Twin Galaxy

Phase 1 of Desaru Coast project to generate RM5b GDV

Destination Resorts and Hotels Sdn Bhd (DRH) expects to generate RM5 billion in gross development value (GDV) from the first phase of its Desaru Coast project in Johor which is expected to be completed in 2015, according to The Business Times.

The project stands on a 728.43-ha site and its developer Desaru Development Holdings One Sdn Bhd (DH1) has already completed around ten percent of the development, said Muhd Firdaus Azharuddin, Chief Executive of DH1.

Phase One will feature the Plantation Hotel, Sheraton Resort, Datai Langkawi and the Riverwalk as well as a hospitality, tourism and culinary school. Ocean Splash and Ocean Quest theme parks along with two golf courses and a convention centre will also be part of the phase.

“The resort will set new standards in the industry with the objective to boost tourist arrivals, extend the length of their stay and eventually increase tourist receipts,” said Mohd Nadziruddin Mohd Basri, Managing Director of DRH.

The first phase will be financed partly through the RM600 million obtained from Malayan Banking Bhd and from a seed capital to be injected by Khazanah, said Mohd Nadziruddin.

“On each level of the project, there are joint-venture companies and subsidiaries. There will be bank borrowings as well,” he added.

An Undersea Tunnel for Malaysia - Singapore Link - IRDA

An undersea tunnel would be the most feasible option for the Rapid Transit System (RTS) between Malaysia and Singapore, according to the Iskandar Regional Development Authority (IRDA).
However, the final decision will still depend on the governments of both countries- whether the RTS will include a bridge or an undersea tunnel across the Johor Straits, said Datuk Ismail Ibrahim, Chief Executive at IRDA, in a report by Bernama.
"From initial indicators, Iskandar Malaysia feels the undersea tunnel is most feasible but it is up to both governments to find the most suitable route."
He explained that if the RTS will be outfitted with an undersea tunnel, other vehicles should also be able to use it and not just the rail transportation.
Moreover, both countries have engaged consultants to conduct feasibility studies for the construction of the RTS, noted Ismail, adding that initial works are progressing efficiently and are expected to be completed next year.
"After that, either in 2014 or the latest by 2015, we will be able to begin construction of the RTS." The RTS will not only connect Johor Bahru and Singapore, it also aims to create a comprehensive transport network for the entire Iskandar region.
Furthermore, the project's cost will be determined when both countries decide on the routes of the transportation system and after the completion of the feasibility studies, added Ismail.

Wellness Township Programme to Commence in 2013 @ Iskandar Region

Khazanah Nasional Bhd and Singapore’s Temasek Holdings will jointly develop the iconic Wellness Township project in Iskandar Malaysia starting next year, reported The Sun Daily.

Covering a total of 207 ha in Medini, Nusajaya (pictured), the Wellness Township will allocate 201 ha for residential projects and 5 ha for commercial developments, said Datuk Ismail Ibrahim, Chief Executive Officer of Iskandar Regional Development Authority (IRDA).

“I understand that the two parties (Khazanah and Temasek), which hold a 50:50 stake in the project, are in the final stages of plan preparation to get the planning approval,” he said.

According to a recent interview with Bernama, Ismail said IRDA has already obtained the application for planning the commercial project on a 5 ha site.

“The commercial component is in the approval stage. I expect building works will start in 2013 at the latest,” he said. This portion will involve the construction of condominiums, serviced apartments, retail units and wellness centres.

Ismail also noted that the construction works for the whole Wellness Township project is expected to be completed within three to four years. Apart from focusing on the healthcare concept at the highest level, residents at the township will be able to enjoy healthcare infrastructure.

“The houses at Wellness Township will be provided with facilities and equipment for owners to enjoy the convenience based on wellness and healthcare. Also, the buildings will have the infrastructure and support services that will provide comfortable living,” added Ismail.

MBJB Giving Out Incentive to Property Owners

In line with the Johor Bahru City Centre Transformation project, the City Council (MBJB) provides several incentives to property owners with properties within the Central Business District (CBD).
Johor Bahru City Mayor Burhan Amin said that the owners of old and historical buildings within the CBD and those involved in the rehabilitation of abandoned developments are eligible for the incentives.
The incentives include a discount ranging between 50 percent and 70 percent on the building planning fee, development charges and contribution for the Improvement Services Fund.
Other incentives also include deferment on quit rent for two years, payment exemption for newly set-up trust fund and allowing the temporary display of advertisements on buildings, noted Burhan.
The city hall will also allow property owners involved in the upgrading of their buildings to pay their quit rent on instalments for 12 months.
"We hope the proactive measures taken by us (MBJB) will help to spearhead and expedite the transformation plan,'' said Burhan during the launch of the JB City Transformation Open Day. The event was jointly organised by MBJB and the Iskandar Regional Development Authority.
About 250 buildings along Jalan Tan Hiok Nee were classified as historical and will be preserved under the Johor Bahru City Centre Transformation project.
The project covers 485.62ha within the CBD including Hospital Sultanah Aminah, Ayer Molek prison, Johor Zoo, Bukit Timbalan, Jalan Wong Ah Fook, and the former sites of the Lumba Kuda low-cost flats.

Puter Harbour Family Theme Park is now Open!!!!

The Puteri Harbour Family Theme Park in Nusajaya has is now officially open to the public, reported The Borneo Post.

According to Tunku Datuk Ahmad Burhanuddin, Managing Director and Chief Executive Officer of Themed Attractions and Resorts Sdn Bhd (TAR), over 2,500 visitors have flocked to the theme park since its soft opening last weekend.

“For the first year of operation, we are looking at half-a-million visitors to the theme park,” he said in a report by The Borneo Post.

The opening of two more attractions in Puteri Harbour, The Little Big Club and Sanrio Hello Kittty Town (pictured), is a great accomplishment for TAR. It hopes that these new theme parks will encourage tourists to spend more time in Nusajaya.

“We are committed to providing world class theme park attractions and position Nusajaya as the region’s premier leisure and tourism destination,” explained Tunku Ahmad Burhanuddin.

The Puteri Harbour Family Theme Park is housed in a four-storey building and is the second internationally-acclaimed theme park which opened in Johor, following Legoland Malaysia.

The Puteri Harbour theme park offers unique experiences and excitement with popular children’s characters from The Little Big Club, Sanrio Hello Kitty Town and Lat’s Place.

For instance, Hello Kitty Town features various interactive activities and rides, as well as walk-through attractions which are Hello Kitty-themed. At the same time, Little Big Club showcases lovable children’s characters such as Pingu, Angelina Ballerina, Barney, Bob the Builder, as well as Thomas and Friends.

V @ Summerplace

Mah Sing to unveil RM1.1b project in Medini @ Johor Bahru

Following the signing of a lease purchase agreement with Iskandar Investment Bhd, Mah Sing Group Bhd is set to launch a mixed-development project worth RM1.1 billion in Medini, Iskandar Malaysia by 2013.
Dubbed as The Meridin@Medini, the project will feature the Meridin Exchange corporate towers, the Meridin Suites residences, the Meridin Walk lifestyle retail mall and Meridin Linx SoVo units (small office versatile offices).

Phase I, or the Medini Suites will offer more than 700 residential units (500 sq ft) with prices starting from RM288,000. Registration of interest will start immediately, according to a report by The Business Times.
Interestingly, The Meridin@Medini is also Mah Sing's 40th project; and with the signing, the firm's total unbilled sales and gross development value stands at RM18.8 billion.

Tan Sri Leong Hoy Kum, Group Managing Director at Mah Sing, said the company will not encounter cash-flow strains with the new project, as well as in other on-going developments.
"With Mah Sing's strong branding and our very much market-driven products, these have resulted in good take-up rate of our products of at least 70 percent."

"We are a company that is gearing-conscious. We manage our cash flow prudently and manage our risks as a responsible developer," added Leong.

Johor Poised to become Malaysia's Richest State in 2025

If the current trend of investment inflows and development pace will continue, Johor will become the richest state in Malaysia by 2025, surpassing Selangor, said Nazri Khan Vice-President and Retail Research Head at Affin Investment Bank.

This prediction is achievable as Iskandar Malaysia has already attracted 25 percent of the RM383 billion total investment targets for 2025, he noted.

Moreover, the economic growth brought to Johor by Khazanah Nasional Bhd is one of the government's initiatives to establish an economic hub outside the Klang Valley.

"We will see Johor transform into an Orlando in Florida and become Asia's Theme Park Hub with the presence of at least four theme parks in the state."

"They include Legoland Malaysia which opened recently, Puteri Harbour Family Entertainment Centre and Austin Heights Water Theme Park is due to open its doors soon. All these parks will provide ample jobs to our youths," he said.

Moreover, the 2012-2013 Economic Report recently released by the Finance Ministry revealed that job opportunities in Johor are expected to increase by 100 percent in the next five years as some projects come on stream. These include Urban and Resort Wellness, MSC Cyberport City and Pinewood Iskandar Malaysia Studios.

Meanwhile, Johor has become the latest trade focus in Malaysia thanks to the oil and gas project in Pengerang as well as other projects, said Skudai, Mohd Kassim Ali, a Restaurateur.

"Johor has become the focal point now as people from throughout the country are flocking to the state in search of high-paying jobs," he added.

PINEWOOD In Iskandar Malaysia to Boost TV Industry

Pinewood Iskandar Malaysia Studios is set to contribute RM2.2 billion to Malaysia's film and television industry, said Information Communications and Culture Minister Datuk Seri Dr Rais Yatim.

Expected to be completed in May 2013, the studio will significantly boost the growth of Malaysia's film industry players.

"Pinewood Iskandar Malaysia Studios is our venture into the world of film and television equipment and post-production," said Rais, adding that the country's film and television industry will become more sophisticated thanks to the studio.

The facilities at Pinewood Iskandar Malaysia Studio will be utilised by local industry players and those from other countries in Asia.

Meanwhile, Tushar Jain, Director of New Delhi-based BTC Tours & Travel, claimed that the new theme parks in Iskandar Malaysia may not be that appealing to Indians, who are more familiar with Universal Studios Singapore.

"There's hardly been any promotions in India for Legoland, Sanrio Hello Kitty Town and The Little Big Club," he said.

"Secondly, the parks in Iskandar are aimed at young children, whereas Universal Studios Singapore caters to all ages. From a business perspective, it makes more sense for us to bring clients just to Universal Studios when they visit Singapore."

Leo Chan, Marketing Manager at Charlotte Travel, also opined that tourists from Hong Kong may see little sense in visiting Johor unless "they were die-hard Hello Kitty or Lego fans".

"When Hong Kong tourists visit Singapore, they stay for only four days. They do not want to visit more than one theme park (besides Universal Studios) during that time, especially if they have to travel out of Singapore. However, they might hop over to Johor on subsequent trips," he noted.

Dennis Law, Managing Director at Star Holiday Mart (Singapore), is also doubtful whether Iskandar theme parks can attract visitors from outside Malaysia and Singapore, claiming that there are not enough tourism infrastructures in the region.

He added that cost is another factor to consider, but if the theme parks "band together to develop value-for-money packages, they might just be able to draw visitors from Singapore and other parts of Malaysia."

Johor Bahru A Draw on Singapore Expat

Expatriates from Singapore are attracted by bigger and cheaper homes in Johor while Malaysians struggle to find affordable housing, reported The Straits Times.

Singapore expats lured to buy homes in the state are spurred by the new lifestyle offerings and the number of infrastructure projects in Johor as well as the strong strength of the Singapore dollar against the Malaysian ringgit.

Since the Iskandar Malaysia economic zone was set up in 1996, the number of foreign buyers of housing projects in the region has steadily moved upwards. Some of these projects include Ledang heights, Leisure Farm Resort and Horizon Hills.

UEM Land said that about half of the units of their housing projects in Nusajaya are sold to foreigners. Prices of units range between RM2 million and RM7 million while monthly rents inched up between RM8,000 and RM20,000.

Such prices are significantly lower compared with those in Singapore, plus the completion of several infrastructure improvements attracts people as well.

"With projects such as Marlborough College, Legoland, Pinewood Studios, and hospitals and universities completed or nearing completion, there is not the same level of risk associated with investing," said David Bochsler, Director of Sales and Marketing at Exhale, who also lives in Johor but works in Singapore.

Mall of Medini Phase 1 Opens to Public

The first phase of the Mall of Medini was recently soft-launched by its developer, Nusajaya Lifestyle Sdn Bhd, a joint-venture (JV) company between UEM Land Holdings Bhd and Iskandar Harta Holdings Sdn Bhd (IHHSB) - a unit of Iskandar Investment Bhd, reported The Star.

The Mall of Medini draws inspiration from successful shopping complexes and theme parks in the US such as The Grove, Americana and Universal Citywalk. The retail centre is also near Legoland and is set to become the lifestyle, entertainment and recreational hub of Nusajaya, one of the key regions in Iskandar Malaysia.

Phase 1 of Mall of Medini features a high-street and colonnade-style retail lay-out, which is a departure from conventional box-shaped shopping malls. The Mall also has retail mix consisting of F&B outlets, fashion stores, as well as gifts and souvenir shops. Aside from that, it also has a cool, naturally-ventilated shopping environment.

At present, 90 percent of the retail space have already been taken up by well-known brands such as Blackball,1901, Tutti Frutti, Polo Haus, Penang Village, Royal Selangor, Manhattan Fish Market and KFC.

"We are excited to see the soft opening of Phase 1 of the Mall of Medini which is approximately 10 percent of the mixed development's overall two million sq ft of gross floor area," said Datuk Wan Abdullah Wan Ibrahim, Managing Director and Chief Executive Officer of UEM Land.

"This is just the beginning of what will be developed in four phases over a period of eight years, with an estimated gross development value of RM1 billion," he added.

Tun Razak Exchange -TRX, Iskandar to Boost Malaysia's Competitiveness

The Tun Razak Exchange (TRX) and booming Iskandar Malaysia will increase the country's competitiveness in the ASEAN region, said Kumar Tharmalingam, Chief Executive Officer of Malaysia Property Incorporated.
Ideally located near the gateway to Singapore, the bustling Iskandar region has amassed significant interest from other countries in Asia as well multinational players.
"Even the Singapore government is providing incentives for companies to relocate their plants to Iskandar and to save landbanks on the island," noted Kumar, adding that the new strategy will happen over the next three years.
Notably, foreign investments in the corridor soared to 24 percent from just eight percent, a testament to the economic corridor's growing allure, said Kumar. He added that "investments are mainly coming from Singapore".
Meanwhile, the TRX is poised to transform Kuala Lumpur as South East Asia's new financial hub, just like Hong Kong and Singapore.
At the same time, Malaysia is also becoming a logistics hub for many international companies due to its strategic location in Asia.
"For instance, European companies are now looking at the ASEAN region as they no longer want to deal with Europe, China or India," added Kumar, highlighting the strong potentials of Malaysia and Indonesia.
Aside from Johor and Greater KL, other state states that are attracting solid investments are Penang, Sarawak, Perak, Melaka and Sabah, he added.

1 Tebrau To Drive Investments Into Jalan Tebrau Johor Bahru

The end of 2015 will mark a new era for Jalan Tebrau following the completion of the RM330 million 1Tebrau, an integrated development featuring designer suites and shop offices that replicate those in the Klang Valley.

Comprising 588 designer suites and 36 four-storey offices, the development is expected to attract not only local but foreign investors.

"We are excited to introduce some of our unique concepts to the Southern region, which will be the group's current focus," said Datuk David Koh, Executive Chairman at Dis-tinctive Group.

Since its soft launch in June, the project has received strong sales take-up, particularly for Type A designer suites which reached 100 percent and dual-frontage shop offices in Block A now 80 percent taken up, noted Koh.

"The project is the group's first venture into Johor and we will be focusing on two upcoming residential and commercial projects in Medini, Nusajaya," he added.

V. Sivadas, Property Consultant and Executive Director of PA International Property Consult-ants Sdn Bhd, described 1Tebrau as "among the first modern mixed development along Jalan Tebrau and is definitely in line with the government's initiative to transform and rejuvenate Johor Baru city."

The project features 588 designer suites in three-bedroom or studio lay-outs and are priced from RM343,000 to RM648,000.

Meanwhile, the shop offices ranging between 735 sq ft and 10,618 sq ft are priced from RM1.9 million to RM5 million.

Legoland Malaysia to be best integrated resort for families

   

With the addition of a water theme park and hotel, Legoland Malaysia is poised to become the best fully-integrated resort for families in Asia.

"The Legoland theme park as well as the Legoland water theme park for families with children is something that doesn't exist before in the region and it will be a great addition," said Siegfried Boerst, General Manager at Legoland.

He added, "together with the hotel, we will have a full theme resort here for families to stay on a short break or vacation."

The RM720 million Legoland Malaysia theme park located in Nusajaya within Iskandar Malaysia and Johor administrative centre is slated to open this Saturday. Built from around 30 million Lego bricks, the 31ha park features 40 rides, displays and shows.

Boerst said the company expects a large turnout during the opening of the theme park.

"We have sold several thousand tickets in advance, not all are dated, so we don't really know how many people are coming on the first day, but we have sold a lot of annual passes, tickets that can be used within the six months and three months, so we expect a large turnout on the first day," he revealed.

Meanwhile, the construction of the water theme park has commenced and is expected to be completed in Q2 2013, while the Legoland Hotel adjacent the theme park is scheduled to open in early 2014.

Legoland Malaysia set for opening this weekend

 

The much-awaited RM750 million Legoland Malaysia (pictured) is now undergoing final touches before its grand opening on Saturday, 15 September.

The 31-ha theme park boasts about 15,000 Lego models built from 40 million Lego bricks, as well as 40 different rides and a unique "Miniland" featuring replica models of several Southeast Asian landmarks including the Merlion, the Singapore Flyer and Petronas Twin Towers.

"Legoland Malaysia is an extremely unique theme park in this market," said John Ussher, General Manager of Legoland Development.

"We are geared towards families with young children aged two to 12. Lego is a huge brand throughout the world and here at Legoland - which is the clubhouse of Lego - you can do everything you've ever imagined with a Lego brick," he added.

As one of the crown jewels of Iskandar Malaysia, Legoland is expected to attract millions of local and international tourists.

According to Siegfried Boerst, General Manager of Legoland Malaysia, the park will provide "a good experience at a first-class theme park" that will make visitors come back or visit other attractions elsewhere.

The park will be the sixth attraction of its kind globally after those in the UK, California, Florida (USA) and Denmark - the birthplace of Lego.

Going forward, two more Asian Legolands are set to open in Nagoya, Japan and Chuncheon, South Korea by 2015.

M'sian consortium officially acquires Battersea site for RM1.99b

The Employees Provident Fund (EPF), Sime Darby Bhd and SP Setia Bhd have officially acquired the 39.5-acre Battersea Power Station site for £400 million (RM1.99 billion) with a bridging loan from CIMB worth £300 million (RM1.49 billion), according to Tan Sri Liew Kee Sin, Chief Executive Officer of SP Setia.

The £100 million (RM495.53 billion) balance was paid as per the equity stake of the three entities with Sime Darby and SP Setia paying 40 percent each while EPF paid the remaining 20 percent.

With a gross development value (GDV) of £8 billion (RM39.8 billion), Battersea Power Station will be the first and biggest property development for SP Setia and Sime Darby in Britain.

Liew said that "although the consortium may not have the experience in this side of the world, we have the British technical team to see to it while we provide the concept and the funding."

Battersea Power Station Development Co Ltd, a newly-minted British company, has been formed with the logo of the Battersea Power Station. Robert Tincknell, Chief Executive Officer of Battersea Power Station Development Co Ltd, will manage the project.

"Now that the project is fully paid, the next step is to work out the financing structure, whether it will be in Sterling pounds, whether it will be issuing of sukuk and seeking the best rates among banks," added Liew.

The master plan for the site features 3,400 new homes, 56,000 sq m of retail spaces, 160,000 sq m of new office space and nine hectares of public parks and spaces.

The units are set to be launched in 2013, with construction slated to begin in April.

1Tebrau to boost Johor Bahru's property market

1Tebrau to boost Johor Bahru's property market

The 1Tebrau project, an integrated development comprising designer suites and shop offices by Distinctive Properties Sdn Bhd, is expected to rejuvenate Johor Bahru's Jalan Tebrau once it is completed in 2015.

With a gross development value (GDV) of RM330 million, the project will offer 588 units of designer suites and 36 units of four-storey shop offices that will likely lure Malaysians and foreigners, particularly Singaporeans.

"Since our soft launch in June, we have reached 100 percent sales take-up for our

Type A designer suites and over 80 percent sales take-up for our dual-frontage shop offices in Block A," said Datuk David Koh, Executive Chairman at Distinctive Properties.

"The remaining units of Type B and C designer suites and shop offices continue to register strong interests from both locals as well as foreigners."

1Tebrau's Block A comprises 12 units of four-storey shop offices priced from RM1.9 million to RM5 million, while Block B consists of 588 units of 31-storey designer suites priced from RM343,000 onwards. The entire development also has 1,276 units of car parks.

After conducting a market research and feasibility study, the developer is confident with its venture in Johor Bahru, believing that it is one of the five key flagship zones in Iskandar Malaysia.

"As the first modern, lifestyle, mixed development along Jalan Tebrau thus far, 1Tebrau is definitely in line with the government's initiative to transform and rejuvenate Johor Baru under its Tenth Malaysia Plan," said V. Sivadas, Executive Director at PA International Property Consultants Sdn Bhd.

Investments in Iskandar to exceed RM100b by year-end

The Iskandar Regional Development Authority (IRDA) is optimistic that it can surpass the RM100 billion cumulative committed investments by year-end, according to a report by The Star.

Datuk Ismail Ibrahim, Chief Executive Officer of IRDA, said exceeding the RM100 billion mark would be a major achievement and will prove to sceptics that Iskandar Malaysia is indeed flourishing.

He noted that the region was able to withstand the challenges amid the global economic uncertainties and is expected to emerge stronger than before.

“Like in the stock market, it (the RM100 billion mark) is the psychological breakthrough and a defining moment for all of us in Iskandar Malaysia,” he explained, adding that IRDA will hold an event later this year to celebrate this milestone.

The event will be graced by Johor Mentri Besar Datuk Abdul Ghani Othman and IRDA Co-chairman Prime Minister Datuk Seri Najib Tun Razak.

He urged stakeholders to work even harder so that Iskandar Malaysia can attain the RM383 billion investment target outlined in the Comprehensive Development Plan.

He also revealed that Iskandar Malaysia has obtained RM95.45 billion of cumulative committed investments across various industries from 2006 to Q2 2012. Out of this figure, 43 percent or RM41.35 billion has already been realised.

“We are confident of attracting another RM4.55 billion in new investments from now until end of the year and these are coming from the manufacturing and the service sectors,” added Ismail.

Iskandar Malaysia to lure more industrial property investors

Johor Bahru's position as one of the top investment destinations in the country will likely increase the demand for industrial properties especially in Iskandar Malaysia, said Datuk Ismail Ibrahim, Chief Executive Officer of Iskandar Regional Development Authority (IRDA).

"Property developers should venture into industrial park projects to cater for the demand apart from the residential properties," said Ismail.

Johor has remained strong in the manufacturing sector and as one of the top three destinations for foreign direct investments (FDI) in Malaysia, he added.

Data from the Malaysian Industrial Development Authority (MIDA) revealed that from 2007 to April 2012, it has approved 929 manufacturing-related projects for Johor with RM41.48 billion in investment, of which 15.3 percent (RM26.49 billion) came from foreign investors and 14.43 percent (RM14.99 billion) from domestic investors.

Ismail said the highest cumulative committed investments in Iskandar Malaysia from 2006 until 30 June was placed in the manufacturing sector with RM32.71 billion, accounting for 34 percent of the RM95.45 billion total cumulative committed investments for the area.

The property sector received the second highest amount with RM29.80 billion followed by utilities with RM9.52 billion, government with RM7.31 billion and petrochemicals with RM5.10 billion.

"With Iskandar Malaysia moving on the right direction, local and foreign investors are now turning their gaze on us," Ismail said.

Johor's proximity to Singapore is an added advantage for multinational corporations (MNCs) as well as small and medium enterprises (SMEs) seeking for a place to relocate their operations.

Currently, Singapore is the largest foreign investor in Iskandar with RM4.56 billion total cumulative investments as of December 2011.

Johor poised to be Malaysia's theme park capital

The opening of Asia's first Legoland is expected to make Johor a major tourist destination and the ‘Theme Park Capital' of Malaysia.

Right after the opening of the RM750 million Legoland next month, another attraction - a family theme park - will open in Puteri Harbour comes November.

Datuk Ismail Ibrahim, Chief Executive of Iskandar Regional Development Authority (IRDA), said Iskandar Malaysia could enhance its competitiveness in the tourism sector by implementing several infrastructure projects.

"We believe Iskandar Malaysia will provide the perfect tourist destination for affordable leisure at competitive prices in the South East Asian region and Asia Pacific," he said.

The RM115 million family theme park in Puteri Harbour, Nusajaya will feature popular animation characters such as Angelina Ballerina, Thomas and Friends, Pingu, Bob The Builder and Hello Kitty. The project will also house the first restaurant of cartoonist Datuk Mohd Nor Khalid in Malaysia called ‘Lat's Place.'

Additionally, Themed Attractions and Resort (TAR) Sdn Bhd also plans to open two international standard theme parks called Ocean Quest and Ocean Splash at the Desaru holiday resort in East Johor to cost RM267 million and is expected to open by mid-2014.

"IRDA is always on the lookout to have more theme parks in Iskandar Malaysia and beyond, which can cater to family-type entertainment and education," said Ismail.

Developers, utility companies must share public infrastructure costs

The cost of building public infrastructure such as flyovers, substations and reservoirs must be shared between property developers as well as utility companies, according to Chang Kim Loong, Secretary General of National House Buyers Association.

Chang emphasised that developers should share the costs with utility companies like Syarikat Bekalan Air Selangor Sdn Bhd, Perbadanan Urus Air Selangor (PUAS) and Tenaga Nasional Bhd.

Meanwhile, Datuk Seri Michael Yam Kong Choy, President of Real Estate and Housing Developers Association Malaysia (REHDA), said TNB can still recover the costs it paid through tariff collection.

"There must be an urban partnership between the master developer and the agencies. Right now there is no emphasis on on this. There has to be a mechanism," said Yam.

On the other hand, Datuk Seri Chor Chee Heung, Minister of Housing and Local Government, said the United Nations had recognised the housing sector in Malaysia with its successful status.

Unlike other dwellers which do not have car park areas, Malaysians have good spacious homes, he noted.

"Felda settlers for example, have no housing problems. So we are spoilt in some ways," Chor added.

Moreover, several industry players proposed to group the Syarikat Perumahan Negara Bhd and 1Malaysia People's Housing Programme (PR1MA) under one group.

Phase 2 of Johor Premium Outlets in the works

Genting Plantations Bhd is looking at developing phase two of Johor Premium Outlet (JPO), following the launch of its first phase in December 2011.

The company is also planning several hotels and a theme park to further increase the land value at the Kulai Besar Estate or the Indahpura development, said OSK Research.

"The last offer price the company received for land in the area was RM50 psf, while the last transacted price was RM25 psf," noted research firm.

Sited on 45 acres of land, Johor Premium Outlets features 80 outlet stores selling designer and branded items and is owned by Genting Simon Sdn Bhd, a fully-owned unit of Simon Genting Ltd.

Moreover, Simon Genting Ltd is a 50:50 joint venture (JV) between Premium Outlets - a division of Simon Property Group - and Azzon Ltd, a fully-owned unit of Genting Plantations.

UEM Land makes Forbes' 'Asia's 200 Best Under A Billion'

Malaysian developer UEM Land Holdings (UEM Land) was ranked among the list of companies in ‘Asia's 200 Best Under a Billion' by Forbes.

Home-grown UEM Land is an investment holding conglomerate, whose principal activities include project procurement and management, real estate investment, construction, land trading, turnkey development and property development.

According to the ‘Asia's 200 Best Under a Billion' list, UEM Land has achieved sales of US$537 million (RM1.67 billion), net income of US$95 million (RM296 million) and its market value is at US$2.802 billion (RM8.7 billion).

UEM Land's projects include Symphony Hills, Sunrise and Nusajaya, an integrated urban development located at southern end of Peninsular Malaysia.

Additionally, UEM Land also boasts its Mont'Kiara enclave, a residential suburb that integrates international schools, condominiums leisure facilities and amenities with commercial centres developed by its fully-owned subsidiary Sunrise Berhad (Sunrise).

UEM Land was among 14 Malaysian companies that had made Forbes' list, which Prime Minister Datuk Seri Najib Tun Razak had referred to as "shining examples of best business practices."

To be considered for the prestigious list, companies must generate annual revenue between US$5 million (RM15.59 million) and US$1 billion (RM3.12 billion), have positive net income and have been publicly traded for at least one year.

The companies that make it to the list are then ranked based on return on equity, as well as sales and earnings growth in the past year, over three years. Moreover, Forbes also excludes those firms that are thinly traded and those with major legal or accounting troubles.

M'sia-S'pore rail project to be made in 2013

 

 

 

 

The final decision on the upcoming Malaysia-Singapore Rapid Transit System (RTS) link project connecting Johor Bahru to the city-state will be made next year, according to a report by The Star.
At present, Malaysia and Singapore are undertaking the joint-engineering study for the project, said Datuk Ismail Ibrahim, CEO of Iskandar Regional Development Authority (IRDA)


The study looked into various factors that will affect the project such as multimodal terminal locations, CIQ matters (customs, immigration, and quarantine), alignments and other critical perimeters.
"Once it is completed, both governments will make a decision on the preferred alignments."
He revealed that there are two options for the RTS project linking Singapore and Johor Bahru - the trains could either run above ground or through undersea tunnel. Should the undersea tunnel be chosen, the parties will have to decide whether it will be a bore tunnel or a sunken tunnel.

Given that the project is situated near Singapore and Malaysia's (CIQ) complexes, the undersea tunnel is considered more favourable since it will cause minimal disruptions to traffic during construction, explained Ismail.

"The final outcome on what kind of link will be built will all depend on the recommendations of the study for the consideration of the two governments involved as well as costing," added Ismail.
Moreover, the terminating stations of the project will be located in Johor Bahru Sentral and in the vicinity of Singapore's Republic Polytechnic, announced a joint statement by the two governments.
The RTS link is expected to be fully operational by 2018.

Hua Yang to contribute to Johor's economic growth

 

In line with its aim to become a major developer in Malaysia, Hua Yang Bhd will play a bigger part in generating more jobs and contribute to Johor's economic growth, according to a report by Bernama.

The company's ongoing and upcoming major projects in Johor are expected to create more jobs within the state. These include Polo Park residences and the serviced apartments at Jalan Abdul Samad, as well as the township projects of Taman Pulai Hijauan and Taman Pulai Indah.

"While we aren't one of the biggest developers in Johor, we are working towards being one of the major players, with the aim to record RM800 million group revenue, come 2018," said May Chan, Chief Financial Officer at Hua Yang.

Hua Yang's operations in Johor started in 2001 with the 190ha Taman Pulai Indah, the company's first township project in the state with a gross development value (GDV) of RM818 million
Moreover, "for financial year 2013 (FY2013), we will continue to build our signature homes at Taman Pulai Indah with a GDV of RM41 million," she noted.

Hua Yang also recently unveiled its eco-living green haven project, the 56-ha Taman Pulai Hijauan (TPH). The Alder Residences, the first phase of TPH, was launched in April and has GDV of RM60 million.
Aside from that, the company will also launch its gated Polo Park project (GDV of RM41 million) at the Johor city centre in FY2013.

Chan added that "the total GDV earmarked to be launched in the FY2013 is RM165 million."

Legoland Malaysia opening on 15 September

BREAKING NEWS: The 76 acre Legoland Malaysia theme park will finally open on 15 September 2012 featuring over 40 rides and attractions, including race cars and roller coasters as well as family-focused interactive shows.

The Lego-inspired theme park is located in Kota Iskandar, Johor, which is linked to Singapore via the Causeway and is known as the "Southern Gateway to Malaysia." Apart from Legoland Malaysia, Johor also offers scenic spots for visitors including pristine islands, ancient rainforests, shopping malls and world-renowned golf courses.

"Our official opening date has been something we've had a lot of enquiries from the public on since the park broke ground in December 2009," said Siegfried Boerst, General Manager of Legoland Malaysia.
"I'm pleased to announce that due to the hard work of all of our contractors we will now be opening Legoland Malaysia ahead of schedule by a number of months," he said.

Boerst added that they expect families and tour operators to start planning their trips to visit the theme park. He also announced the sale of single-day tickets at an introductory price of RM70 for kids/senior citizens and RM96 for adults.

The 30 percent discount is offered for a limited period only so Legoland fans are advised to keep track of the Legoland Malaysia website (Legoland.com) for further announcements.

Iskandar Malaysia bags RM10.67b new investments

Iskandar Malaysia clinched RM10.67 billion of new committed investments in the first half of 2012, according to a report by Bernama.

Datuk Ismail Ibrahim, Chief Executive Officer of Iskandar Regional Development Authority (IRDA), said that the region's total cumulative committed investments from 2006 to June 2012 reached RM95.45 billion.

"Forty-three percent of the committed investments were already realised," he noted, adding that "domestic investments constitute 62 percent (RM58.95 billion) of the total investments of RM95.45 billion, while the remaining 38 percent (RM36.50 billion) is from overseas."

"Key investments to date are represented by Asia (42 percent), Europe (40 percent) and the Middle East (14 percent)."

Since 2006, Iskandar Malaysia's property sector recorded cumulative committed investments of RM29.80 billion, while the manufacturing industry posted RM32.71 billion.

Investments for other sectors were healthcare (RM1.60 billion), education (RM1.55 billion), tourism (RM2.03 billion), ports and logistics (RM3.74 billion), petrochemicals (RM5.10 billion), government (RM7.31 billion) and utilities (RM9.52 billion).

IRDA is also focusing on six service sectors namely, creative content, tourism, education, healthcare, logistics and financial, due to the region's high economic multiplier effect.

"We are also exploring Green Technologies, Green Economy and Low Carbon Society (LCS) which are the future trends. IRDA is soon to launch its LCS Blueprint which is expected to be the trendsetter among ASEAN countries," he said.

Meanwhile, Asia's first Legoland theme park is slated to open in September while the opening of University of Southampton Malaysia and Marlborough College Malaysia are expected in October and August, respectively.

Raffles to open American-curriculum school in Johor

Singapore's Raffles Education Corporation will open an American-curriculum school in Johor this August, according to a report by AsiaOne.Known as Raffles American School (RAS), the international institution will be located at EduCity@Iskandar and will provide an American pre-K12 curriculum programme, with Advanced Placement Offerings in high school.RAS will open in two phases and is presently accepting enrollees for grades one to eight. Phase one is set to be completed in 2014 to 2015. The school will feature amenities such a dramatically terraced library, a media centre with digital media lab and reading spaces for students to study. It also includes a fully equipped performing arts centre with two venues for student productions.It will also have courtyards that will serves as teaching space and an area for fruit and vegetable cultivation. The school's greenhouse will also enable students to learn about agriculture, food studies and environmental sciences.Moreover, the schools indoor athletic complex comes with gymnasiums, wrestling halls, a dance studio, free activity rooms, as well as training and weights room. Other sports facilities include a soccer field, a soccer stadium with a 400-metre track, a baseball field, three tennis courts and two swimming pools. RAS aims to prepare students for top universities in the US, with the collaboration of International Schools Services.

Iskandar Investment, Zhuoda Real Estate sign Iskandar landmark agreement

Iskandar Investment Bhd (IIB) and Beijing-based Zhuoda Real Estate Group (Zhuoda) have inked two Memorandums of Understanding (MOUs) to develop mixed residential and commercial projects in Medini, Iskandar Malaysia.

This marks the first joint venture (JV) between Medini Iskandar Malaysia Sdn Bhd, a wholly-owned subsidiary of IIB, and Zhuoda Real Estate to develop a project in Medini North, which is known as Iskandar Malaysia's leisure and tourism destination.

"Today's signing is another significant milestone for us as it is the first major investment by a Chinese property development company into Iskandar Malaysia and IIB is delighted to be the partner of choice for Zhuoda Real Estate Group as they expand their presence beyond China," said Datuk Syed Mohamed Syed Ibrahim, President and Chief Executive of IIB.

IIB said the definitive agreements are scheduled to be signed at the 3rd World Chinese Economic Forum in Kuala Lumpur, Malaysia on 3 November 2011.

To be 80 percent owned by Zhuoda, the JV company will oversee the development of the residential project situated on a 73,000 sq m site. The project is expected to attract over 23 million residents and tourists annually.

Meanwhile, the second MoU will see MoU Zhuoda's purchase of lease for the 40,000 sq m site in Medini. Total Sales Value (TSV) of the land deal is around RM70.8 million with total investment estimated at approximately RM520 million.

"Zhuoda is delighted to be the partner for IIB and the first investor from China into Medini, Iskandar Malaysia. The signing today is another monumental occasion for the strengthening of strong bilateral ties between China and Malaysia enterprises while contributing to ASEAN's continued economic growth," said Yang Han Qing, Chief Operating Officer of Zhuoda.

Medini to get RM2.6 billion condo project

Medini Iskandar Malaysia Sdn Bhd, a subsidiary of Iskandar Investment Bhd, collaborated with China's Zhuoda Real Estate Group to develop 2,600 units of luxury condominiums in Medini, Johor, according to a report by Business Times Malaysia.

To be constructed in two phases, the condominiums have a gross development value of about RM2.6 billion and are set to be completed in five years.

Considered as Zhuoda's first overseas venture, the project will be carried out by a joint-venture (JV) company known as Zhouyuan Iskandar Sdn Bhd, in which Medini Iskandar holds a 20 percent stake.

Wang Bin Wu, Chief Executive Officer of Zhouyuan Iskandar, revealed that the project is tentatively dubbed as Medini International, with construction costs ranging from RM600 million to RM700 million. He added that the group decided to invest in the area because of Medini-specific incentives such as tax exemption and the absence of sales restriction to foreigners.

Phase One, which will feature the most affordable units, will target Malaysians, Singaporeans, Chinese, Japanese and Koreans.

Moreover, Datuk Syed Mohamed Syed Ibrahim, CEO of IIB, is confident that the project will receive a good take-up rate considering the warm reception of recent property launches in Iskandar Malaysia and as more infrastructure projects are completed under the 9th Malaysian Plan.

"There is, in fact, now upside potential for new quality offerings in the market with the completion of the infrastructure projects," he said.

Medini is expected to become the central business district of Nusajaya, given its strategic location in the Nusajaya development zone.

Johor to see 40 new hotels unveiled

A total of 40 new three- to five-star hotels are scheduled for opening in Johor, with about half of the said number likely to be built in the next five years, according to The Business Times.

Responding to concerns over a potential oversupply, Tengku Ahmad Faizal, Chairman atthe Malaysian Association of Hotels (MAH) Johor Chapter believed that a perfect balance could be attained if the openings are in phases.

"Should all the hotels open according to schedule, with the opening of Legoland, followed by Hello Kitty Town, Little Big Club and LAT theme parks, room supply should be just nice," he added.

Johor's transformation into the amusement and theme park capital of Malaysia calls for extra stream of hotel rooms. Datuk Abdul Ghani Othman, Johor's Menteri Besar,noted that Johor will further build 3,000 new rooms by 2014 alone.

Apart from the three- to five-star hotel types,"what we need is all categories of accommodation. We need lower-category rooms, below the three-star category to cater to the middle- and lower middle-income groups," he added.

"With 40 hotel openings, and possibly more, everyone has to play their part in order to create awareness about Johor and to get the tourists to the state."

However, with Johor being a destination difficult to reach, more direct flights to the Senai InternationalAirport are also needed.

With the opening of international brands like Traders Hotel, Sheraton and Aman, Tengku Ahmad, Johor expects to solidify its mark in the international scene.

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New attractions in Johor to escalate tourism

Themed Attractions and Resorts (TAR) Malaysia hopes that its new projects in Johor, which will be launched later this year and in 2014, will increase tourist spending by 25 percent and length of stay by at least two days.

"The whole idea (of developing Johor) is to increase stays and spend to a more respectable level from now," said Tunku Ahmad Burhanuddin, Chief Executive Officer of TAR.

Out of the 11 new attractions to be opened in Johor, six are being developed by subsidiaries of Khazanah Nasional Bhd. In particularly, TAR will launch the Little Big Club, Hello Kitty Town and the Lat themed project at Puteri Harbour later this year; while the Ocean Splash and Ocean Quest water parks in Desaru will be opened in 2014.

These attractions are in addition to Johor's most frequented destinations in 2011 - Danga Bay, Gunung Ledang, Tebrau, Plaza Angsana and Desaru.

In an interview with Business Times Malaysia, Ahmad said, "Within the next five years, we would have made some kind of mark."

"Once we have that, the attraction becomes much more. We are now starting from ground zero. Once we get more people to come, there will be more attractions and products."

This is expected to encourage tourists to visit Johor and stay there longer, he explained, adding that TAR's Johor projects are targeting a 50:50 split between foreign and local visitors.

Much like Ocean Quest and Ocean Splash, Puteri Harbour is eyeing 500,000 visitors during its first year of operations.

Meanwhile, Legoland, which is scheduled to open in 15 September, expects to bring in one million visitors during its first year.

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