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/
Wednesday, 21 January 2015
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.
Wednesday, 19 November 2014
Johor gets RM150 million for roads
NUSAJAYA: The Johor government has allocated RM150 million to upgrade and widen village roads through Infra Desa Johor (IDJ) from February 2012 to January next year, said state Public Works and Rural and Regional Development Committee chairman Hasni Mohammad.
“IDJ did not widen or upgrade any road from 2010 to 2011 because its existing scope of work was only to carry out road maintenance,” he said in reply to a question from Aminolhuda Hassan (Pas-Parit Yaani) at the Second Meeting (Budget 2015) of the Second Term of the 13th Johor State Assembly, here, today.
He said since September, the progress of work done was worth RM143 million, which was 95 per cent of the allocation spent involving 1,100 km of road.
“It is expected that IDJ will be able to complete repairs and upgrades on 1,121 km of road until January 2015.
“From the 1,121 km, widening will be done on 514.11 km which is 46 per cent of the total road being upgraded,” he said.
To a question from Mohammad Taslim (PAS-Maharani), he said roads which were tarred in Maharani using funds from Marris (Malaysian Road Records Information System) in 2012 involved 11 roads, 12 roads in 2013 and nine roads in 2014.
“Jalan Kampung Parit Samsu is included in the list of works done in 2012 and 2013. Jalan Kampung Parit Samsu has been repaired several times through the allocation from Marris.
“According to records since 2012, this road has been repaired twice but the same problem recurs. Based on our visual site investigation, the road edge’s weak structure is the main cause of the damage,” he added.
Source: www.freemalaysiatoday.com/
“IDJ did not widen or upgrade any road from 2010 to 2011 because its existing scope of work was only to carry out road maintenance,” he said in reply to a question from Aminolhuda Hassan (Pas-Parit Yaani) at the Second Meeting (Budget 2015) of the Second Term of the 13th Johor State Assembly, here, today.
He said since September, the progress of work done was worth RM143 million, which was 95 per cent of the allocation spent involving 1,100 km of road.
“It is expected that IDJ will be able to complete repairs and upgrades on 1,121 km of road until January 2015.
“From the 1,121 km, widening will be done on 514.11 km which is 46 per cent of the total road being upgraded,” he said.
To a question from Mohammad Taslim (PAS-Maharani), he said roads which were tarred in Maharani using funds from Marris (Malaysian Road Records Information System) in 2012 involved 11 roads, 12 roads in 2013 and nine roads in 2014.
“Jalan Kampung Parit Samsu is included in the list of works done in 2012 and 2013. Jalan Kampung Parit Samsu has been repaired several times through the allocation from Marris.
“According to records since 2012, this road has been repaired twice but the same problem recurs. Based on our visual site investigation, the road edge’s weak structure is the main cause of the damage,” he added.
Source: www.freemalaysiatoday.com/
Saturday, 15 November 2014
INDIA’S Biocon invests US$ 200 million to make insulin in Johor
INDIA’S biggest biopharmaceutical company Biocon Ltd, which is investing US$200 million (RM668 million) to make insulin in Johor, is joining hands with Chemical Company of Malaysia Bhd (CCM) to sell Insugen in Malaysia early next year.
The state-of-the-art integrated manufacturing facility in Johor is set to boost Bangalore-based Biocon’s production capacity and make it the world’s third largest insulin supplier.
“We started construction on the Malaysian project in mid-2012 and are in the final stages of wrapping up Phase 1 of the project. We have already pumped in US$160 million into the venture,” said Biocon president of marketing, Ravi Limaye.
“Once Phase 1 is operational in the next few months and depending on matching capacity requirements, which are subject to regulatory approvals, we will invest an additional US$40 million in developing Phase 2,” Ravi added.
Health Ministry statistics show that around three million Malaysian adults suffer from diabetes.
“The partnership with Biocon is expected to bring value to Malaysia’s RM70 million insulin market,” said CCM acting chief executive officer Leonard Ariff Abdul Shatar.
Minister in the Prime Minister’s Department Datuk Seri Idris Jala, who officiated at the launch of Biocon’s Insugen and Insupen products, here, yesterday, said Malaysia was heavily reliant on imported generic and patented drugs.
Expensive drugs tend to be out of reach for the lower-income households.
Idris lauded Biocon and CCM’s tie-up in supplying generic drugs in the form of biosimilar insulin, saying they were priced affordably and just as effective as patented ones.
Leonard noted that the collaboration with Biocon was accelerating the group’s foray into biosimilars.
In established markets such as the United States and Europe, Novo Nordisk, Sanofi and Eli Lilly enjoy exclusive marketing rights for their insulin products due to strictly enforced intellectual property laws.
As soon as the patents expire, it opens the doors for biosimilar insulins, which are second- generation “copies” of the original insulin products.
Leonard said biosimilars were developed using the same genetic contents and were designed to have the same mechanism of action as the original in terms of safety and efficacy, but priced more affordably.
The state-of-the-art integrated manufacturing facility in Johor is set to boost Bangalore-based Biocon’s production capacity and make it the world’s third largest insulin supplier.
“We started construction on the Malaysian project in mid-2012 and are in the final stages of wrapping up Phase 1 of the project. We have already pumped in US$160 million into the venture,” said Biocon president of marketing, Ravi Limaye.
“Once Phase 1 is operational in the next few months and depending on matching capacity requirements, which are subject to regulatory approvals, we will invest an additional US$40 million in developing Phase 2,” Ravi added.
Health Ministry statistics show that around three million Malaysian adults suffer from diabetes.
“The partnership with Biocon is expected to bring value to Malaysia’s RM70 million insulin market,” said CCM acting chief executive officer Leonard Ariff Abdul Shatar.
Minister in the Prime Minister’s Department Datuk Seri Idris Jala, who officiated at the launch of Biocon’s Insugen and Insupen products, here, yesterday, said Malaysia was heavily reliant on imported generic and patented drugs.
Expensive drugs tend to be out of reach for the lower-income households.
Idris lauded Biocon and CCM’s tie-up in supplying generic drugs in the form of biosimilar insulin, saying they were priced affordably and just as effective as patented ones.
Leonard noted that the collaboration with Biocon was accelerating the group’s foray into biosimilars.
In established markets such as the United States and Europe, Novo Nordisk, Sanofi and Eli Lilly enjoy exclusive marketing rights for their insulin products due to strictly enforced intellectual property laws.
As soon as the patents expire, it opens the doors for biosimilar insulins, which are second- generation “copies” of the original insulin products.
Leonard said biosimilars were developed using the same genetic contents and were designed to have the same mechanism of action as the original in terms of safety and efficacy, but priced more affordably.
Source: http://www.malaysia-chronicle.com/
Saturday, 8 November 2014
Johor upbeat of achieving investments worth RM20bil this year
PASIR GUDANG: The Johor government is upbeat about achieving an investment figure of more than RM20 billion this year, compared to RM14.4 billion in 2013.
State Tourism, Domestic Trade and Consumerism Committee chairman Datuk Tee Siew Kiong said the optimism is based on the steady increase of foreign investment to the state.
He said the state received investment totalling RM18.7 billion in the first seventh months of the year.
Tee revealed that there is a foreign multinational company that is showing keen interest in investing in Johor.
"Talks with the international company is now in its final phase, and the state government is confident the investment worth about RM6 billion will soon pour into the Sedenak Industrial Park in Kulai.
"Based on the new development, the state government is confident the total investment this year will reach more than RM20 billion, and this will propel Johor as the highest investment state in the country.
"We found that the manufacturing sector is a strong contributor to the economic development of Johor, contributing nearly 35 per cent to the Gross Domestic Product of the state," he said after opening the Langsat Bitumen Terminal in Tanjung Langsat here today.
Source: http://www.nst.com.my/node/50197
State Tourism, Domestic Trade and Consumerism Committee chairman Datuk Tee Siew Kiong said the optimism is based on the steady increase of foreign investment to the state.
He said the state received investment totalling RM18.7 billion in the first seventh months of the year.
Tee revealed that there is a foreign multinational company that is showing keen interest in investing in Johor.
"Talks with the international company is now in its final phase, and the state government is confident the investment worth about RM6 billion will soon pour into the Sedenak Industrial Park in Kulai.
"Based on the new development, the state government is confident the total investment this year will reach more than RM20 billion, and this will propel Johor as the highest investment state in the country.
"We found that the manufacturing sector is a strong contributor to the economic development of Johor, contributing nearly 35 per cent to the Gross Domestic Product of the state," he said after opening the Langsat Bitumen Terminal in Tanjung Langsat here today.
Source: http://www.nst.com.my/node/50197
Thursday, 30 October 2014
Welton launches RM1b GDV serviced apartments venture
KUALA LUMPURP: Welton Development Sdn Bhd has launched a 1,134-unit serviced apartments project in Iskandar Malaysia with an estimated gross development value (GDV) of RM1 billion.
The developer has his eyes on the bullish residential and employment market in the rapidly emerging economic zone.
The freehold residences are scheduled for completion by the second quarter of 2017.
In a statement, Welton Development said the project,Green Haven, would be undertaken on a 3.14 hectare piece of land and has a rainforest theme.
Green Haven is being touted as a beautiful, nature-inspired abode in the pulse of Iskandar Malaysia and one that overlooks Singapore's northernmost skyline, in a bid to woo investors.
Green Haven incorporates personalised facilities such as a mini theatre, library, cafe, gourmet kitchen, and an about 540-metre jogging track.
A sky bridge at the 30th storey, includes an observation desk that offers breathtaking, panoramic views across the straits.
"The market demand and potential for quality residence remains strong in Iskandar. Green Haven's appeal lies in its green and smart elements that suit the housing and lifestyle preferences of both single working professionals and homeowners," the statement said.-- Bernama
Source: https://my.news.yahoo.com/welton-launches-rm1b-gdv-serviced-083753145.html
The developer has his eyes on the bullish residential and employment market in the rapidly emerging economic zone.
The freehold residences are scheduled for completion by the second quarter of 2017.
In a statement, Welton Development said the project,Green Haven, would be undertaken on a 3.14 hectare piece of land and has a rainforest theme.
Green Haven is being touted as a beautiful, nature-inspired abode in the pulse of Iskandar Malaysia and one that overlooks Singapore's northernmost skyline, in a bid to woo investors.
Green Haven incorporates personalised facilities such as a mini theatre, library, cafe, gourmet kitchen, and an about 540-metre jogging track.
A sky bridge at the 30th storey, includes an observation desk that offers breathtaking, panoramic views across the straits.
"The market demand and potential for quality residence remains strong in Iskandar. Green Haven's appeal lies in its green and smart elements that suit the housing and lifestyle preferences of both single working professionals and homeowners," the statement said.-- Bernama
Source: https://my.news.yahoo.com/welton-launches-rm1b-gdv-serviced-083753145.html
Sunday, 26 October 2014
Angry Birds Park to open Friday in JB
JOHOR BARU - South-east Asia's first indoor Angry Birds Activity Park will be opened to the public on Oct 31.
Fans of the animated bird game will be delighted to find fun-packed games, activities and entertainment such as the Lazer Bird Shoot, Red Bird Goal, Piggy Shooting Gallery and Captain Black Bird Ship at the park located within the Komtar JBCC shopping mall here.
At the media preview session here on Sunday, Damansara Asset Sdn Bhd executive director Yusaini Sidek said the park was a joint venture with the founder of the bird game Finland-based Rovio Entertainment Ltd.
"Fans in Malaysia and neighbouring countries can now immerse themselves in the world of Angry Birds through fun and interactive physical and educational activities," he said.
Tickets are priced at RM75 per entry but for MyKad or MyKid holders, the tickets are priced at RM60. A variety of tickets from a single pass, family passes to unlimited annual passes are available.
The park is located at the mall's third floor and will be opened from 10am to 10pm daily. Children below 10 years old must be accompanied by an adult at all times.
Angry Bird Park is the third theme park to be open after Legoland theme park and Hello Kitty theme park at Nusajaya.
Fans of the animated bird game will be delighted to find fun-packed games, activities and entertainment such as the Lazer Bird Shoot, Red Bird Goal, Piggy Shooting Gallery and Captain Black Bird Ship at the park located within the Komtar JBCC shopping mall here.
At the media preview session here on Sunday, Damansara Asset Sdn Bhd executive director Yusaini Sidek said the park was a joint venture with the founder of the bird game Finland-based Rovio Entertainment Ltd.
"Fans in Malaysia and neighbouring countries can now immerse themselves in the world of Angry Birds through fun and interactive physical and educational activities," he said.
Tickets are priced at RM75 per entry but for MyKad or MyKid holders, the tickets are priced at RM60. A variety of tickets from a single pass, family passes to unlimited annual passes are available.
The park is located at the mall's third floor and will be opened from 10am to 10pm daily. Children below 10 years old must be accompanied by an adult at all times.
Angry Bird Park is the third theme park to be open after Legoland theme park and Hello Kitty theme park at Nusajaya.
Source: http://news.asiaone.com/news/travel/angry-birds-park-open-friday-jb
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