May 2012 news.... Good for developments in JB central.
http://www.starproperty.my/PropertyScene/TheStarOnlineHighlightBox/21369/0/0
Johor Mid Valley City land to cost RM259mil
PETALING JAYA: IGB Corp Bhd has agreed on a price of RM259mil or RM165 per sq ft with Selia Pantai Sdn Bhd for three parcels of leasehold land measuring 36 acres in Plentong, Johor.The land is for a proposed Mid Valley City-type mixed development, via a joint venture between IGB Corp and Selia Pantai.IGB Corp will have a 70% stake in the joint venture, with the balance owned by Selia Pantai.IGB Corp will fund its 70% portion of the project via internal funds and bank borrowings.IGB Corp told Bursa Malaysia that no valuation was carried out on the land, which is owned by Selia Pantai.The purchase price was arrived at on a willing-buyer-willing-seller basis, after considering factors such as the prevailing market value of properties in the same vicinity and surrounding infrastructure.
http://biz.thestar.com.my/news/story.asp?file=/2012/3/29/business/11008006&sec=business
Thursday March 29, 2012
Johor’s own Mid Valley City
KUALA LUMPUR: The proposed Mid Valley City-type mixed development in Johor Baru, via a joint venture between*IGB Corp Bhd*and*Selia Pantai Sdn Bhd, is expected to take four to five years, and has a tentative gross development value of RM6bil.“Tentatively, the project will have a gross development cost of RM2bil to RM3bil. It took us 15 years to get Mid Valley City to what it is today. Hopefully, it will take us only half that time with the Johor project,” said IGB Corp group*managing director Robert Tan.IGB Corp, the developer of Mid Valley City in Kuala Lumpur, has entered into a conditional memorandum of understanding (MoU) with Selia Pantai for the joint venture.Johor Menteri Besar*Datuk Abdul Ghani Othman, who witnessed the MoU signing, said the project would complement other developemnts in the Iskandar Malaysia economic growth corridor.From left: Tan, IGB Corp chairman Tan Sri Abu Talib Othman, Selia Pantai MD Datuk Mohamed Zaini Amran, Ghani and Kumpulan Prasarana Rakyat Johor Sdn Bhd chief Executive officer Johar Salim Yahaya looking at a model of the proposed Southkey Megamall in Johor Baru.A joint-venture company called*Southkey Megamall Sdn Bhd*will be set up to acquire three parcels of leasehold land measuring 36 acres for the project within the 300-acre Southkey development in Johor Baru.Selia Pantai is the Southkey developer and is a public-private partnership between the*Selia Group*and the Johor government viaKumpulan Prasarana Rakyat Johor Sdn Bhd (KPRJ).IGB Corp will have a 70% stake in Southkey Megamall, with the balance owned by Selia Pantai.Southkey is located within the Johor Baru city flagship zone A of Iskandar Malaysia and is accessible via five-minute drive from the Sultan Iskandar Customs, Immigration and Quarantine (CIQ) complex as well as via Jalan Tebrau, Jalan Bakar Batu and the Eastern Dispersal Link.Tan said it was a great location for the proposed Southkey Megamall.“It is not easy to find a location like this. We are bullish on the Johor market. There are many things happening in Iskandar Malaysia,” he said.He said Selia Pantai had approached IGB Corp about six months ago with the proposal for the project, which is planned to have a retail mall as well as hotels, serviced apartments and offices.The proposed Southkey Megamall will have six million sq ft of space, and will include a net lettable area of 1.5 million sq ft, with about 7,000 carparks and can accomodate two major anchor tenants as well as 400 to 500 retail outlets.IGB Corp will fund its portion of the project via internal funds and bank borrowings.According to Tan, another six to nine months will be needed to do studies as well as resolve planning approvals and other issues pertaining to the project.“We hope to start construction in 2013. This is our first project in Johor. we are always on the lookout for opportunities. We want to look in the north also. Ideally, we want to have Mid Valley City-type developments in the south, central and north (Penang),” he said.
