(Newswire.net — March 23, 2014) Singapore, Singapore — The Signature Molek Regency Condo – Iskandar Malaysia Review
The Business Times – January 6, 2014 Report by: Lee U- Wen said that “the year 2013 was when Iskandar Malaysia – the country’s first econmic growth corridor – finally came of age in a big way.”
“The mega-project, which turned seven last November, reported some encouraging numbers as far as its investments were concerned.”
“As at Oct 31 2013, Iskandar Malaysia had attracted RM129.4 billion (S$49.8 billion) in committed investments – 44 per cent of which has been realised so far – putting it on track to meet its lofty targets of RM383 billion by 2025 and GDP of US$93.3 billion.”
According to Malaysian Prime Minister Najib Razak, this target is needed to transform Iskandar into an international metropolis.
Ismail Ibrahim the chief executive of Iskandar Regional Development Authority (IRDA) said that he expects Iskandar Malaysia to secure RM22 billion in investment this year, RM1 billion more than in 2013.
Guess which country is the single largest foreign investor in Iskandar Malaysia? The answer is Singapore and as at June 2013, its share of total foreign investments is 16 percent.
This shows that more Singaporeans are aware of what’s going on in its northern neighbour, especailly when well-known names start to pump huge sums into Iskandar Malaysia.
It indicates the level of confidence it has in the viability and sustainability in the projects.
Here are some examples:
In February 2013, Temasek Holdings and Capitaland signed a deal with Iskandar Waterfront Holding to build a S$3.2 billion township in Danga Bay.
On top of that Temasek and its Malaysian counterpart, Khazanah Nasional, are jointly developing two wellness projects in Medini with a total development gross value of RM5.2 billion.
In December 2013 Hao Yuan Investment bought land in Danga Bay for RM1.6 billion and are planning to spend RM8 billion to build the tallest tower in Malaysia.
In October 2013, Peter Lim unveiled plans for his RM5.5 billion Vantage Bay project that will include twin towers and is set to become one of the tallest condominums in Malaysia.
What is getting the most attention from Singapore-based investors is the property market in Iskandar. Singaporeans make up 74 per cent of foreigners who have snapped up its properties.
Because of the increase in the number of investors in Iskandar Malaysia the prices of homes there have naturally gone up. For example the cost of bungalows at UEM’s East Ledang development has surged 44 per cent on average in the resale market since 2011.
Therefore in his Budget speech in Octorber, 2013 Mr Najib – who is also the co-chairman of IRDA – doubled the minimum amount foreigners must spend on property and raised the capital gains tax to 30 per cent on homes they sell within five years.
Johor has also decided to impose a new tax of 4 to 5 per cent on foreigners who buy property – both commercial and residential – in the state to curb speculative fervour.
In December 2013, Mr Najib said that from the government’s perspective, it will do all it can to ensure Iskandar Malaysia remains vibrant and attractive to both local and foreign investors.
“The federal government is committed to ensuring the success of Iskandar Malaysia and we are working with the Johor government, the private and public sectors, and the people of Johor to ensure the economic region’s growth,” he said.
“It is vital to ensure that projects are successfully completed on time and within budget to build investor confidence in Iskandar Malaysia and attract more investments. This will generate a momentum that will bring about multiplier effects and sustainable economic activites,” he said.
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