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Growing interest in Iskandar
KUALA LUMPUR: More regional and national investors are showing interest in Iskandar Investment Bhd’s (IIB) landbank in Nusajaya. President and CEO Datuk Syed Mohamed Ibrahim said at a press briefing here that there might be some ground-breaking deals in the next two to six months to the tune of RM1bil. Several Bursa-listed, Chinese, Indian and Hong Kong developers are in different stages of negotiation. A Chinese investor, with Chinese Development Bank financing, is negotiating to build a four to five-star hotel with a gross development value of RM400mil in Medini North, near Legoland.
A renowned Indian resort developer plans to build a low density premium resort in Medini South while a Hong Kong developer is negotiationg to enter a joint-venture development to build mixed residential and commercial developments. This Hong Kong project is still in the preliminary stage. “We expect interest to pick up as we go along,” Syed Mohamed said, adding that local developers were also considering having projects in Nusajaya.IIB has close to 4046.9ha in Nusajaya, with Medini taking about 902.5ha. The thrust of the work done by IIB thus far includes Medini itself which is located between the two causeways leading to Singapore. Themepark Legoland is part of Medini while Educity comprises a further 123.4ha, and Marlborough College 36.4ha.
Medini infrastructures, Legoland the themepark and education-related projects are the three main catalytic projects executed by IIB, which is 60% owned by Khazanah Nasional Bhd, while the Employees Provident Fund and Kumpulan Prasarana Rakyat Johor each has a 20% stake. IIB is responsible for bringing investments into Johor’s Iskandar Malaysia. Syed Mohamed said another parcel would be carved out for education, currently known as Educity II. The interest in education has also resulted in Raffles University setting up campus in Johor.
Source: The Star, Friday, 24 June 2011
