Wah very ambitious... They should just get the 1st MRT link up and running first lah...
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New developments to share
- Thread starter wuqi256
- Start date
Wah very ambitious... They should just get the 1st MRT link up and running first lah...
Robert Kuok making a big investment in iskander. Could this be the dec 11 announcement that Najib will be manking. Major boost of confidence for iskander.
Najib eyes lift from Johor deals
In Malaysia, the Kuok group has done more divestments than investments in the past few years. It is completely out of the sugar refinery business and has taken private the company involved in processing flour.
It exited the sugar refinery business in 2009 when it sold Malayan Sugar Manufacturing Company (MSM) to Felda Global Ventures Holdings Bhd. The sale of MSM came together with the disposal of its 50% stake in Kilang Gula Felda Perlis and 5,797ha of land, concluded for RM1.29 billion.
"At the time, there were several suitors for the sugar refinery business, particularly from a group controlled by Tan Sri Syed Mokhtar Al-Bukhary. But Kuok was only prepared to sell it to the Felda group," says an executive close to Felda.
Incidentally, Felda was the brainchild of Najib's father, the late Tun Abdul Razak Hussein, to alleviate the twin problems of employment and housing faced by the rural poor.
"Kuok group has expressed support for the Iskandar Malaysia initiative since the administration of former Prime Minister Tun Abdullah Ahmad Badawi. However, they have not signed anything yet," says an executive close to the group.
The executive points out that they are working on a project with Khazanah Nasional Bhd in Langkawi to develop a six-star hotel in Datai that would come under the Shangri-la Hotels franchise.
Shangri-La Hotels Bhd is one of the two prominent companies under Kuok group that is listed on Bursa Malaysia. The other is PPB Group Bhd, which is involved in plantations and the production and distribution of flour. PPB Group has a significant block in Wilmar International Ltd, which is listed in Singapore and managed by one of Kuok's nephews — Kuok Khoon Hong.
"The size of the investments by the Kuok group may be small. But it's the brand name that counts as Najib goes to the polls," says an official.
Shangri-La Hotels Bhd is one of the two prominent companies under Kuok group that is listed on Bursa Malaysia. The other is PPB Group Bhd, which is involved in plantations and the production and distribution of flour. PPB Group has a significant block in Wilmar International Ltd, which is listed in Singapore and managed by one of Kuok's nephews — Kuok Khoon Hong.
Najib eyes lift from Johor deals
In Malaysia, the Kuok group has done more divestments than investments in the past few years. It is completely out of the sugar refinery business and has taken private the company involved in processing flour.
It exited the sugar refinery business in 2009 when it sold Malayan Sugar Manufacturing Company (MSM) to Felda Global Ventures Holdings Bhd. The sale of MSM came together with the disposal of its 50% stake in Kilang Gula Felda Perlis and 5,797ha of land, concluded for RM1.29 billion.
"At the time, there were several suitors for the sugar refinery business, particularly from a group controlled by Tan Sri Syed Mokhtar Al-Bukhary. But Kuok was only prepared to sell it to the Felda group," says an executive close to Felda.
Incidentally, Felda was the brainchild of Najib's father, the late Tun Abdul Razak Hussein, to alleviate the twin problems of employment and housing faced by the rural poor.
"Kuok group has expressed support for the Iskandar Malaysia initiative since the administration of former Prime Minister Tun Abdullah Ahmad Badawi. However, they have not signed anything yet," says an executive close to the group.
The executive points out that they are working on a project with Khazanah Nasional Bhd in Langkawi to develop a six-star hotel in Datai that would come under the Shangri-la Hotels franchise.
Shangri-La Hotels Bhd is one of the two prominent companies under Kuok group that is listed on Bursa Malaysia. The other is PPB Group Bhd, which is involved in plantations and the production and distribution of flour. PPB Group has a significant block in Wilmar International Ltd, which is listed in Singapore and managed by one of Kuok's nephews — Kuok Khoon Hong.
"The size of the investments by the Kuok group may be small. But it's the brand name that counts as Najib goes to the polls," says an official.
Shangri-La Hotels Bhd is one of the two prominent companies under Kuok group that is listed on Bursa Malaysia. The other is PPB Group Bhd, which is involved in plantations and the production and distribution of flour. PPB Group has a significant block in Wilmar International Ltd, which is listed in Singapore and managed by one of Kuok's nephews — Kuok Khoon Hong.
Najib eyes lift from Johor deals
Your window to Malaysia
Thursday, 6 December 2012
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by M Shanmugam of theedgemalaysia.com on Tuesday, 04 December 2012 16:00
JOHOR'S economy is set to receive a boost this week with the signing of several property deals. This includes a plan by developer Tan Sri Lim Kang Hoo to pursue a joint development on the Johor Baru waterfront with one of China's largest property developers, Country Garden Holdings, and a project in Bandar Nusajaya by tycoon Robert Kuok.
The deals, which will be signed during Prime Minister Datuk Seri Najib Razak's visit to the state, highlight the growing international confidence in Iskandar Malaysia, particularly from groups that have been cold towards Malaysia, say government officials.
There is also a political dimension. The Najib administration is hoping the new ventures will help alter domestic perception, particularly among the Chinese community, about the government ahead of the 2013 general election that is widely expected after the Chinese New Year.
Iskandar Waterfront, a corporate vehicle controlled by Johor-based businessman Lim, is spearheading the development of the waterfront along Johor Baru and the central business district. Its joint venture with Country Garden Properties (M) Sdn Bhd, a unit of Country Garden Holdings, will represent the first injection of foreign capital into the Danga Bay waterfront development that covers more than 4,000 acres.
But analysts say it is the return of tycoon Kuok to his home state of Johor that will grab public attention because it will give the development at the southern tip of the peninsular a stamp of approval as it seeks to position itself as a cheaper alternative to Singapore.
"It marks the first time Kuok group is carrying out such an initiative in Bandar Nusajaya. It has minor investments, such as the Traders Hotel, but this signing will be an endorsement of a significant property development," says an executive close to UEM Land Holdings Bhd.
In Malaysia, the Kuok group has done more divestments than investments in the past few years. It is completely out of the sugar refinery business and has taken private the company involved in processing flour.
It exited the sugar refinery business in 2009 when it sold Malayan Sugar Manufacturing Company (MSM) to Felda Global Ventures Holdings Bhd. The sale of MSM came together with the disposal of its 50% stake in Kilang Gula Felda Perlis and 5,797ha of land, concluded for RM1.29 billion.
"At the time, there were several suitors for the sugar refinery business, particularly from a group controlled by Tan Sri Syed Mokhtar Al-Bukhary. But Kuok was only prepared to sell it to the Felda group," says an executive close to Felda.
Incidentally, Felda was the brainchild of Najib's father, the late Tun Abdul Razak Hussein, to alleviate the twin problems of employment and housing faced by the rural poor.
"Kuok group has expressed support for the Iskandar Malaysia initiative since the administration of former Prime Minister Tun Abdullah Ahmad Badawi. However, they have not signed anything yet," says an executive close to the group.
The executive points out that they are working on a project with Khazanah Nasional Bhd in Langkawi to develop a six-star hotel in Datai that would come under the Shangri-la Hotels franchise.
Shangri-La Hotels Bhd is one of the two prominent companies under Kuok group that is listed on Bursa Malaysia. The other is PPB Group Bhd, which is involved in plantations and the production and distribution of flour. PPB Group has a significant block in Wilmar International Ltd, which is listed in Singapore and managed by one of Kuok's nephews — Kuok Khoon Hong.
"The size of the investments by the Kuok group may be small. But it's the brand name that counts as Najib goes to the polls," says an
Your window to Malaysia
Thursday, 6 December 2012
Font-size: A | A | A
by M Shanmugam of theedgemalaysia.com on Tuesday, 04 December 2012 16:00
JOHOR'S economy is set to receive a boost this week with the signing of several property deals. This includes a plan by developer Tan Sri Lim Kang Hoo to pursue a joint development on the Johor Baru waterfront with one of China's largest property developers, Country Garden Holdings, and a project in Bandar Nusajaya by tycoon Robert Kuok.
The deals, which will be signed during Prime Minister Datuk Seri Najib Razak's visit to the state, highlight the growing international confidence in Iskandar Malaysia, particularly from groups that have been cold towards Malaysia, say government officials.
There is also a political dimension. The Najib administration is hoping the new ventures will help alter domestic perception, particularly among the Chinese community, about the government ahead of the 2013 general election that is widely expected after the Chinese New Year.
Iskandar Waterfront, a corporate vehicle controlled by Johor-based businessman Lim, is spearheading the development of the waterfront along Johor Baru and the central business district. Its joint venture with Country Garden Properties (M) Sdn Bhd, a unit of Country Garden Holdings, will represent the first injection of foreign capital into the Danga Bay waterfront development that covers more than 4,000 acres.
But analysts say it is the return of tycoon Kuok to his home state of Johor that will grab public attention because it will give the development at the southern tip of the peninsular a stamp of approval as it seeks to position itself as a cheaper alternative to Singapore.
"It marks the first time Kuok group is carrying out such an initiative in Bandar Nusajaya. It has minor investments, such as the Traders Hotel, but this signing will be an endorsement of a significant property development," says an executive close to UEM Land Holdings Bhd.
In Malaysia, the Kuok group has done more divestments than investments in the past few years. It is completely out of the sugar refinery business and has taken private the company involved in processing flour.
It exited the sugar refinery business in 2009 when it sold Malayan Sugar Manufacturing Company (MSM) to Felda Global Ventures Holdings Bhd. The sale of MSM came together with the disposal of its 50% stake in Kilang Gula Felda Perlis and 5,797ha of land, concluded for RM1.29 billion.
"At the time, there were several suitors for the sugar refinery business, particularly from a group controlled by Tan Sri Syed Mokhtar Al-Bukhary. But Kuok was only prepared to sell it to the Felda group," says an executive close to Felda.
Incidentally, Felda was the brainchild of Najib's father, the late Tun Abdul Razak Hussein, to alleviate the twin problems of employment and housing faced by the rural poor.
"Kuok group has expressed support for the Iskandar Malaysia initiative since the administration of former Prime Minister Tun Abdullah Ahmad Badawi. However, they have not signed anything yet," says an executive close to the group.
The executive points out that they are working on a project with Khazanah Nasional Bhd in Langkawi to develop a six-star hotel in Datai that would come under the Shangri-la Hotels franchise.
Shangri-La Hotels Bhd is one of the two prominent companies under Kuok group that is listed on Bursa Malaysia. The other is PPB Group Bhd, which is involved in plantations and the production and distribution of flour. PPB Group has a significant block in Wilmar International Ltd, which is listed in Singapore and managed by one of Kuok's nephews — Kuok Khoon Hong.
"The size of the investments by the Kuok group may be small. But it's the brand name that counts as Najib goes to the polls," says an
UEM Land kicking off Nusajaya’s next growth stage
Your window to Malaysia
Thursday, 6 December 2012
Font-size: A | A | A
by theedgemalaysia.com on Thursday, 06 December 2012 01:11
UEM Land Holdings BHd
(Dec 5, RM2.13)
Maintain buy at RM2.08 with a target price of RM2.54: UEM Land has made multiple announcements relating to developments in Gerbang Nusajaya:
(i) a joint venture agreement with Fastrack Autosports Pte Ltd to develop a Motorsport City over approximately 109.2ha of land;
(ii) a MoU) with Chinamall Holdings Pte Ltd for the development of a trade and exhibition centre;
(iii) A collaborative agreement (CA) between UEM, Iskandar Investment Bhd (IIB) and Telekom Malaysia Bhd (TM) on the provision of communication and ICT infrastructure and telecommunication services; and
(iv) a CA between UEM, IIB, TM, Centios Co Ltd and Cisco Systems International BV (Cisco) to provide smart city and smart building infrastructure and services, the establishment of a managed services operating company and the establishment of a global innovation centre.
The equity ratio of the joint venture with Fastrack to develop Motorsport City will be 30:70 (UEM: Fastrack). The total gross development value (GDV) of the project is about RM3.5 billion. It includes showrooms, automotive retail, workshops, a 5km test track, go-kart track and other automotive-related trades and activities. The emphasis will be on “4S”, sales, service, spare parts and system.
The company has not decided on the proportion of components to be sold or kept as investment properties. About 30% of the total GDV is residential, mainly serviced apartments.
We believe Motorsport City will play the same role as the recent joint-venture with another Singapore company, Ascendas Group, to build an industrial development at Gerbang Nusajaya. Both projects will increase industry and commercial activities at Gerbang Nusajaya, the next flagship development in Nusajaya.
The MoU with Chinamall Holdings covers the building of the China Mall, catering mainly for traders from China. UEM will build the mall and lease it out to Chinamall Holdings as the master tenant. China Mall Holdings will operate, manage and promote the mall.
The operating and management concept will be benchmarked against the 150,000 sq m Dragon Mart in Dubai, United Arab Emirates, which China Mall Holdings opened in 2004. China Mall is part of the Asia Trade Centre, which in the future will have malls of a similar concept for products from other Asian countries.
The CA with IIB and TM for the provision of communication and ICT infrastructure and telecommunication services include Internet, high-speed broadband, wireless connectivity via WiFi and other value-added services. UEM also entered into a CA with IIB, TM and Centios to participate in the establishment of a managed services operating company for the proposed “smart and connected” Nusajaya project.
Motorsport City and the joint venture development with Ascendas Group (signed in August this year) will kick start the development of Gerbang Nusajaya. The two projects have a combined GDV of RM 7.2 billion with total land size of 319.2ha. Based on previous management guidance, total GDV of Gerbang Nusajaya which spans 1,821ha is RM18 billion. The two recent joint venture agreements’ combined GDV suggest there is further upside for the total GDV of Gerbang Nusajaya.
Legoland, Johor Premium Outlets, family indoor theme park and colleges in Educity are the high impact projects completed in time for the tipping point of Iskandar in 2012. We view the China Mall and Motorsport City as the continuation of these projects. The improved ICT infrastructure will enable UEM to offer the smart building and house concept to their developments in Nusajaya, a similar concept to Horizon Hills.
We are positive on UEM’s latest announcements despite some being still in the feasibility stage. We are maintaining our “buy” recommendation with an unchanged target price of RM2.54. We ascribe a price-earnings ratio (PER) of 28 times against financial year 2013 earnings per share of 9.1 sen. The PER of 28 times is 1.25 standard deviation below its two-year average PER. — MIDF Research, Dec 5
Your window to Malaysia
Thursday, 6 December 2012
Font-size: A | A | A
by theedgemalaysia.com on Thursday, 06 December 2012 01:11
UEM Land Holdings BHd
(Dec 5, RM2.13)
Maintain buy at RM2.08 with a target price of RM2.54: UEM Land has made multiple announcements relating to developments in Gerbang Nusajaya:
(i) a joint venture agreement with Fastrack Autosports Pte Ltd to develop a Motorsport City over approximately 109.2ha of land;
(ii) a MoU) with Chinamall Holdings Pte Ltd for the development of a trade and exhibition centre;
(iii) A collaborative agreement (CA) between UEM, Iskandar Investment Bhd (IIB) and Telekom Malaysia Bhd (TM) on the provision of communication and ICT infrastructure and telecommunication services; and
(iv) a CA between UEM, IIB, TM, Centios Co Ltd and Cisco Systems International BV (Cisco) to provide smart city and smart building infrastructure and services, the establishment of a managed services operating company and the establishment of a global innovation centre.
The equity ratio of the joint venture with Fastrack to develop Motorsport City will be 30:70 (UEM: Fastrack). The total gross development value (GDV) of the project is about RM3.5 billion. It includes showrooms, automotive retail, workshops, a 5km test track, go-kart track and other automotive-related trades and activities. The emphasis will be on “4S”, sales, service, spare parts and system.
The company has not decided on the proportion of components to be sold or kept as investment properties. About 30% of the total GDV is residential, mainly serviced apartments.
We believe Motorsport City will play the same role as the recent joint-venture with another Singapore company, Ascendas Group, to build an industrial development at Gerbang Nusajaya. Both projects will increase industry and commercial activities at Gerbang Nusajaya, the next flagship development in Nusajaya.
The MoU with Chinamall Holdings covers the building of the China Mall, catering mainly for traders from China. UEM will build the mall and lease it out to Chinamall Holdings as the master tenant. China Mall Holdings will operate, manage and promote the mall.
The operating and management concept will be benchmarked against the 150,000 sq m Dragon Mart in Dubai, United Arab Emirates, which China Mall Holdings opened in 2004. China Mall is part of the Asia Trade Centre, which in the future will have malls of a similar concept for products from other Asian countries.
The CA with IIB and TM for the provision of communication and ICT infrastructure and telecommunication services include Internet, high-speed broadband, wireless connectivity via WiFi and other value-added services. UEM also entered into a CA with IIB, TM and Centios to participate in the establishment of a managed services operating company for the proposed “smart and connected” Nusajaya project.
Motorsport City and the joint venture development with Ascendas Group (signed in August this year) will kick start the development of Gerbang Nusajaya. The two projects have a combined GDV of RM 7.2 billion with total land size of 319.2ha. Based on previous management guidance, total GDV of Gerbang Nusajaya which spans 1,821ha is RM18 billion. The two recent joint venture agreements’ combined GDV suggest there is further upside for the total GDV of Gerbang Nusajaya.
Legoland, Johor Premium Outlets, family indoor theme park and colleges in Educity are the high impact projects completed in time for the tipping point of Iskandar in 2012. We view the China Mall and Motorsport City as the continuation of these projects. The improved ICT infrastructure will enable UEM to offer the smart building and house concept to their developments in Nusajaya, a similar concept to Horizon Hills.
We are positive on UEM’s latest announcements despite some being still in the feasibility stage. We are maintaining our “buy” recommendation with an unchanged target price of RM2.54. We ascribe a price-earnings ratio (PER) of 28 times against financial year 2013 earnings per share of 9.1 sen. The PER of 28 times is 1.25 standard deviation below its two-year average PER. — MIDF Research, Dec 5
This is a summary of the projects announced the last few days.
RM46b projects for Johor
Your window to Malaysia
Thursday, 6 December 2012
by M Shanmugam of theedgemalaysia.com on Wednesday, 05 December 2012 01:50
JOHOR BARU: A RM3.5 billion facility to cater for regional motoring enthusiasts is one of a slew of development agreements, amounting to more than RM46 billion, unveiled yesterday for Iskandar Malaysia and Danga Bay.
The Motorsports City project, which will be built on a 270-acre tract near the Tuas Second Link, will be jointly developed by FASTrack Autosports Pte Ltd, a company controlled by Singapore billionaire Peter Lim and UEM Land Holdings Bhd, a Khazanah Nasional Bhd-controlled company.
The facility will cater for all car companies. It will have a 4.5km test track, dubbed the “Nurburging of Iskandar Malaysia”, that will be Formula 1-compliant and designed by an internationally acclaimed track designer.
Apart from the track, the area will also have an integrated mixed commercial development to house service centres, car showrooms, a spare parts and accessories hub and centres to enhance and upgrade cars.
Lim, a former remisier who is now an investor in several companies including McLaren Automotive, said the F1 track is not meant to compete with the existing facilities in Sepang and Singapore.
“The idea is not to build an F1 track to compete with the existing tracks. This track is to cater for motoring enthusiasts and car companies. I believe we can build a sound business model with the competitive cost structure and availability of labour,” he told a press conference after the exchange of documents in conjunction with the World Islamic Economic Forum.
UEM Land Bhd managing director and CEO Datuk Wan Abdullah Wan Ibrahim said it is hoped the race track will be completed by 2016. The facilities will include a bonded warehouse for cars.
When completed, Motorsports City, which is 70% owned by FAStrack Automotive and 30% by UEM Land, will have about 8.25 million sq ft of gross floor area and create employment for more than 5,000 people.
The other major deals signed yesterday were:
(i) Country Garden Holdings Co Ltd, a China-based developer acquired a 11ha piece of waterfront land in Danga Bay for RM900 million;
(ii) Sunway Bhd’s Sunway City Sdn Bhd is buying 779.07 acres in Pendas, Nusajaya, through a joint venture with Iskandar Investment Bhd (IIB) for RM412.7million or RM12.16 per sq ft;
(iii) a MoU between UEM Land and Chinamall Holding Pte Ltd to develop a China trade and exhibition centre in Nusajaya;
(iv) a collaborative agreement between UEM Land and Telekom Malaysia Bhd (TM) for the provision of communication and ICT infrastructure to realise a connected Nusajaya; and (v) a memorandum of collaboration among UEM Land, IIB, TM, Cisco Systems International BV and Centios Co Ltd to establish a Global Innovation Centre.
Wan Abdullah said UEM Land and Chinamall are looking at signing a definitive agreement within the next six months.
According to UEM Land’s statement, the trade mall will cater mainly to merchants from China.
UEM Land will grant a lease of the mall to Chinamall Holding to operate it as a master tenant with the operating and management concept to be benchmarked against the Dragon Mart in Dubai, United Arab Emirates.
Sunway’s tie-up with IIB for the acquisition of 779.07 acres of land is expected to generate an estimated gross development value (GDV) of RM12 billion over 17 years.
The acquisition was in addition to the 691 acres acquired a year ago, bringing Sunway’s total development land in Johor to 1,558 acres, with a potential GDV of RM25 billion. Sunway is one of the largest land owners in Iskandar.
“In Johor we want to reach new frontiers. This is to be the most exuberant, exciting and exceptional integrated township,” said founder and chairman of Sunway group Tan Sri Jeffrey Cheah in a statement.
At a separate event, Iskandar Waterfront Holdings Bhd (IWH) major shareholder Tan Sri Lim Kang Hoo signed an agreement to divest 55 acres of waterfront land to Country Garden Holdings Co Ltd.
This article first appeared in The Edge Financial Daily, on Dec 5, 2012.
RM46b projects for Johor
Your window to Malaysia
Thursday, 6 December 2012
by M Shanmugam of theedgemalaysia.com on Wednesday, 05 December 2012 01:50
JOHOR BARU: A RM3.5 billion facility to cater for regional motoring enthusiasts is one of a slew of development agreements, amounting to more than RM46 billion, unveiled yesterday for Iskandar Malaysia and Danga Bay.
The Motorsports City project, which will be built on a 270-acre tract near the Tuas Second Link, will be jointly developed by FASTrack Autosports Pte Ltd, a company controlled by Singapore billionaire Peter Lim and UEM Land Holdings Bhd, a Khazanah Nasional Bhd-controlled company.
The facility will cater for all car companies. It will have a 4.5km test track, dubbed the “Nurburging of Iskandar Malaysia”, that will be Formula 1-compliant and designed by an internationally acclaimed track designer.
Apart from the track, the area will also have an integrated mixed commercial development to house service centres, car showrooms, a spare parts and accessories hub and centres to enhance and upgrade cars.
Lim, a former remisier who is now an investor in several companies including McLaren Automotive, said the F1 track is not meant to compete with the existing facilities in Sepang and Singapore.
“The idea is not to build an F1 track to compete with the existing tracks. This track is to cater for motoring enthusiasts and car companies. I believe we can build a sound business model with the competitive cost structure and availability of labour,” he told a press conference after the exchange of documents in conjunction with the World Islamic Economic Forum.
UEM Land Bhd managing director and CEO Datuk Wan Abdullah Wan Ibrahim said it is hoped the race track will be completed by 2016. The facilities will include a bonded warehouse for cars.
When completed, Motorsports City, which is 70% owned by FAStrack Automotive and 30% by UEM Land, will have about 8.25 million sq ft of gross floor area and create employment for more than 5,000 people.
The other major deals signed yesterday were:
(i) Country Garden Holdings Co Ltd, a China-based developer acquired a 11ha piece of waterfront land in Danga Bay for RM900 million;
(ii) Sunway Bhd’s Sunway City Sdn Bhd is buying 779.07 acres in Pendas, Nusajaya, through a joint venture with Iskandar Investment Bhd (IIB) for RM412.7million or RM12.16 per sq ft;
(iii) a MoU between UEM Land and Chinamall Holding Pte Ltd to develop a China trade and exhibition centre in Nusajaya;
(iv) a collaborative agreement between UEM Land and Telekom Malaysia Bhd (TM) for the provision of communication and ICT infrastructure to realise a connected Nusajaya; and (v) a memorandum of collaboration among UEM Land, IIB, TM, Cisco Systems International BV and Centios Co Ltd to establish a Global Innovation Centre.
Wan Abdullah said UEM Land and Chinamall are looking at signing a definitive agreement within the next six months.
According to UEM Land’s statement, the trade mall will cater mainly to merchants from China.
UEM Land will grant a lease of the mall to Chinamall Holding to operate it as a master tenant with the operating and management concept to be benchmarked against the Dragon Mart in Dubai, United Arab Emirates.
Sunway’s tie-up with IIB for the acquisition of 779.07 acres of land is expected to generate an estimated gross development value (GDV) of RM12 billion over 17 years.
The acquisition was in addition to the 691 acres acquired a year ago, bringing Sunway’s total development land in Johor to 1,558 acres, with a potential GDV of RM25 billion. Sunway is one of the largest land owners in Iskandar.
“In Johor we want to reach new frontiers. This is to be the most exuberant, exciting and exceptional integrated township,” said founder and chairman of Sunway group Tan Sri Jeffrey Cheah in a statement.
At a separate event, Iskandar Waterfront Holdings Bhd (IWH) major shareholder Tan Sri Lim Kang Hoo signed an agreement to divest 55 acres of waterfront land to Country Garden Holdings Co Ltd.
This article first appeared in The Edge Financial Daily, on Dec 5, 2012.
Chinese developer land size is 22 hectare.
JOHOR BAHRU, Malaysia - Chinese property developer Country Garden Holdings Co Ltd formalized on Tuesday a deal to buy a 22-hectare prime waterfront land in southern Malaysia's Johor state for almost one billion ringgit ($328.6 million).
The purchase was the largest single investment to date in the Iskandar Waterfront development opposite of Singapore.
Country Garden plans to build a luxury clubhouse, a 10,000-unit high end condominium and service apartment, a commercial tower and a shopping mall over the next 10 years in a project worth 18 billion ringgit ($5.9 billion).
"The investment that would take place in Danga Bay is a mirror of the success based on public-private partnership and success that attracted a partner from China that is highly-capable to materialize such giant project," Malaysian prime minister Najib Razak said as he witnessed Country Garden signing the acquisition agreement with Iskandar Waterfront Holdings Sdn Bhd, the master developer of the land.
Country Garden, one of the top ten developers in China, was listed as one of the 50 biggest companies in Asia by Forbes last year.
Phase one of the project will begin early next year and is expected to complete by 2014.
"They are the pioneers in this real estate field and I know some other developers from China are also studying the possibility of coming into Malaysia. The signing ceremony today I believe would encourage other developers and other entrepreneurs to come to invest in Malaysia," Chinese ambassador to Malaysia Chai Xi told reporters after the signing ceremony.
That was Country Garden's third project in Malaysia as it aggressively expands in a burgeoning property market that has been drawing strong interest from abroad.
"Our team has been performing very well in China as we are capable in terms of finance, branding and management. We make Malaysia our first stop in the overseas and when our projects here pans out well we plan to take it to more places across the country and to other countries," President and executive director of Country Garden, Mo Bin said.
Iskandar Waterfront is part of Iskandar Malaysia, a development spearheaded by state investment fund Khazanah Nasional that attracted the first Legoland theme park in Asia, UK-based Pinewood Studios and several UK universities such as Newcastle and Southampton to open their campuses here.
JOHOR BAHRU, Malaysia - Chinese property developer Country Garden Holdings Co Ltd formalized on Tuesday a deal to buy a 22-hectare prime waterfront land in southern Malaysia's Johor state for almost one billion ringgit ($328.6 million).
The purchase was the largest single investment to date in the Iskandar Waterfront development opposite of Singapore.
Country Garden plans to build a luxury clubhouse, a 10,000-unit high end condominium and service apartment, a commercial tower and a shopping mall over the next 10 years in a project worth 18 billion ringgit ($5.9 billion).
"The investment that would take place in Danga Bay is a mirror of the success based on public-private partnership and success that attracted a partner from China that is highly-capable to materialize such giant project," Malaysian prime minister Najib Razak said as he witnessed Country Garden signing the acquisition agreement with Iskandar Waterfront Holdings Sdn Bhd, the master developer of the land.
Country Garden, one of the top ten developers in China, was listed as one of the 50 biggest companies in Asia by Forbes last year.
Phase one of the project will begin early next year and is expected to complete by 2014.
"They are the pioneers in this real estate field and I know some other developers from China are also studying the possibility of coming into Malaysia. The signing ceremony today I believe would encourage other developers and other entrepreneurs to come to invest in Malaysia," Chinese ambassador to Malaysia Chai Xi told reporters after the signing ceremony.
That was Country Garden's third project in Malaysia as it aggressively expands in a burgeoning property market that has been drawing strong interest from abroad.
"Our team has been performing very well in China as we are capable in terms of finance, branding and management. We make Malaysia our first stop in the overseas and when our projects here pans out well we plan to take it to more places across the country and to other countries," President and executive director of Country Garden, Mo Bin said.
Iskandar Waterfront is part of Iskandar Malaysia, a development spearheaded by state investment fund Khazanah Nasional that attracted the first Legoland theme park in Asia, UK-based Pinewood Studios and several UK universities such as Newcastle and Southampton to open their campuses here.
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All this deals is making JB property more and more expensive to Johorean.
Johorean may have more job opportunity with slightly higer pay; but their pay will never allow them to buy a roof in JB if the boom go to the max. And inflation will creep in and Johorean will eventually live paycheck to paycheck and found out that foreigners and corporations now own JB and not them.
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It's déjà vu for Singaporeans...
Younger people like me never had the opportunity to profit from SG's property mkt. I see an opportunity of a lifetime in Iskandar..,
Younger people like me never had the opportunity to profit from SG's property mkt. I see an opportunity of a lifetime in Iskandar..,
even now Iskandar is pricing out small time investors ... need to turn to older developments instead
It is a natural progression when development take place. It is just like in Kuala Lumpur, the well to do migrants and foreigners snap up all the properties and drove the prices up. I bought a link house in Subang Jaya cost only RM140k n 1992, today for the same house which is 20 year old, blocked pipes, leaky roofs, old tiles cost RM600k. A decent condo cost easily RM1.0m these days.
Young graduates will never be able to afford to buy houses in urban areas. Not with their pay nor EPF contribution. Slowly the locals would be force out of their hometowns. They will be forced to rent the houses which they could buy then but not now.
The saying goes "Time and tide does not wait for anyone" In this case is "New properties also do not wait for any man"
Young graduates will never be able to afford to buy houses in urban areas. Not with their pay nor EPF contribution. Slowly the locals would be force out of their hometowns. They will be forced to rent the houses which they could buy then but not now.
The saying goes "Time and tide does not wait for anyone" In this case is "New properties also do not wait for any man"
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I recall reading an article that mentioned it was Robert Kuok who introduced/recommended Iskandar to the Walker Gp chairman which led to the Aussie gp's investment in Senibong Cove. I won't be surprised in Kuok teams up with Walker this time on another development, since Walker was quoted to be interested in developing another project in Iskandar.
Do not be fearful Johorean; buy a place as soon as possible ; as affordable to you as possible.
Do not let this train leave without you......... and this train is leaving very very soon.
You will look back 3 to 5 years from today wondering why you did not buy when it is at $X00,000. Just like Singaporean kicking themself when 3 rooms HDB only cost $128,000 in 2004.
3-5 years later; we will dare not ask you to buy as the price will be truely unaffordable; and anything we says will be like "rubbing salt into your wound".
You can see Hong Kong citizens doing road march opposing high property price...... but have you wonder why they did not buy during 1997 and SARS during 2003/4.
I know my friend did not buy because he say "he want to wait for it to drop further". And now in 2012 when Hong Kong property is up 400%; I think my friend miss a chance of a lifetime just to wait for a home to drop a further 10-20%.
How sad........:(
Do not let this train leave without you......... and this train is leaving very very soon.
You will look back 3 to 5 years from today wondering why you did not buy when it is at $X00,000. Just like Singaporean kicking themself when 3 rooms HDB only cost $128,000 in 2004.
3-5 years later; we will dare not ask you to buy as the price will be truely unaffordable; and anything we says will be like "rubbing salt into your wound".
You can see Hong Kong citizens doing road march opposing high property price...... but have you wonder why they did not buy during 1997 and SARS during 2003/4.
I know my friend did not buy because he say "he want to wait for it to drop further". And now in 2012 when Hong Kong property is up 400%; I think my friend miss a chance of a lifetime just to wait for a home to drop a further 10-20%.
How sad........:(
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Currently, the average Johorean can only buy at outskirts districts like tampoi, masai etc and outside Iskandar due to the high housing price. Unless a major development happens around there, the house value is likely stay stagnant or at most increase marginally. No issue if own stay but investment wise, not much return
Just buy.....do not bother about location.....as long as it is affordable.
I know a lady whom work in Singapore and bought a terrace (Kluang JB) for around RM125,000. It is now RM180,000 after 1 year. I told her you probably see it hitting RM250,000 pretty soon; the only worry I have for her is that "she sold to book "PROFIT"".
Remember there is "NO Profit" if you sold and need to buy back. You only have profit when you sell and still have 1 more to live in.
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I agree. Jb now is like KL in 2008.
doesn't matter what location, just buy in 2008 and all turn out to appreciate even for place like rawang, kajang, klang, shah alam...etc, which distance wise is even further from KL center than places like masai and tampoi to JB center.
Correction: Land cost 375psf RM
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Funny lor , land cost 975 psf , how much to sell after they built up that place ? Sometime , these reporters damn screw up one , anyhow give wrong info .
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