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.
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