CUT AND KEEP
FEB 21, 2014
The
>Modest state tometropolis,
the
Sun
explores the
dynamismbeing infusedby IskandarMalaysia
Iskandar
blueprint
I
skandar
Malaysia
(formerly known as the
Iskandar Development
Region) is influencing an
economic and social renaissance
bringing Johor into the limelight.
Business operators once
complained about declining
income and opportunities while
entrepreneurs and tradesmen
lamented that most “Johorians”
preferred crossing the causeway
to sample the entertainment
options of Singapore.
Today, Johor presents a
radically altered scenario. From
professionally-run casinos and
hotels, to exciting, attractive
commercial and shopping
complexes plus family-oriented
entertainment hotspots
attempting to rival Resorts
World Sentosa andUniversal
Studios Singapore.
the early days
For decades, Johor has been the
dual “gateway” which leads out
to Singapore and allows ingress
intoMalaysia. Even foreigners
refer toMalaysia’s southern
state as the place “next to
Singapore”. While locals and
travellers have simply “passed
through”
Darul Ta’zim
(or
Abode of Dignity as translated
from its Arabic honorific),
feng
shui
masters predicted that
“Johor would end upwith
positive ramifications”. They
reasoned that the state which
has higher landmass than
Singapore, will allowpositive
“
qi
” to flow to Singapore. As this
positive energy flow reaches its
“peak”, it will simultaneously
begin benefitting Johor.
So, has Singapore achieved its
peak? If so, is 2014 going to
be the year when prosperity in
Johor is enhanced, further
accelerated by IskandarMalaysia?
real estate vista
With all the past hype and
reassuring predictions, there are
still opposing views whether the
property scene in the Iskandar
Region, better known now as
IskandarMalaysia, will thrive in
2014. While some say “good times”
have come and gone, others are still
optimistic and excited and ready to
invest, if not already.
Our Singaporean neighbours
have not wasted time. While some
have alreadymade considerable
acreage accruals, others have, by
now, cashed in on their land deals.
The Chinese and other nationals, as
well as locals, havemarked their
plots across expansive real estate
divisions with blueprints for “the
highest tower” and themost
facilitated and luxury-filled
townships and entertainment spots.
Foreign investors have alsomade
headwaywith their vested interests,
even after the announcement of the
raisedminimumpurchase price for
local property this year.
With the twomajor rail projects
in progress down south, many
notable real estate developers have
jumped onto the bandwagon. Some
have already launched their state-
of-the-art property showcases and
projects withmore to come, while
others are in the offing.
in the beginning
The five economic drivers of
IskandarMalaysia are:
A) Johor Baru City Centre,
B) Nusajaya,
C)WesternGate Development,
D) EasternGate Development and
E) Senai-Skudai.
These economic zones within
IskandarMalaysia were the result
of a 2005 government requested
feasibility study called the
ConceptualisedOutline Plan.
It was carried out by Khazanah
Nasional for the proposed South
Johor Economic Region (SJER).
The study reported that the
development of such zones
would greatly benefit the nation
economically, socially and
developmentally. Khazanah then
came upwith the Comprehensive
Development Plan (CDP),
amore comprehensive plan, to
work the SJER initiative. Under
the CDP, a strategic framework
was designed to develop Iskandar
Malaysia to become a strong,
sustainablemetropolis of
international standing.
The Iskandar Regional
Under the corridor and city
transformation plan for Iskandar
Malaysia, three key result areas
(KRAs) were identified:
• tomake IskandarMalaysia a safe
and secure place to invest, work,
live and play in,
• to enhance liveability through a
comprehensive, integrated and
sustainable urban transportation
system, and
• to rejuvenate and revitalise JBCity
as a heritage and cultural city
which attracts vibrant activities
and population.
With the IskandarMalaysia
Corridor &City Transformation
Programme and the KRAs in
progress, the entire landscape of
IskandarMalaysia has undertaken a
transformation.
According to
plan, the programme aspires to
providemore job and
investment opportunities and
createmore economic and
liveability projects, with the aim
of increasing gross national
income.
Adjusting in line with
these changes, the real estate and
property development scene down
south, especially in the Iskandar
region, has metamorphosed.
“IskandarMalaysia still remains
one of the best spots for property
buyers and investors,” saysMCT
Group’s executive director of
finance andmarketing Datuk Soo
Kai Chee. “Undoubtedly, it is the
best ever andmost successful
economic corridor in the history of
Malaysia. With the international
catalyst andmega developments
continuing to pour in, I believe the
demand for properties will continue
to escalate, especially in the specific
flagship zones whichwill surely
transform IskandarMalaysia into an
international
metropolis,”
he adds.
Johor is the
fifth largest state
(by land area) in
Malaysia. With
property
construction and
development
bustling down
south in the
peninsular,
followour series
of articles with
views from
industry
professionals
and some
notable projects
in the southern-
most state’s
Iskandar region.
Development Authority
(IRDA), aMalaysian Federal
Government statutory body,
was created and taskedwith
the objective of regulating and
driving various stakeholders in
the public and private sectors
towards realising the Iskandar
Malaysia vision. While the 9th
Malaysia Plan embarked on
initiatives to promote a
balanced regional development
and accelerate growth in
designated geographic areas,
the 10thMalaysia Plan advanced
on this, prioritising and further
accelerating the development of
urban conurbations.
A programme was
conceptualised by PrimeMinister
Datuk Seri Najib Tun Razak, called
the Corridor &City Transformation
Programme. It was meticulously
crafted to strengthen the economy
and enhance the quality of life in
major corridor cities inMalaysia.
the programme focuses on five
corridors, (in addition to the
Greater KL/Klang Valley
development) which are:
1) Georgetown and the Northern
Corridor Implementation
Authority (NCIA);
2) Johor Bahru and Iskandar
Regional Development Authority
(IRDA) for IskandarMalaysia;
3) Kuantan and East Coast
Economic RegionDevelopment
Council (ECERDC) for ECER;
4)KuchingandRegionalCorridor
DevelopmentAuthority
(RECODA)forSarawakCorridorof
RenewableEnergy(SCORE);and
5) Kota Kinabalu and Sabah
Economic Development and
Investment Authority (SEDIA)
for (SDC)
Please email
your feedback
and queries to:
propertyqs@
thesundaily.com
Interesting facts
• Iskandar Malaysia covers a land
size of 2,217 sq. km.
• It is three times the size of
Singapore and
• 48 times the size of Putrajaya.
• It was officially launched on
Nov 4, 2006.
• The Financial Times-owned
fDI magazine
has ranked
Iskandar Malaysia as the 4th
best investment destination
for Global Free Zone of the
Future 2012/2013.
FLAGSHIP
JB CITY CENTRE
FLAGSHIP
NUSAJAYA
FLAGSHIP
WESTERNGATEDEVELOPMENT
FLAGSHIP
EASTERNGATEDEVELOPMENT
FLAGSHIP
SENAI – SKUDAI
BERNAMAPIX
