Casino in Johor Bahru

The news about Johor going to build resorts casino has spread widely recently. Based on the sources, Malaysia tycoon controlled Berjaya Group will build the casino inside Berjaya Waterfront once obtained the gambling license from government.

Recently Berjaya Group has purchased Johor Bahru Berjaya Waterfront. At this moment Berjaya Waterfront's retail spaces is undergoing construction and renovation. There are the rumors that it is building casino.

Based on insider source, Berjaya Group plan to have a make over renovation for the Berjaya Waterfront retail spaces and hotel, bring in up market branded shops and restaurants, and in future followed by resorts casino comprising of gambling slot machines.

Where is Berjaya Waterfront hotel and retail mall? Well, Berjaya Waterfront is the previously well known The Zone hotel and Free Tax Zone retail mall. Berjaya Waterfront is built alongside seaside of Stulang Laut, and the opposite of the sea is Singapore country. Because it is free tax zone, it draws quite a lot of local and Singaporean to there for alcohol and cigarette and food.

Local Chinese leader and merchant association believe the opening of casino can bring benefit to Johor state government and local people, stimulate the economy and job creation for more job opportunities, but cautious that government must set entry measures to Malaysian to avoid the negative gambling effects arising from casino.

Malaysia small and medium enterprise association leader said that the opening of resorts casino in Johor Bahru can bring domino effects to surrounding property market values to new height and create more job vacancy resulting in huge economic benefits in Iskandar Malaysia developments. However, government must aware of potential social problems arising from the gambling and take preventive measures.

Malaysia financial magazine "The Edge" quoted sources previously said Johor Sultan Ibrahim bought 20% market share of subsidy company of Berjaya Group, Berjaya Asset (BJASSET). Following with the purchase, news widespread about the intention of Vincent Tan, the owner of Berjaya Group is planning to develop large scale resorts casino in Johor Bahru, comprising of gambling slot machines, up market restaurants and branded retail mall to compete for market share from Singapore both Integrated Resort Marina Bay Sands and Resort WorldSentosa.

Berjaya Group

Malaysia Budget 2014 and foreigner buy property policy in Iskandar Malaysia

Malaysia government’s last month Malaysia Budget 2014 announcement to increase foreigners buy property in Malaysia entry level raised from 500 thousand Malaysia Dollar to 1 million Malaysia Dollar. However, yesterday on 8 Nov 2013 Johor State government said that government will conditional allow foreigner home buyers in purchasing Johor property under RM1 million.

According to Malaysia Chinese newspaper Sin Chew Daily Newspapers, Johor State Housing and Local Government executitive councillor Datuk Abdul Latiff Bandi mentioned that the new housing developments projects that Johor Legislative Council has approved previously will continue follow the old property purchasing policy, which refer to foreigner home buyers may buy property above Malaysia dollar 500 thousand.

Latiff Bandi attended to Malaysia Johor Real Estate and Housing Developers Association (REDHA) held’s Malaysia Housing Expo (MAPEX) and express this after being asked following the expo exhibition.

According to Malaysia Budget 2014 release last month, the plan list down that foreigner who buy property in Malaysia must purchase RM1 million and above with effective 1 Jan 2013 and the foreigner levy will be adjusted from current 10 thousand to 2% of the property price which will take effective at 1 May 2014.

Following the Malaysia Budget 2014 announcement, Johor state government is reviewing property ownership policies for overseas home buyers looking to invest in the Iskandar Malaysia areas. Property market in Iskandar Malaysia has been doubling within this few years seeing the successfully of capital in flow of real estate investments attracted by government business friendly and tax incentives given to foreign companies and corporate to set up their businesses in Iskandar Malaysia region.

Few property developer mentioned that foreigner who buy property in Johor is not many and within 10% only. This is mainly because government has other restriction in place that is reason why speculation on Johor property market is not obvious. Property developer said that they wouldn’t build over million new property to purposely available for foreigner as such property market and demand for foreigner is limited.

Malaysia Budget 2014

Why Iskandar Malaysia

Why Iskandar Malaysia 

Property market in Asia countries are booming in recent years. For some Asia countries which are in the progress of fast growing and open door policies, they are attracting a lot of foreign investors to have their business in Asia. Many foreign institutional investors and MNC companies from Europe and America have expanded their businesses and operations in Asia countries to tap into this huge economic market which are in fast growing while their own countries in Europe and America are in recession or in slow pace of growth.

With the flow of foreign direct investment and job creation from these MNC companies, many developing countries have set up special economic zone to attract and accommodate these institutional investors, MNC businesses and factory operations. Southeast Asia with the benefit of lower labor cost and operating cost has become the prime location for factory and service industry.

Iskandar Malaysia taking the advantages of its location nearby to Singapore and Indonesia, with plentiful natural resources and wide scale of plain land, lower operating cost and plentiful of skilled human resources become the top choice of special economic zone from foreign institutional investors, MNC companies and Singapore businessman.

Singapore, a well known financial, tourism, and busiest sea port in the world’s city state country, consists of 5.5 million of citizen and Indonesia has citizen of over 1 billion with full of its natural resources and plantations. The Indonesia-Malaysia-Singapore Growth Triangle (IMS-GT) was established to strengthen economic links in the region and optimize the complementary between three countries. Singapore, Indonesia and Malaysia have achieved steady and significant economic growth after the sub-prime crisis while Europe and America still in recession and slow pace of growth.

Why choose property market in Iskandar Malaysia

Economic Stability – Malaysia has enjoying steady and high growth since 1997 Asia economic crisis. Malaysia enjoy low employment rates and high job opportunities.

Politic Stability   – Malaysia is a democratic country whereby each citizen has the right to vote for their ideal party to rule the countries.

Social Stability   – Malaysia with three major ethnics and few minor tribes enjoy a peaceful and harmony society. Everyone is respecting each other, communicate and blended well in the community.

War                    – Malaysia has encounter 0 wars since 1945 with Japanese. Malaysia neutral diplomatic policies exclude Malaysia from any conflicts with other countries.

Political tension - Malaysia resolves all sovereignty disputes through international court instead of military way.

Natural disaster   – Malaysia is a blessed country with no natural disaster. Earthquake, tsunami, volcano, tornado and terrible flood are far away from us.

Weather                – Malaysia enjoy four seasons of spring weather. No drastic cool winter seasons that can kill people and extreme hot season that causes death.

Safety                    - Malaysia applies 0 weapon policies. Individuals posses weapon without license are subjected to crime and will be arrested and having heavy penalty.

Property prices and its sustainability

Education             – Education is the only way to improve and get higher salary. Malaysia policy encourages and allows all people to study or further study in universities or colleges.

Job Opportunities - Iskandar Malaysia as a special economic zone provides a lot of incentives to foreign investors. It has attracts many foreign direct investment flow in. Many foreign institutional investors, MNC companies and Singapore companies is considering to move in, have started move in or already set up their businesses and factories in Iskandar Malaysia.

Urbanisation      – Iskandar Malaysia will become third largest cities in Malaysia after capital Kuala Lumpur and Penang. Transport linkage through High Speed Rail HSR between KL and Singapore will promote Iskandar Malaysia into a mega cities and a mega region.

Malaysia My Second Home MM2H – With the complete make over of JB city center and totally new city development in Nusajaya, Iskandar Malaysia expected to attract many elderly and rich foreigners to buy property and migrate here to enjoy high standard of living with comparable lower living cost.

Global Economic Transformation – Recession in Europe and America and America stance of TPPA Trans-Pacific Partnership Agreements has lead to economic shift from western countries to Asia.

Economic Transformation Programme – Economic Transformation Programme is a comprehensive effort that will transform Malaysia into a high-income nation by the 2020.

Population       – Iskandar Malaysia expected to reach its population of 3 million in years 2020.

Globalization and mobility – With the ease of mobility and connectivity through sea, land and air, and globalization through the advance of Internet and information flow, Iskandar Malasia will attracted many quality human capitals and human resources from all over the world.

Pro business environment – Iskandar Malaysia is a special economic zone with lot of incentives and least restrictions to encourage foreign investment to establish their presence here.

Foreigner property ownership – Foreigner are allow to buy property and enjoy 100% property ownership and loan from local banks.

Land prices, raw material prices and higher salary – Three of these factors have push up the overall property prices.

Tourism and EduCity – The formation of 2 education city namely EduCity, City of Knowledge and establishment of Legoland, Hello Kitty Family Theme Park, International Resort Destination, Waterfront City, Puteri Harbour and other international well known theme park industries in future are aim to provide stable population to sustain the property market, its supply and its demand. Malaysia natural resources, multiple cultures, languages and religions, heritages and of course the foods have become Malaysia a well known top of choices tourism destination.

High Speed Rail HSR (KL-Singapore), Rapid Transit System RTS(JB-Singapore), Internal Rail Commuter, and Rapid Bus Transit RBS – The mentioned network linkage will definitely bring the Iskandar Malaysia property prices to a new height.

Singaporeans who like to enjoy foods and luxury living standard, spacious environment and Singapore PR are the biggest home buyer in Iskandar Malaysia. Malaysians who are Singapore PR are also the biggest and potential home buyers in Iskandar Malaysia. With the more mature economic market and its infrastructure, Iskandar Malaysia will become top of choices of property market from investors, investment funds, financial institutes and wealth individuals to invest, work, stay and live.