Jurong Country Club (JCC) in Jurong East selected as KL-Singapore HSR Terminus in Singapore
The Singapore Government announced today that the Kuala Lumpur-Singapore High Speed Rail (HSR) terminus will be located at the current site of Jurong Country Club in Jurong East.
The terminus will take up about 12 hectares, or about 20 per cent of the Jurong Country Club site. Jurong Country Club has total land area of 67 hectares.
In a joint statement issued by the Land Transport Authority (LTS) and Singapore Land Authority and Urban Redevelopment Authority, the site will also be comprehensively re-developed for new mixed-use developments including offices, retails, hotels, shops and community facilities to serve Jurong residents, HSR passengers and visitors.
At the 6th Singapore-Malaysia Leaders’ Retreat on May 5, Prime Minister Lee Hsien Loong announced that the HSR terminus in Singapore would be located in Jurong East.
This is in line with the Government’s vision to develop Jurong into a second Central Business District and as a new gateway to Singapore.
The Jurong Country Club site is ideal due to its high connectivity, with close proximity to the existing two MRT lines (East-West and North-South Lines) at Jurong East MRT station, new MRT lines (the Jurong Region Line and Cross Island Line) being planned around the area, as well as the future integrated transport hub in Jurong East.
The terminus will also be located close to Jurong Gateway, which is already shaping up well as a vibrant mixed-use precinct.
Hence, the terminus location is compatible with the surrounding land uses, and well-supported by infrastructure and amenities.
Kuala Lumpur-Singapore High Speed Rail Ticket Price
Users of the Kuala Lumpur-Singapore high-speed rail can expect to pay around S$90 (RM240) each way once the line connecting the Malaysian capital to the republic is complete, according to estimates from transportation experts.
Polled by The Straits Times in Singapore, they suggested that KL-Singapore HSR expected ticket price could be between S$80 and S$90 in each direction, and said it was unlikely that prices will be low enough that the average office worker could expect to afford a daily commute between both destinations.
“I have great difficulty believing that the price of a ticket will be at a rate that regular workers can afford for daily commute,” Nanyang Technological University transport economist Walter Theseira told the Singaporean newspaper.
Theseira cited as example the 345-km Taipei-Kaohsiung high-speed rail line — of comparable distance to the KL-Singapore HSR link — which charges NT$1,630 (RM190) per trip as a likely benchmark for ticket prices.
Another analyst, National University of Singapore transport expert Lee Der Horng also predicted a low capacity for the high speed rail line, expecting it to be able to carry no more than 80 people in its 12-carriage trains.
Industry observers told the ST that the high speed rail link may also use budget plane tickets as a yardstick for its own prices, and is likely to adopt the fluctuating price model used by airlines that change according to low and peak periods.
The rail line is likely to boost tourism between the neighbours — Singapore is already Malaysia’s biggest source of tourist arrivals — as Ngee Ann Polytechnic tourism lecturer Michael Chiam said it will encourage more day trippers.
Malaysia and Singapore agreed to the high speed rail link between the two capitals following a retreat between Malaysian Prime Minister Datuk Seri Najib Razak and his Singaporean counterpart, Lee Hsien Loong, in 2013.
The planned high-speed rail link is expected to cover 300 kilometres between Singapore and Kuala Lumpur, and cut travel time to just 90 minutes.
It was initially expected to be completed by 2020, but both countries have since said that the deadline must be “reassessed”; industry experts expect that it will take another two years from the original date before the line is operational.
Seven stops have been identified in Malaysia, namely Kuala Lumpur, Putrajaya, Seremban, Ayer Keruh, Batu Pahat, Muar and Nusajaya.
The project’s actual cost has not been announced, but reports have placed it as possibly ranging from US$8 billion to US$ 24 billion (RM24 billion to RM72 billion).
Japan has been actively lobbying to be a partner in the Malaysia-Singapore high-speed rail project, but other countries such as China and South Korea are said to have approached Malaysia as well.
Tuesday, 12 May 2015
Tuesday, 5 May 2015
Malaysia and Singapore government back success of KL-Singapore high speed rail HSR project
SINGAPORE, May 5 — Singapore prime minister Lee Hsien Loong and his Malaysian counterpart Datuk Seri Najib Razak have reaffirmed that both countries are fully committed to the success of the high speed rail (HSR) project linking the republic and Kuala Lumpur.
In a joint statement released after the Singapore-Malaysian Leaders’ Retreat here, however, both leaders said the project’s initial completion target of 2020 needed to be re-assessed given the scale and complexity of the project.
The HSR is the first of its kind in the region and has received considerable attention, both domestically and internationally, with many countries offering to share their experience and expertise for the project.
Both leaders are encouraged by the support and attention from the global community, and looked forward to further progress on this game-changing iconic project, which will boost connectivity, facilitate travel between Kuala Lumpur and Singapore, whilst enhancing business linkages, and improve people to people ties.
Noting the steady progress on the project, the leaders said that agreements had been reached on the dual co-located Customs, Immigration and Quarantine (CIQ) configuration, the frequency bands to be reserved for HSR operations, as well as locating the depot and stabling facilities in Malaysia.
Meanwhile, Lee announced that the Singapore HSR terminus will be sited at Jurong East, which dovetails with Singapore’s overall plans to transform the area into its second Central Business District.
Touching on Iskandar Malaysia, both leaders reaffirmed the strategic importance of the region for both countries and welcomed the progress made by the Work Groups under the Joint Ministerial Committee for Iskandar Malaysia (JMC).
They took note of the decision by the JMC to conduct a study on Causeway congestion with a view to exploring measures to further enhance connectivity between the two countries.
Both Leaders commended the efforts by the Immigration Work Group of the JMC to reduce congestion at the Causeway and the Singapore-Malaysia Second Link while taking security requirements into account.
Both countries have committed to reducing congestion and have taken steps to achieve this.
The statement said Singapore is automating all motorcycle counters at the Woodlands and Tuas Checkpoints by the end of 2016, compared to about a quarter currently.
Automated counters at the Singapore checkpoint will speed up motorcycle immigration clearance by up to 30 per cent and help reduce congestion for all checkpoint users.
Malaysia is studying the introduction of RFID (Radio Frequency ID) stickers in passports for Malaysian motorcyclists to allow for faster self-clearance at the Causeway.
According to the statement, both sides are also working towards increasing daily laden train services between Johor Baharu and Woodlands Train Checkpoint.
In addition, Singapore is also developing a BioScreen project to capture and tag biometric identifiers of visitors to facilitate immigration clearance at the Singapore checkpoints.
The leaders also welcomed the signing of the Supplemental Agreement to the Agreement for the Construction and Operation of a Ferry Terminal and the Operation of a Ferry Service between Peninsular Malaysia and Singapore.
They stressed the importance of strengthening bilateral economic cooperation, and discussed the opportunities and challenges in business and industrial cooperation, noting the good progress made by the Industrial Cooperation Work Group (ICWG) under the JMC.
They affirmed the benefits to Iskandar Malaysia from cooperation in manufacturing and other industrial activities, and looked forward to the holistic and comprehensive development of Iskandar Malaysia by leveraging on the complementarities between Iskandar Malaysia and Singapore.
The leaders called on the ICWG to continue its efforts to strengthen the Singapore-Malaysia ecosystem through approaching companies with synergistic investment linkages across both countries, particularly in advanced materials engineering, electronics, creative services, and food industries.
The Leaders agreed to work together to realise the full implementation of the ASEAN Economic Community (AEC) measures before the end of the year and to further deepen economic integration beyond 2015. — Bernama
Source: http://www.themalaymailonline.com/malaysia/article/malaysia-singapore-back-success-of-high-speed-rail-project
In a joint statement released after the Singapore-Malaysian Leaders’ Retreat here, however, both leaders said the project’s initial completion target of 2020 needed to be re-assessed given the scale and complexity of the project.
The HSR is the first of its kind in the region and has received considerable attention, both domestically and internationally, with many countries offering to share their experience and expertise for the project.
Both leaders are encouraged by the support and attention from the global community, and looked forward to further progress on this game-changing iconic project, which will boost connectivity, facilitate travel between Kuala Lumpur and Singapore, whilst enhancing business linkages, and improve people to people ties.
Noting the steady progress on the project, the leaders said that agreements had been reached on the dual co-located Customs, Immigration and Quarantine (CIQ) configuration, the frequency bands to be reserved for HSR operations, as well as locating the depot and stabling facilities in Malaysia.
Meanwhile, Lee announced that the Singapore HSR terminus will be sited at Jurong East, which dovetails with Singapore’s overall plans to transform the area into its second Central Business District.
Touching on Iskandar Malaysia, both leaders reaffirmed the strategic importance of the region for both countries and welcomed the progress made by the Work Groups under the Joint Ministerial Committee for Iskandar Malaysia (JMC).
They took note of the decision by the JMC to conduct a study on Causeway congestion with a view to exploring measures to further enhance connectivity between the two countries.
Both Leaders commended the efforts by the Immigration Work Group of the JMC to reduce congestion at the Causeway and the Singapore-Malaysia Second Link while taking security requirements into account.
Both countries have committed to reducing congestion and have taken steps to achieve this.
The statement said Singapore is automating all motorcycle counters at the Woodlands and Tuas Checkpoints by the end of 2016, compared to about a quarter currently.
Automated counters at the Singapore checkpoint will speed up motorcycle immigration clearance by up to 30 per cent and help reduce congestion for all checkpoint users.
Malaysia is studying the introduction of RFID (Radio Frequency ID) stickers in passports for Malaysian motorcyclists to allow for faster self-clearance at the Causeway.
According to the statement, both sides are also working towards increasing daily laden train services between Johor Baharu and Woodlands Train Checkpoint.
In addition, Singapore is also developing a BioScreen project to capture and tag biometric identifiers of visitors to facilitate immigration clearance at the Singapore checkpoints.
The leaders also welcomed the signing of the Supplemental Agreement to the Agreement for the Construction and Operation of a Ferry Terminal and the Operation of a Ferry Service between Peninsular Malaysia and Singapore.
They stressed the importance of strengthening bilateral economic cooperation, and discussed the opportunities and challenges in business and industrial cooperation, noting the good progress made by the Industrial Cooperation Work Group (ICWG) under the JMC.
They affirmed the benefits to Iskandar Malaysia from cooperation in manufacturing and other industrial activities, and looked forward to the holistic and comprehensive development of Iskandar Malaysia by leveraging on the complementarities between Iskandar Malaysia and Singapore.
The leaders called on the ICWG to continue its efforts to strengthen the Singapore-Malaysia ecosystem through approaching companies with synergistic investment linkages across both countries, particularly in advanced materials engineering, electronics, creative services, and food industries.
The Leaders agreed to work together to realise the full implementation of the ASEAN Economic Community (AEC) measures before the end of the year and to further deepen economic integration beyond 2015. — Bernama
Source: http://www.themalaymailonline.com/malaysia/article/malaysia-singapore-back-success-of-high-speed-rail-project
Tuesday, 14 April 2015
Malaysia’s Data Hub in Iskandar to accelerate datacentre industry growth
Multimedia Development Corporation, Performance Management and Delivery Unit , Johor Corporation and the Iskandar Regional Development Authorityhave made two key announcements on Malaysia’s cloud services and datacentre industry: Malaysia’s 2014 datacentre industry performance and the new Data Hub in Sedenak, a 700-acre area, earmarked in the Iskandar Region for local and global datacentre companies.
The announcements were officiated by YBhg Dato’ Sri Ahmad Shabery Bin Cheek, Minister of Communications and Multimedia Malaysia, in the presence of YBhg Senator Dato’ Sri Idris Jala, Chief Executive Officer of PEMANDU, YBhg Dato’ Yasmin Mahmood, Chief Executive Officer of MDeC, Engku Ahmad Kamel, Director of Economics and Investment, representing IRDA and Ibrahim Bin Abdul Samad, Managing Director, Property Services, representing JCorp.
“In the data economy, creating wealth requires the skill of an alchemist. It is about selecting, sifting through, separating, combining, cleansing and purifying the almost unlimited amount of raw data to produce the ‘gold’ that provides value for businesses, people and the nation. In other words, management of this abundant resource will be key for countries and companies that aspire to surge ahead,” said YBhg Dato’ Sri Ahmad Shabery Bin Cheek.
Speaking at the press conference YBhg Senator Dato’ Sri Idris Jala, Chief Executive Officer of PEMANDU said, “Through the Economic Transformation Programme, the Data Centre industry will continue to be supported by the Government. The past five years has brought great progress in the Data Centre ecosystem, and I look forward in seeing exciting projects coming to fruition within the next five years.”
The Malaysian Cloud Services and Data Centre industry is marked by broad trends of expansion, efficiency and consolidation in 2014. The industry recorded RM795mil in revenue for 2014, a 26% growth from RM630mil in 2013. Exports grew from 7% to 18%.
Key industry sectors that contributed to the industry revenue include the federal government (29%), banking and financial (19%), and content and technology (17%).There was also growth in High-value Data Centre Services such as Managed Services that accounts for 50% of the total revenue, a 20% increase from 2013.
“Growth in the data centre industry showcases a positive development and confidence from local and global investors in Malaysia. We are targeting the industry to grow by 15% to RM915mil by end of 2015,” said YBhg. Dato’ Yasmin Mahmood.
Building on the encouraging performance results of the industry, the new Data Hub in Sedenak is set to meet the region’s rising demand for datacentre space and services. The hub is equipped with robust, state-of-the-art infrastructure; supported by high capacity power and reliable connectivity; and comes with friendly cloud and datacentre policies.
“Cloud services and data centre is a key sector identified to contribute to the national gross income. With the new Data Hub, we aim to attract high value investments from top cloud services and data centre providers to Malaysia, to further accelerate the growth of industry and position Malaysia as a world-class data hub in the region,” said YBhg Dato’ Yasmin Mahmood.
The Data Hub will create a healthy ecosystem for local businesses to scale their capabilities and competencies with knowledge sharing from established data centre players. The hub will also contribute to the development of sustainable communities where future generations can continue to thrive and expand.
YBhg Datuk Ismail Ibrahim, Chief Executive Officer of IRDA said, “We will continue to support these data centre initiatives as part of Iskandar Malaysia’s efforts to provide state-of-the-art ICT infrastructure and connectivity under our Smart City Framework.
“We would like to thank MDeC, as the lead agency developing and promoting the datacentre industry, for their advice, support and promotion of Sedenak as a prime location for the Data Hub. We are confident that our location is conducive and strategic in supporting data centre infrastructure for the Data Hub,” said YBhg Dato’ Kamaruzzaman Abu Kassim, President and Chief Executive Officer of JCorp.
The Data Centre Task Force consisting of MDeC, MIDA and PEMANDU will continue to work together with Johor partners, IRDA and JCorp, to further develop the cloud services and data centre ecosystem and industry towards positioning Malaysia as a world class data hub in the region.
Source: http://www.datacentres.com/dc-news/malaysia%E2%80%99s-data-hub-iskandar-accelerate-datacentre-industry-growth
The announcements were officiated by YBhg Dato’ Sri Ahmad Shabery Bin Cheek, Minister of Communications and Multimedia Malaysia, in the presence of YBhg Senator Dato’ Sri Idris Jala, Chief Executive Officer of PEMANDU, YBhg Dato’ Yasmin Mahmood, Chief Executive Officer of MDeC, Engku Ahmad Kamel, Director of Economics and Investment, representing IRDA and Ibrahim Bin Abdul Samad, Managing Director, Property Services, representing JCorp.
“In the data economy, creating wealth requires the skill of an alchemist. It is about selecting, sifting through, separating, combining, cleansing and purifying the almost unlimited amount of raw data to produce the ‘gold’ that provides value for businesses, people and the nation. In other words, management of this abundant resource will be key for countries and companies that aspire to surge ahead,” said YBhg Dato’ Sri Ahmad Shabery Bin Cheek.
Speaking at the press conference YBhg Senator Dato’ Sri Idris Jala, Chief Executive Officer of PEMANDU said, “Through the Economic Transformation Programme, the Data Centre industry will continue to be supported by the Government. The past five years has brought great progress in the Data Centre ecosystem, and I look forward in seeing exciting projects coming to fruition within the next five years.”
The Malaysian Cloud Services and Data Centre industry is marked by broad trends of expansion, efficiency and consolidation in 2014. The industry recorded RM795mil in revenue for 2014, a 26% growth from RM630mil in 2013. Exports grew from 7% to 18%.
Key industry sectors that contributed to the industry revenue include the federal government (29%), banking and financial (19%), and content and technology (17%).There was also growth in High-value Data Centre Services such as Managed Services that accounts for 50% of the total revenue, a 20% increase from 2013.
“Growth in the data centre industry showcases a positive development and confidence from local and global investors in Malaysia. We are targeting the industry to grow by 15% to RM915mil by end of 2015,” said YBhg. Dato’ Yasmin Mahmood.
Building on the encouraging performance results of the industry, the new Data Hub in Sedenak is set to meet the region’s rising demand for datacentre space and services. The hub is equipped with robust, state-of-the-art infrastructure; supported by high capacity power and reliable connectivity; and comes with friendly cloud and datacentre policies.
“Cloud services and data centre is a key sector identified to contribute to the national gross income. With the new Data Hub, we aim to attract high value investments from top cloud services and data centre providers to Malaysia, to further accelerate the growth of industry and position Malaysia as a world-class data hub in the region,” said YBhg Dato’ Yasmin Mahmood.
The Data Hub will create a healthy ecosystem for local businesses to scale their capabilities and competencies with knowledge sharing from established data centre players. The hub will also contribute to the development of sustainable communities where future generations can continue to thrive and expand.
YBhg Datuk Ismail Ibrahim, Chief Executive Officer of IRDA said, “We will continue to support these data centre initiatives as part of Iskandar Malaysia’s efforts to provide state-of-the-art ICT infrastructure and connectivity under our Smart City Framework.
“We would like to thank MDeC, as the lead agency developing and promoting the datacentre industry, for their advice, support and promotion of Sedenak as a prime location for the Data Hub. We are confident that our location is conducive and strategic in supporting data centre infrastructure for the Data Hub,” said YBhg Dato’ Kamaruzzaman Abu Kassim, President and Chief Executive Officer of JCorp.
The Data Centre Task Force consisting of MDeC, MIDA and PEMANDU will continue to work together with Johor partners, IRDA and JCorp, to further develop the cloud services and data centre ecosystem and industry towards positioning Malaysia as a world class data hub in the region.
Source: http://www.datacentres.com/dc-news/malaysia%E2%80%99s-data-hub-iskandar-accelerate-datacentre-industry-growth
Saturday, 4 April 2015
RM20 VEP for Singapore cars
JOHOR BARU: Come Aug 1 2015, foreign vehicles entering Malaysia through the Causeway here and the Second Link Expressway in Tanjung Kupang, Gelang Patah, will have to pay the vehicle entry permit (VEP) fee.
Deputy Transport Minister Datuk Abdul Aziz Kaprawi said the proposed RM20 VEP rate would remain as it was seen to be “appropriate at this point of time”.
He said there were several issues that needed to be fine-tuned before implementing the VEP, hence the postponement from June to August.
“Among the aspects that we have to look into are the installation of the gentries at the entry points in Johor Baru and the procurement process,” Abdul Aziz told reporters after flagging off the Funride and Criterium run.
The event was held in conjunction with the coronation of Sultan Ibrahim Ibni Sultan Iskandar which was held on a grand scale on March 23.
He said the Government also planned to extend the VEP to entry points on the northern states for foreign vehicles entering Malaysia from Thailand.
“This will be implemented for next year,” Abdul Aziz said.
“Foreign vehicles entering Johor Baru have to pay the VEP daily.
“There won’t be any exemption like what is being done in Singapore (no fee is collected on weekends and public holidays).”
On Aug 1, 2014, Singapore increased the VEP fee for foreign vehicles entering the republic from RM51 (S$20) to RM90 (S$35) daily.
The republic had also raised the Goods Vehicle Permit from RM26 (S$10) to RM103 (S$40).
Source: www.thestar.com.my/News/Nation/2015/04/05/RM20-VEP-for-Singapore-cars/
Deputy Transport Minister Datuk Abdul Aziz Kaprawi said the proposed RM20 VEP rate would remain as it was seen to be “appropriate at this point of time”.
He said there were several issues that needed to be fine-tuned before implementing the VEP, hence the postponement from June to August.
“Among the aspects that we have to look into are the installation of the gentries at the entry points in Johor Baru and the procurement process,” Abdul Aziz told reporters after flagging off the Funride and Criterium run.
The event was held in conjunction with the coronation of Sultan Ibrahim Ibni Sultan Iskandar which was held on a grand scale on March 23.
He said the Government also planned to extend the VEP to entry points on the northern states for foreign vehicles entering Malaysia from Thailand.
“This will be implemented for next year,” Abdul Aziz said.
“Foreign vehicles entering Johor Baru have to pay the VEP daily.
“There won’t be any exemption like what is being done in Singapore (no fee is collected on weekends and public holidays).”
On Aug 1, 2014, Singapore increased the VEP fee for foreign vehicles entering the republic from RM51 (S$20) to RM90 (S$35) daily.
The republic had also raised the Goods Vehicle Permit from RM26 (S$10) to RM103 (S$40).
 |
| VEP fee for Singapore cars entering Malaysia |
Source: www.thestar.com.my/News/Nation/2015/04/05/RM20-VEP-for-Singapore-cars/
Saturday, 14 March 2015
Iskandar Malaysia Secures RM26.77 Billion New Investments In Year 2014
JOHOR
BAHARU, March 10 – Iskandar Malaysia secured RM26.77 billion in new investments
last year, bringing the total cumulative committed investments amount to
RM158.3 billion since 2006. It gained 1.8 billion of new investments on 4th
quarter of 2014.
In 2013, the Iskandar Malaysia new investments were
RM25.05 billion.
Iskandar Regional Development Authority chief executive,
Datuk Ismail Ibrahim, said of the total of cumulative committed investments,
RM77.07 billion or 49 per cent, represented investments that had been realised.
He said
the figure showed that Iskandar Malaysia continued to do well despite the
challenges facing the global economy.
“It
also shows the confidence in Iskandar Malaysia, especially among local
investors, with domestic investments making up RM101.14 billion, or 64 per
cent, of the total cumulative committed investments to date,” Ismail said in a
statement here Tuesday.
From the total cumulative committed investments, 36 per
cent or RM56.99 billion was came from foreign investors.
From
January until September last year, top foreign investors were Singapore, US,
Spain, Japan and China.
With
such huge investments, Ismail said, they would bring ample business
opportunities for entrepreneurs and small and medium enterprises SME as well as
creating more jobs opportunities in Iskandar Malaysia.
In 2014
alone, a total of 651,536 jobs have been created in Johor from various sectors
in Iskandar Malaysia including manufacturing, hospitality, food and beverage,
and education, he said.
Ismail
said with the launch of the enhanced Iskandar Malaysia Comprehensive
Development Plan (CDPii) by the second quarter of this year, investors and
stakeholders may also get an insight into the outlook and opportunities in
Iskandar Malaysia as it moved into its third phase towards maturity in 2025.
“The
CDPii encompasses several aspects related to the environment, economy and
social development strategies for Iskandar Malaysia, an inclusive plan that
would benefit the communities in Iskandar region,” he said.
Source: www.star.com
Wednesday, 21 January 2015
China-based Greenland enters into RM2.4b land transaction with Malaysia's IWCB
PETALING JAYA: At a time when there is an increased level of cautiousness in the Johor property scene, a Chinese developer has inked an RM2.4bil deal with Iskandar Waterfront City Bhd (IWCB) to acquire 128 acres of land, a value that underscores one of the highest land transactions in the Iskandar region to-date.
A subsidiary of Shanghai-based state developer Greenland Holdings Group Ltd has established a joint venture (JV) with IWCB unit Southern Crest Development Sdn Bhd (SCD) to buy the land, which is mostly submerged, from IWCB for a sum of RM2.4bil.
The RM2.4bil deal works out to about RM430 per sq ft, which property consultants said set the benchmark for property prices in that area as there had not been any transaction of that size in that area previously. Most previous transactions were at Danga Bay, which is at the Causeway and near the Second Link.
The agreement is to acquire property and undertake the development and construction of a mixed development comprising commercial and residential components in Plentong, Johor Baru, via a special-purpose vehicle, Greenland Tebrau Sdn Bhd (GTSB).
Together, Greenland and Johor state government-linked company IWCB will develop an RM3bil new waterfront city on the land in Tebrau Bay.
The transaction comes amidst an environment where there are concerns of an oversupply of high-end condominiums in Johor. This has been evidenced by a lacklustre response from buyers for property launches in the Puteri Harbour area in the Iskandar Development region.
Iskandar Development is the authority overseeing the development of an area measuring 200,000ha in South Johor.
There are several companies undertaking the development, with UEM Sunrise Bhd being a key player. However, the recent poor take-up rate for the high-end condominium market was seen in a project at Tanjung Puteri Cove.
Apart from a vast hinterland waiting to be developed, more land is being reclaimed on the Straits of Johor near the Second Link, adding more supply of land for development.
This is particularly from the approval given to a JV between Country Garden Holdings Ltd and Kumpulan Prasarana Rakyat Johor (KPRJ) to reclaim and develop 1,368ha of land on the Straits of Johor to develop what is termed as the Forest City project that will be carried out on four man-made islands over a 30-year period.
In IWCB’s filing yesterday, it said its unit SCD would hold a 20% equity interest in GTSB, while Greenland Malaysia Real Estate Operator Sdn Bhd (GL) would hold the remaining 80%.
GL is a wholly owned subsidiary of Greenland Hong Kong Investment Group Ltd, which, in turn, is a 60%-owned subsidiary of the Greenland group.
KGV International Property Consultant executive director Samuel Tan said while more details were needed to determine if the deal was fair, it sent a strong signal to the investment market that Iskandar Malaysia was still a destination for property development in the long run.
“Development by foreign players is not confined to the usual Danga Bay, Medini Iskandar Malaysia and Nusajaya. This is good, as it will result in a more balanced geographical growth within Iskandar Malaysia,” he added.
It is learnt that IWCB chose the Greenland group, which is one of China’s biggest developers, because of its experience in building a city over a long term.
Already, some 13 local and foreign companies are actively involved in developing Iskandar Waterfront City in Danga Bay with a cumulative gross development value of RM125bil on the western corridor, which stretches from Johor Baru to Nusajaya.
“I now want to develop the Eastern Corridor of Johor Baru, stretching from Tebrau Bay to Pasir Gudang,” said Johor Mentri Besar Datuk Seri Mohamed Khaled Nordin in a statement.
Khaled envisions the Eastern Corridor to be South-East Asia’s new lifestyle destination, much like Australia’s Gold Coast.
The urban development of Tebrau Waterfront City will span a 15-year period and will feature a snow world theme park, an opera house, a hospital specialising in Chinese traditional medicine and a school.
“I welcome their long-term strategic interest to jointly transform Johor Baru into a modern international waterfront city and destination,” Khaled said.
IWCB is a listed entity which is 47%-owned by Johor-based Iskandar Waterfront Holdings Sdn Bhd (IWH). The Johor Government, via state investment arm KPRJ, has 40%.
The JV would enable IWH to leverage on its Chinese partner’s strength in mixed commercial development, including high-end hotels and residential towers, to reshape its waterfront land in Danga Bay and Tebrau Bay.
“We’ve undertaken urban development in over 80 cities throughout China. We’re keen to share the experience with IWH as our long-term JV partner and help transform Iskandar Malaysia into an international destination,” said Greenland group executive vice-chairman Xu Jing.
This is Greenland’s second investment in Iskandar Malaysia.
In April 2014, Greenland signed an agreement with IWH to jointly develop 13.6 acres in Danga Bay for RM600mil, comprising an RM2.2bil integrated mixed-property project, which includes the recently launched Jade Palace luxury condominiums.
Source: http://www.thestar.com.my/
A subsidiary of Shanghai-based state developer Greenland Holdings Group Ltd has established a joint venture (JV) with IWCB unit Southern Crest Development Sdn Bhd (SCD) to buy the land, which is mostly submerged, from IWCB for a sum of RM2.4bil.
The RM2.4bil deal works out to about RM430 per sq ft, which property consultants said set the benchmark for property prices in that area as there had not been any transaction of that size in that area previously. Most previous transactions were at Danga Bay, which is at the Causeway and near the Second Link.
The agreement is to acquire property and undertake the development and construction of a mixed development comprising commercial and residential components in Plentong, Johor Baru, via a special-purpose vehicle, Greenland Tebrau Sdn Bhd (GTSB).
Together, Greenland and Johor state government-linked company IWCB will develop an RM3bil new waterfront city on the land in Tebrau Bay.
The transaction comes amidst an environment where there are concerns of an oversupply of high-end condominiums in Johor. This has been evidenced by a lacklustre response from buyers for property launches in the Puteri Harbour area in the Iskandar Development region.
Iskandar Development is the authority overseeing the development of an area measuring 200,000ha in South Johor.
There are several companies undertaking the development, with UEM Sunrise Bhd being a key player. However, the recent poor take-up rate for the high-end condominium market was seen in a project at Tanjung Puteri Cove.
Apart from a vast hinterland waiting to be developed, more land is being reclaimed on the Straits of Johor near the Second Link, adding more supply of land for development.
This is particularly from the approval given to a JV between Country Garden Holdings Ltd and Kumpulan Prasarana Rakyat Johor (KPRJ) to reclaim and develop 1,368ha of land on the Straits of Johor to develop what is termed as the Forest City project that will be carried out on four man-made islands over a 30-year period.
In IWCB’s filing yesterday, it said its unit SCD would hold a 20% equity interest in GTSB, while Greenland Malaysia Real Estate Operator Sdn Bhd (GL) would hold the remaining 80%.
GL is a wholly owned subsidiary of Greenland Hong Kong Investment Group Ltd, which, in turn, is a 60%-owned subsidiary of the Greenland group.
KGV International Property Consultant executive director Samuel Tan said while more details were needed to determine if the deal was fair, it sent a strong signal to the investment market that Iskandar Malaysia was still a destination for property development in the long run.
“Development by foreign players is not confined to the usual Danga Bay, Medini Iskandar Malaysia and Nusajaya. This is good, as it will result in a more balanced geographical growth within Iskandar Malaysia,” he added.
It is learnt that IWCB chose the Greenland group, which is one of China’s biggest developers, because of its experience in building a city over a long term.
Already, some 13 local and foreign companies are actively involved in developing Iskandar Waterfront City in Danga Bay with a cumulative gross development value of RM125bil on the western corridor, which stretches from Johor Baru to Nusajaya.
“I now want to develop the Eastern Corridor of Johor Baru, stretching from Tebrau Bay to Pasir Gudang,” said Johor Mentri Besar Datuk Seri Mohamed Khaled Nordin in a statement.
Khaled envisions the Eastern Corridor to be South-East Asia’s new lifestyle destination, much like Australia’s Gold Coast.
The urban development of Tebrau Waterfront City will span a 15-year period and will feature a snow world theme park, an opera house, a hospital specialising in Chinese traditional medicine and a school.
“I welcome their long-term strategic interest to jointly transform Johor Baru into a modern international waterfront city and destination,” Khaled said.
IWCB is a listed entity which is 47%-owned by Johor-based Iskandar Waterfront Holdings Sdn Bhd (IWH). The Johor Government, via state investment arm KPRJ, has 40%.
The JV would enable IWH to leverage on its Chinese partner’s strength in mixed commercial development, including high-end hotels and residential towers, to reshape its waterfront land in Danga Bay and Tebrau Bay.
“We’ve undertaken urban development in over 80 cities throughout China. We’re keen to share the experience with IWH as our long-term JV partner and help transform Iskandar Malaysia into an international destination,” said Greenland group executive vice-chairman Xu Jing.
This is Greenland’s second investment in Iskandar Malaysia.
In April 2014, Greenland signed an agreement with IWH to jointly develop 13.6 acres in Danga Bay for RM600mil, comprising an RM2.2bil integrated mixed-property project, which includes the recently launched Jade Palace luxury condominiums.
Source: http://www.thestar.com.my/
Monday, 22 December 2014
Malaysia will charge RM20 VEP fee for foreign registered vehicles from Singapore
Malaysia will implement the charge of RM20 (S$7.60) in vehicle entry permits (VEP) for foreign-registered vehicles coming in from Singapore from around the middle of next year.
Deputy Transport Minister Abdul Aziz Kaprawi said the imposition of the fee was approved by Prime Minister Najib Razak in July and was planned to take place in January.However, the VEP’s implementation has been postponed due to the needs for detailed preparations to be done, especially the installation of special devices at the two entry-points in the state.
“The Transport Ministry is working out details of the VEP’s implementation at the two entry-points in Johor, which is the Causeway and the Second Link, before it is enforced,” said Abdul Aziz Kaprawi.
A round trip to Malaysia using the Causeway now costs about $13.10 – more than five times the cost before changes of toll charge by the Singapore and Johor government on Oct 1. The cost of a similar trip using the Second Link in Tuas remains unchanged at $12.40.
Singapore charges $35 VEP a day for four-wheel vehicles, up from $20 before Aug 1.
Current Johor implementation of foreigner VEP is response to Singapore revision of VEP from Malaysia into Singapore which is take effect August 1, 2014.
Malaysia also plans to charge VEP fee for foreign registered vehicles enter from Thailand and Brunei. The VEP rates at entry points from Thailand and Brunei will be announced once Johor’s system is up and running smoothly, he added.
Singapore’s Ministry of Transport is studying Malaysia’s move to impose a Vehicle Entry Permit (VEP) fee of RM20 (S$7.55) for foreign vehicles from the middle of next year and will respond “in due course”, reported Channel NewsAsia.
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