties in Johor is likely to remain positive based on the state's position as one of the top investment destinations in the country.
Iskandar Regional Development Authority (Irda) chief executive officer Datuk Ismail Ibrahim said the current situation would create demand for industrial properties especially in Iskandar Malaysia.
“Property developers should venture into industrial park projects to cater for the demand apart from the residential properties,” he told StarBiz.
Ismail said Johor was still strong in the manufacturing sector and remained one of the top three destinations for foreign direct investments (FDI) in Malaysia.
Statistics from the Malaysian Industrial Development Authority showed that it had approved 929 manufacturing-related activities for Johor from 2007 until April this year with RM41.48bil in investment.
Of the figure, RM14.99bil (14.4%) came from the domestic investors and RM26.49bil (15.3%) from foreign investors.
He said the manufacturing sector was the top recipient of the cumulative committed investments in Iskandar Malaysia from 2006 until June 30.
It received RM32.71bil contributing 34% out of Iskandar Malaysia's total cumulative committed investments of RM95.45bil.
The property sector came in second with RM29.80bil followed by utilities (RM9.52bil), government (RM7.31bil) and petrochemicals (RM5.10bil).
Other sectors are ports and logistics (RM3.74bil), tourism (RM2.30bil), healthcare (RM1.60bil) education (RM1.55bil), creative (RM0.40bil) and others (RM1.69bil).
“With Iskandar Malaysia moving on the right direction, local and foreign investors are now turning their gaze on us,” added Ismail.
Johor's proximity to Singapore was an added advantage as many of the small and medium enterprises (SMEs) and multinational corporations (MNCs) were looking elsewhere to relocate their operations.
“Logically, Johor Baru is the best choice for many of them as they could have the best of both worlds in two countries,” he said.
He said new industrial parks within Iskandar Malaysia such as Senai Hi-Tech Park, Setia Business Park, Tanjung Langsat, IOI Kempas Utama and Southern Industrial Logistics and Clusters@Nusajaya were doing well.
Ismail said to-date Singapore was the largest foreign investor in Iskandar Malaysia with total cumulative investments of RM4.56bil as at Dec 2011.
Ismail said SMEs from Japan and MNCs from Europe, the United States and those based in China also had shown interest to relocate their operations to Iskandar Malaysia.
He said Johor's manufacturing sector received a shot in the arm with the Government planning to transform Johor into a leading electronic manufacturing services hub in the country and the region.
By The Star
Iskandar Regional Development Authority (Irda) chief executive officer Datuk Ismail Ibrahim said the current situation would create demand for industrial properties especially in Iskandar Malaysia.
“Property developers should venture into industrial park projects to cater for the demand apart from the residential properties,” he told StarBiz.
Ismail said Johor was still strong in the manufacturing sector and remained one of the top three destinations for foreign direct investments (FDI) in Malaysia.
Statistics from the Malaysian Industrial Development Authority showed that it had approved 929 manufacturing-related activities for Johor from 2007 until April this year with RM41.48bil in investment.
Of the figure, RM14.99bil (14.4%) came from the domestic investors and RM26.49bil (15.3%) from foreign investors.
He said the manufacturing sector was the top recipient of the cumulative committed investments in Iskandar Malaysia from 2006 until June 30.
It received RM32.71bil contributing 34% out of Iskandar Malaysia's total cumulative committed investments of RM95.45bil.
The property sector came in second with RM29.80bil followed by utilities (RM9.52bil), government (RM7.31bil) and petrochemicals (RM5.10bil).
Other sectors are ports and logistics (RM3.74bil), tourism (RM2.30bil), healthcare (RM1.60bil) education (RM1.55bil), creative (RM0.40bil) and others (RM1.69bil).
“With Iskandar Malaysia moving on the right direction, local and foreign investors are now turning their gaze on us,” added Ismail.
Johor's proximity to Singapore was an added advantage as many of the small and medium enterprises (SMEs) and multinational corporations (MNCs) were looking elsewhere to relocate their operations.
“Logically, Johor Baru is the best choice for many of them as they could have the best of both worlds in two countries,” he said.
He said new industrial parks within Iskandar Malaysia such as Senai Hi-Tech Park, Setia Business Park, Tanjung Langsat, IOI Kempas Utama and Southern Industrial Logistics and Clusters@Nusajaya were doing well.
Ismail said to-date Singapore was the largest foreign investor in Iskandar Malaysia with total cumulative investments of RM4.56bil as at Dec 2011.
Ismail said SMEs from Japan and MNCs from Europe, the United States and those based in China also had shown interest to relocate their operations to Iskandar Malaysia.
He said Johor's manufacturing sector received a shot in the arm with the Government planning to transform Johor into a leading electronic manufacturing services hub in the country and the region.
By The Star
Subscribe to:
Posts (Atom)
Posts
