Malaysia Film Industry set to soar with Pinewood Iskandar Malaysia Studios

Nusajaya : Malaysia film industry is set scale to soar to new heights over the next few years with a large inflow of production companies servicing it, which is expected to make Pinewood Iskandar Malaysia Studios as their base.

Iskandar Malaysia Studios Sdn Bhd CEO Michael Peter Lake said the production companies growth is in line with the government’s aspiration to further develop the creative content, digital content and communication media industries.

 “The government is very supportive of the ‘Film in Malaysia’ incentives, which is a big plus and main factor towards attracting production companies and creative content industries to flourish”.

“I am very bullish over the potential of the creative content and communication media industries within Iskandar Malaysia,” he added.

Michael Peter Lake told reporters about this after the signing ceremony between Imagica Corp and Candelon Ventures Sdn Bhd, a wholly-owned special purpose vehicle of Khazanah Nasional Bhd.

The Film in Malaysia incentive offers a 30 per cent rebate to foreign production companies that spend a minimum of RM5 million in Malaysia. Local productions companies that spend at least RM2.5 million entitled to the same benefit.

Japan-based Imagica Corp and Khazanah Nasional Berhad have formed a joint venture JV, Imagica South East Asia Sdn Bhd (Imagica SEA), to establish the first international post-production facility at Pinewood Iskandar Malaysia Studios in Iskandar Malaysia with a RM9 million investment. Imagica Corp will hold 49 per cent equity interest in Imagica SEA with the balance held by Candelon Ventures Sdn Bhd, a wholly-owned special purpose vehicle of Khazanah.

Michael Peter Lake said companies can take advantage of the fully integrated facilities within Pinewood Iskandar Malaysia Studios, which includes 5 film sound stages over 100,000 sq ft, the broadest range of post production facilities under one roof, 2 of 12,000 sq ft High Definition (HD) equipped television studios and other support devices.

Meanwhile, Imagica President Yukihiro Fujikawa said it was an exciting time to be in the region as the film industry was booming, and the company planned to tap the available potential. He said Imagica was offering comprehensive and highly creative digital content post production services as well as jobs for the transfer of technical know-how to create more skilled players in the industry.

Fujikawa said in a statement that they will target major Hollywood feature film companies and TV production companies as their post production clients, along with companies from booming Southeast Asia region. “With Japanese creativity and quality, Imagica SEA will penetrate into world market in collaboration with Pinewood Iskandar Malaysia Studios,” Fujikawa added. “As one of the leaders in Japan, Imagica SEA will promote the digital distribution for digital content holders aiming to venture out to new markets in Southeast Asia.”

Apart from post production activities, Fujikawa said the company would also commence digital distribution services such as Digital Cinema Delivery and Digital Distribution Management, alongside archiving and restoration services from its Pinewood Iskandar Malaysia Studios post production facility.

Opened last May, Pinewood Iskandar Malaysia Studios is a RM120 million joint venture between Khazanah Nasional Berhad and UK based Pinewood Studios, where J.J. Abrams’ Star Wars: Episode VII will be produced.

Pinewood Iskandar Malaysia Studios

Imagica SEA

New nodes in Iskandar Malaysia

The Federal Government recently has agreed to the creation of three more new nodes in Iskandar Malaysia with the purpose to enhance, strengthen and pushs Iskandar Malaysia development further ahead to new level. Currently Iskandar Malaysia has only one nodes, which is located at Medini in Nusajaya, Flagship B.

According to the sources told to StarBiz, the three new nodes are most likely located at the Eastern Gate Development Zone, Western Gate Development Zone and Senai-Kulai growth corridor.

The proposal was submitted by the Johor State Government and the Iskandar Regional Development Authority IRDA, and presented at a meeting held at Putrajaya chaired by Prime Minister Datuk Seri Najib Tun Razak with Johor Menteri Besar Khaled Nordin. Based on the sources, Najib was happy with the achievements and progress of the Iskandar Malaysia developments, and has agreed and approved the creation of the three new nodes in Iskandar Malaysia.

The sources said the three new nodes would further accelerate and spearhead Iskandar Malaysia into next level to become an international metropolis by 2025 as outlined under Comprehensive Development Plan CDP. The nodes will cater for different economic activities like oil and gas, education, tourism, health, and aviation.

A node refer to an area dedicated to certain activities or developments. Privileges and benefits are given for companies or investors that having projects as outlined by Johor State Government within the nodes.

Medini is the only node in Iskandar Malaysia for current stage. Medini enjoy the benefits of non restrictions on foreigner price minimum requirements and quota on the sales of property. Medini also enjoys the benefits of exemption of the property sale tax.

Iskandar Project - Tallest Tower in Iskandar Malaysia

Iskandar Malaysia fetch new iskandar project with new record high land prices after the China property developer R&F Properties. Sin-Hao Yuan Land, a property firm linked to a Singapore property developer inked a deal with Iskandar Waterfront Holdings IWH to buy six parcels commercial land totalling 15ha in land size in Danga Bay for RM1.6 billion. The commercial land is located just next to the place of upcoming S$3.2 billion township joint develop by CapitalLand Malaysia and Temasek Holdings.

At RM998 per square feet (psf), the sale set a new benchmark for commercial land transactions in Johor Bahru, beating even the landmark RM4.5 billion deal between the Johor Sultan and China’s property developer R&F Properties, which was agreed land prices of RM891 psf.

Sin-Hao Yuan Land aims to build the Malaysia tallest tower in Danga Bay as part of its iskandar project in Iskandar Malaysia. The iskandar project have total gross development value GDV of RM8 billion, comprising of high end iskandar residences, commercial and retail properties. Sin- Hao Yuan Land is linked to Singapore property developer Hao Yuan Investment, controlled by Singapore permanent resident Du Zhen Zeng.

The iskandar project  will be built by joint venture with IWH, a Malaysia property developer which have the most Johor land in Iskandar Malaysia. Sin-Hao Yuan will have 60% stake in the joint venture vehicle, Pristine Sun Properties, with IWH controlling the rest.

Sin-Hao Yuan Land said the iskandar project will feature a “the tallest iconic tower in Peninsular Malaysia and a landmark tower in Iskandar Malaysia”. However, it did not specify the height of the planned tower. Currently the tallest tower in Malaysia is the 88-storey Petronas Tower in capital of Malaysia Kuala Lumpur, at 452 meter height.

The IWH executive director Mr Lim said he expects the upscale new developments to provide long term recurring income for both parties. Sin-Hao Yuan Land’s latest plan come on the back of rising China interest in Iskandar Malaysia. China property developer Country Garden have the iskandar project with Gross Development Value of RM18 billion, Zhuoda has joint venture with Iskandar Investment Berhad IIB to joint develop iskandar project in Medini and latest purchased of commercial land by property developer R&F Properties.

Breaking record land prices in Iskandar Malaysia

Johor land prices received historical record high in transaction yesterday. Johor Sultan Ibrahim sold 6 pieces of johor land within Special Economic Zone Iskandar Malaysia with the total land coverage of 116 acres to China Guang Zhou property developer R&F Properties with the total price of RM4.5 billion ( Malaysia Dollar). The land price was transacted at RM890 per square feet, breaking the record of land prices China property developer Country Garden bought for the johor land at Danga Bay with RM363 per square feet.

According to report submitted by R&F Properties to Hong Kong Securities Exchange, it bought the johor land at Iskandar Malaysia with above land prices after negotiation with Johor Sultan Ibrahim. Report said R&F Properties will pay RM100 million as down payment, and the remaining payment will be paid within following 3 years in four time method.

The Chairman of R&F Properties Mr Li said this is the company first oversea land purchase. He mentioned that Malaysia has large Chinese population and at the same time local government implementing policies that attracting foreign property buyers, so it is very suitable for the company first foray to oversea property market. “Malaysia has strong economic fundamental and supported by huge human population, its property market has strong potential growth.”

Since the launch of Special Economic Zone Iskandar Malaysia and efforts of IRDA, Iskandar Malaysia has successfully attracted many real estate investments in Iskandar development region which supported by surrounding highly developed country like Singapore and strong economic growth and high population country like Indonesia. Since the 2008 economic crisis, the economic weigh highly and shifting from west to east and Iskandar Malaysia attractive and investor friendly environment and policies allow Iskandar Malaysia become a bright star within South East Asia region. 

R&F Properties

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