IskandarMalaysia Full

O C T O B E R 3 1 , 2 0 1 6
I S K A N D A R M A L AY S I A S P E C I A L R E P O R T
BECOMING
REGIONALLY
RELEVANT
Iskandar Malaysia has another 10 years to realise

its ambition of becoming a sustainable and strong
metropolis of international standing. Will the growth
corridor be able to compete against other economic
hubs in the region for capital, companies and talent?
special report
S8
I S K A N DA R M A L AY S I A S P EC I A L R E PORT
THEEDGE MAL AYSIA | OCTOBER 31, 2016
THE EDGE
CONTENTS
10
BECOMING A
REGIONAL
ECONOMIC HUB
12
A DECADE OF
RAPID GROWTH
16
PROMISING SIGNS
OF ISKANDARS
LONG-TERM
VIABILITY
18
ISKANDAR PROPERTY
MARKET TO PICK UP
IN 2018
20
BANKING ON
LIVEABILITY
22
ISKANDAR MALAYSIA
IN PICTURES
24
NOTABLE ECONOMIC
HUBS IN ASIA
FOREWORD
nder a 20-year Comprehensive Development Plan (CDP)

launched in 2006, it was envisioned that Iskandar Malaysia
would become a strong and
sustainable metropolis of international standing by 2025.Next month,
as the economic region celebrates its
10th anniversary, it will embark on the
final phase of its development.
The outlook seems promising based
on what has been achieved in the past
decade. The main infrastructure is in
place, new industries have been encouraged, catalytic developments to spur its
economy have taken off, new townships
have been launched, old areas have been
invigorated and strategic partnerships
with government bodies and corporate
players have been established. This puts
Iskandar on a solid footing to achieve its
ambitions and benet from the setting
up of the Asean Economic Community.
Competition is fierce with many
Asean economies also looking to become
regional players by attracting investments, tourists and talent. In the modern
nancially borderless global economy,
capital ows in and out of economies
easily and investments can be pulled
from one country to the next very quickly
in response to business opportunities.
To be successful, Iskandar must carefully plan and manage the execution of
its plans for the next decade while continuing to shore up investor condence.
Having a stable political system, seeing
that laws are enforced and contractual agreements honoured, avoiding or
keeping delays and hiccups in the construction of large catalytic projects to a

minimum will help boost condence.
At this juncture, it is important to
remember the maxim that building a
hotel and offering discounted rates are
not a guarantee that the tourists will
come. Perhaps, it is time for Iskandar
to consider the far-reaching but subtler,
mostly intangible, conditions of success.
For instance, after 10 years, do Johoreans
have a shared vision of Iskandars success? Are they aware of the economic
regions reach and scope, or are the luxury developments in Iskandar Puteri all
they know about the place?
After all, once the bricks and mortar
are in place, it is the people that will
make the difference. In his book, The
Wealth and Poverty of Nations, author David Landes concludes that the success of
economies is driven by cultural factors
more than anything else. Thrift, hard
work, tenacity, honesty and tolerance
are the things that will make all the
difference, he says.
The nal phase of growth is clearly
the time to inculcate social attitudes
and work values that can give Iskandar
a competitive advantage in the future.
In this special pullout, we look at the
current state of play in Iskandar, which
has gone through some trying times, especially the property players, in the last
two years. While the challenges remain,
the outlook appears to be improving. We
hope you nd the following articles an
interesting and insightful read. By
Elaine Boey
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special report
S10
Becoming a regional
economic hub
The next 10 years are critical if Iskandar Malaysia is to realise its ambition of
becoming a metropolis of international standing. Property developers and
corporate leaders in the region say it is possible if a number of factors are
put in place and delivered as expected.
CONNECTIVITY A VITAL ELEMENT

Pacic Star Development Pte Ltd president and CEO
Glen Chan points to enhanced transport infrastructure
to shore up condence in Iskandar and further support

catalytic developments that have been established.
We are cautiously optimistic about Iskandars prospects. This is based on IRDAs track record of meeting
its domestic and foreign investment targets over the
past 10 years. By now, all the stakeholders in the region
have years of experience and are in a better position
to steer through the next decade, he says.
Catalytic projects that will spur economic growth
in the next 10 years are those that will increase Iskandars accessibility and connectivity.These include the
daily ferry service between Singapores Harbour Front
Ferry Terminal and the Puteri Harbour International
Ferry Terminal (scheduled to commence operations
next year) and Singapores MRT East-West Line extension, which will provide additional access to Iskandar and the Kuala Lumpur-Singapore high-speed rail
(HSR), says Chan.
The HSR project has been expected to be an economic growth driver since it was mooted three years ago.
Industry observers say any delays in this high-prole
project will denitely shake investor condence as this
physical link between the two capitals (with a station
at Iskandar Puteri) represents strong ties between
Singapore and Malaysia. Furthermore, the HSR has
strategic economic value for Iskandar and the developers expect it to reinvigorate interest in the regions
property market. The HSR could be the single biggest
game changer for Iskandar, says IOI Properties Bhd
general manager sales and marketing Kelvin Tang.
During the signing of the memorandum of understanding for this project, Singapores Prime Minister
Lee Hsien Loong said the execution for the 350km double-track line is critical as its 10-year time frame for
completion is very ambitious. Construction requires
both countries to work closely together, make joint
decisions and address implementation issues.
Government-to-government cooperation will certainly support Iskandars quest to become a metropolis
of international standing and a sustainable economic
zone, says UEM Sunrise Bhd managing director and
CEO Anwar Syahrin Abdul Ajib. Given Iskandars
proximity to Singapore, there is so much potential
for both countries to leverage each others strengths
and advantages in a way that is mutually benecial.
If this is done in an effective manner, Iskandar will
denitely be in a strong position compared with its
regional peers.
The promoted
sectors in
Iskandar
require talent
with certain
skills as we are
targeting the
high-technology
manufacturing
industry,
among others.
> Ismail
Alpha Marketing Pte Ltd director Ryan Khoo says

accelerating collaborations between companies in
Singapore and China is also needed to achieve Iskandars vision. What has been achieved so far is great.
But really, this is just the tip of the iceberg. I think
Iskandars economic growth will also depend on its
relationship with Singapore and China.
CREATING A SHARED VISION

S P Setia Bhd divisional general manager Stanley Saw
says the awareness of Iskandar is still low and aggressive marketing by the relevant bodies is needed. There
are Malaysians who are not even aware of Iskandar and
its role in the economy, he points out, adding that the
benets and values of this economic corridor should
be centralised and communicated by one body. This
is better than having individual developers market the
prospects of this region with confusing statements or
advertising jargon.
After all, a vision that is shared, understood and
subscribed to by most of its residents is a critical element for any city or region competing for foreign investment and talent. Many developers, however, say
KENNY YAP/THE EDGE
sean is home to some of the fastest growing

cities in the world.The United Nations Population Division expects its population to
grow from 633 million in 2015 to 660 million
by 2020, and more than 720 million by 2030.
Iskandar Malaysia is looking at a population of three million by 2025, when it hopes to become
a strong and sustainable regional economic hub. Last
year, the region had a population of 2.5 million.
Meanwhile, the United Nations World Urbanisation
Prospects expects the population of Johor Baru to grow
from 910,000 in 2015 to 1.1 million by 2025, a growth of
24.9%. A population of this size will put the city and,
by extension, the region in the mid to high-density
city category (one million to ve million population),
based on Nielsen Companys report titled The Age of
Asean Cities: From Migrant Consumers to Megacities.
The report says a number of Asean cities are expected to be included in this category by 2025, including Surabaya and Bandung in Indonesia and Samut
Prakan in Thailand. With features such as supportive
infrastructure, ample real estate, a lower cost of doing business, increasing investments and growing
affluence, the cities are anticipated to experience fast
growth in the coming years on the back of globalisation and urbanisation.
Like Iskandar, many of these mid to high-density
cities are looking at developing into metropolises that
cross borders, cultures and currencies. They have also
taken steps to establish investment promotion agencies
that function like the Iskandar Regional Development
Authority (IRDA), as well as to implement plans and
incentives to attract foreign investment and create
jobs for their growing population.
Iskandar is already a decade old and has undergone
two phases of planned development under the 20-year
Comprehensive Development Plan (CDP) launched in
2006. With the main infrastructure in place, the economic corridor has managed to attract a credible number of investors from several industries. More than 90
companies are currently based in Iskandar, of which
70% are multinational corporations (MNCs) and 30%
local large and medium enterprises in sectors such as
biotechnology, property development, education, creative industries, tourism and electrical and electronics.
Now, the focus is on building a vibrant economy
and achieving its ambition of becoming a regional hub
in the face of stiff competition from other cities in its
category over the next 10 years. Industry observers say
this will depend on a number of factors, including improved connectivity with Singapore and development
strategies that are designed and executed in such a way
that they benet residents while complementing the
strategic investment decisions of MNCs.
Pinewood Iskandar Malaysia Studio CEO Rezal Rahman says execution of the CDP and all the supporting policies and plans is key to the regions success.
Iskandar has sound fundamentals. It is in a great
location and there is good support from the state and
federal governments. More investments are the next
piece of the puzzle for Iskandar to achieve its vision
of becoming a regional economic hub.
Investors are compelled to invest in a place if the
plans are executed efficiently and effectively. In this
modern age, everything must be synchronised and
seamless for foreign investors to feel condent. This
means that everyone in all government bodies and local authorities, including the ground personnel those
who interact with the people of Iskandar must be on
the same page and working towards the realisation of
its ambitions.
their efforts speak of their commitment to achieving

the vision of Iskandar.
Anwar Syahrin says UEM Sunrise will continue
to develop projects that enhance liveability. We will
work harder to make Iskandar Puteri a thriving centre
of economic activity, one that offers a high standard
of living. Our main focus now includes creating more
commercial and industrial activities that will in turn
create new employment opportunities to support and
sustain further growth of Iskandar Puteri and Iskandar
Malaysia, he adds. UEM Sunrise is the master developer of Iskandar Puteri.
To ensure that the people of Johor are aware of and
benet from Iskandars reach and potential, IRDA
aims to create a holistic and resilient ecosystem based
on wealth generation, resource optimisation and low
carbon emissions over the next 10 years. This is expressed in detail in the Second Iskandar Malaysia
Comprehensive Development Plan (CDP II), which
was launched in March.
While the execution of the governments plans
to simulate growth in Iskandar over the next 10 years
is key, its overall trajectory is still positive. There are
more positive drivers than challenges facing the region. Things are denitely moving in the right direction. But when the vision is realised really depends on
how things progress, says Pinewoods Rezal.
PROMISING TRENDS
Alpha Marketings Khoo says Iskandars manufacturing industry hints at its ability to become a regional
economic hub. Most of the news on Iskandar centres
on its property market and of late, it has painted a negative picture of this region. But look at other economic
indicators. Since 2013, Johors manufacturing industry
has attracted more investments than the other states
in the country. In the past, Selangor and Penang used
to see the most inows.
There is a growing concentration of manufacturing companies in Iskandar as companies relocate from
Singapore. By being in Iskandar, these manufacturers
can access the Port of Tanjung Pelepas and the port
of Singapore.
Furthermore, despite all the negative sentiments
surrounding the Malaysian economy last year, Iskandar
managed a record year in terms of total new investments. Many economic indicators actually look quite
rosy and I believe that Iskandar is well on its way to
becoming a regional economic hub.
As shopping malls play an important role in the
economy and society, it is important for more high-quality commercial real estate to be completed quickly, says
Khoo. Unlike in Kuala Lumpur, there arent enough
shopping malls in Iskandar. The retail and service industry is a dark horse in its outlook, so it is quite important that WCTs Paradigm South opens early next
year. Ikea in Tebrau will open later in the year while
Midvalley Southkey will open in late 2018.
Eco World Development Group Bhd president and
CEO Datuk Chang Khim Wah points to talent and
a highly skilled workforce as factors that will allow
Iskandar to achieve its goals. We hope to see this economic corridor thriving on the back of consistent and
transparent foreign investment policies, a high-quality
workforce, an increase in productivity, efficient public
transport, more talent and a transfer of technology
from developed countries, he says
United Malayan Land Bhd (UM Land) group managing director Dennis Ng Yew Khim says the entry of
mobile and high-tech companies would greatly enhance Iskandars appeal.
ENHANCING COMPETITIVENESS
Economists have often pointed to labour as well as
land and capital as key features that shape economic
growth.The strength of a citys knowledge-based economy drives its competitiveness and many regulatory
authorities have been looking at ways to encourage
more talented and ambitious employees in a bid to
foster innovation.
IRDA CEO Datuk Ismail Ibrahim says Iskandar
will have created 817,500 job opportunities by 2025.
The promoted sectors in Iskandar require talent with
certain skills as we are targeting the high-technology
manufacturing industry, among others. This initiative will also help Iskandar achieve its target of 45%
highly skilled knowledge workers by 2025. This will
exceed the national average of 35% as outlined in the
11th Malaysia Plan.
For this goal to be achieved, Iskandar needs to attract talent from other parts of the world and from
other states in the country. Most MNCs in Iskandar
are regional subsidiaries and their employees follow
the policies set by their headquarters in other countries. So, it is quite hard to nd talent with international exposure who are able to design new policies
or strategies for a company. Nevertheless, it is possible
to nd talent in Johor to ll the general roles, says
Pinewoods Rezal, who moved to Iskandar from Kuala
Lumpur three years ago.
S11
special report
To ll the senior roles at Pinewood that required

specic expertise and experience, he looked for talent in Kuala Lumpur. People will move to Iskandar
if there is a suitable career opportunity. So far, all of
them are still with the company. Not many people
realise that Iskandar offers a really good standard of
living. While the traffic has built up over the years, it
is nothing like the gridlock in Kuala Lumpur.The price
of food is about a third cheaper and it is still possible
to nd really good properties to rent at a lower price.
Kotaro Tomisato, CEO of Imagica South East Asia Sdn
Bhd,which specialises in digital post-production services
for the lm and entertainment industry, says the talent
pool for the creative industry in the region is small but
growing. I hope the pool will be sufficiently large for
Iskandars creative industry by 2025. Programmes such
as the Iskandar Malaysia Creative Industry Talent Development Programme play a meaningful role in developing talent for this industry. Moving forward, I expect
to see more fresh talent graduating from institutions
of higher education in EduCity, he adds.
Imagica currently has 32 employees 15 expatriates
and 17 locals. We have people from Japan, Germany,
Italy, Canada, Australia, Thailand and the Philippines.
Our expatriates and senior staff train our younger employees.Retaining our employees is not easy, but I believe they are excited to build the rst post-production
company in Southeast Asia, says Kotaro.
Hazmi Yusof, managing director for Malaysia and
senior vice-president for Asia Pacic at Frost & Sullivan,
says it was initially difficult for the global consulting
rm to get talent from the other states to relocate to
Iskandar. People are a lot more aware of Iskandars
long-term opportunities and many are more willing
to move here now. While the remuneration package
offered here is on a par with Kuala Lumpur, young
talent are concerned about the social activities that
are available in the region as they seek work-life balance, he adds.
Companies must also play their part to attract the
right talent, says Hazmi. About 70% of our employees
are from Johor and we believe diversity is needed to
build a dynamic and enriching environment. We try
to strike the right balance between offering a cool
environment and serious work, he adds.
Our jobs and positions are exciting and interesting and the work requires a global or regional perspective. We allow more creativity and take a holistic
approach in attracting both senior and junior talent
for the company.
special report
S12
A decade of rapid growth

As Iskandar Malaysia celebrates its 10th anniversary, here are some notable events
that have taken place in this economic corridor
skandar Malaysia, conceived to secure the countrys

competitiveness in a rapidly changing global economy, has grown rapidly since it was launched in 2006.
Occupying 2,217 sq km, the economic corridor is
three times larger than Singapore and remains the
largest development project initiated by the federal
and state governments.
At its launch, Iskandar was looked upon as the driving force of Johors economic growth. The economic
regions gross domestic product (GDP) was projected to
reach RM120.4 billion by 2025, with an annual growth
rate of 7.3% from 2013.
Much has been done in the past 10 years to achieve
the projected growth rate. Iskandar has undergone
two phases of planned development under the 20-year
Comprehensive Development Plan (CDP). New townships have been constructed, older suburbs redeveloped and invigorated, and new industries established.
Now, commercial centres, educational institutions,
medical facilities, theme parks, shopping outlets, hotels, high-rise luxury residences and affordable homes
dot its landscape.
Before the launch of Iskandar, employment in Johor
was predominately in the industrial and logistics sectors and the civil service. Now, the Iskandar Regional
Development Authority (IRDA), which has been tasked
with developing a strong and sustainable metropolis
of international standing by 2025, has identied nine
industry clusters to drive its economy.
They are are nancial services, ICT and creative
industries, education, tourism, healthcare, logistics
and related services, food and agro processing, petrochemical and oleo chemicals, electrical and electronics.
As at June, there were more than 90 companies in
Iskandar, of which 70% were multinational corporations and 30% small and medium enterprises (SMEs)
and large local businesses.
Warm bilateral ties between Singapore and Malaysia as well as growing business interests and activities
between the two countries have contributed signicantly to Iskandars development. The moniker Singaporean Shenzhen given to this region reects this
close relationship and outlook that many have for its
prospects in the coming years.
Between 2006 and June 30, 2016, the economic region secured total committed investments of RM208
billion, of which 51% or RM106.43 billion have been
realised as projects on the ground. Some 60% of the
investments, or RM124 billion, are from local investors.
The Iskandar Malaysia Comprehensive Development
Plan II (CDPii), launched in March last year, marked
the nal phase of the regions development. Its focus
is on efforts and initiatives to sustain and innovate.
IRDA says all the planning strategies for Iskandar in
the years ahead will be relevant to residents of Johor
as well as Iskandar.
At this stage, we can see the catalytic projects ready
and operating, namely EduCity, Legoland Malaysia and
Pinewood Iskandar Malaysia Studios. The rakyat will
able to experience and benet from the spillover effects
of those projects, says IRDA CEO Datuk Ismail Ibrahim.
He is optimistic that the economic region will continue to attract a stable inow of investments with
more upcoming projects.These investments will benet Johors inhabitants through more business and
employment opportunities, he says.
When Iskandars master plan was unveiled, the
region only attracted RM11 billion in committed investments. Despite the slow start, things happened
quickly when the policies and infrastructure were
implemented in the rst ve years.
It was during Iskandars second phase, starting in
2010, that things really took off, riding a construction
boom. Here are the notable property developments and
key events that have shaped Iskandar from 2010 to 2016.
2010
Columbia Asia opened a full-service community hospital in Aat Healthpark, which is the designated area
for healthcare services in Iskandar. Later that year, hospital operator Pantai Holdings Bhd signed an agreement with Global Capital & Development Sdn Bhd to
build Gleneagles Medini Hospital.
The country also launched its rst dedicated biotechnology park Bio-XCell in SiLC Nusajaya. The
park is a joint venture between Malaysian Biotechnology Corp Sdn Bhd and UEM Sunrise Bhd.
WCT Bhd continued to expand its presence in the
region by developing a 10.3-acre site in Medini, while
Sunway City Bhd acquired parcels of land near Ponderasa Golf and Country Club and UM Land acquired
a tract in Puteri Harbour.
2011
The rst major investment in Iskandar by a China-based

developer, Zhuoda Group, took place in September.The
group signed a joint-venture agreement with Medini
Iskandar Malaysia Sdn Bhd to develop high-rise residential units in Medini. During the year, the residential market in Iskandar remained upbeat on the back
of the newly completed Senai-Desaru Expressway,
which reduced driving time from Senai to Desaru to
one hour on the Iskandar Coastal Highway.
In December 2011, Johor Premium Outlets opened its
doors in Kulaijaya and Newcastle University officially
opened a campus in EduCity. At this point, Iskandar
still lacked critical mass, but its strong pipeline of projects by master developers such as Temasek Holdings,
Khazanah Nasional Bhd, UEM Land Holdings Bhd,
Sunway Iskandar Sdn Bhd, Eastern & Oriental Bhd,
WCT and S P Setia Bhd, built condence in the region.
2012
The tipping point for Iskandar came in 2012 with the

completion of a number of catalytic projects such as
Legoland Theme Park, Marlborough College Malaysia,
Puteri Harbour Family Theme Park,Traders Hotel Puteri Harbour and Mall of Medini.
The rst Sanrio Hello Kitty Town outside Japan,
located in Puteri Harbour Indoor Theme Park, started
operations that year while research and consulting
rm Frost & Sullivan launched its Global Innovation
Centre in Medini and announced its commitment to
create 830 employment opportunities by 2020.
Major events in the property market included
WCTs acquisition of commercial land in Jalan Skudai and signing of a lease purchase agreement for a
commercial site in Medini, S P Setia launching Sky 88
Luxury Service Apartment and Sky Oasis Residences
and Mah Sing Group starting the development of The
Meridin@Medini.
2013
The spotlight continued to shine on Iskandar and

by the end of the year, it had received total cumulative investments of RM131.64 billion, of which 43% or
RM56.32 billion has been realised. During the year,The
Hershey Company, one of the largest chocolate makers in the world, made its single largest investment in
Asia by building a new plant, the companys second
largest, in Iskandar.
Iskandar
Malaysias
goals to
achieve by
2025
To become a strong and
sustainable metropolis
of international
standing
To reduce greenhouse
gas emissions by 50%
To reach a population of
three million
To create 817,500 jobs
To have a talent pool
with 45% high-skilled
and knowledge
workers
To reach a GDP per
capita of US$31,100
To achieve a total
investment target of
RM383 billion
The opening of Legoland Water Park and Legoland

Hotel in October provided the complete Legoland experience for visitors. The construction of Pinewood
Iskandar Malaysia Studios, the largest integrated studio
facility in Southeast Asia, was completed in December.
Jobs Malaysia reported the creation of 98,440 jobs
in Iskandar. In EduCity, three institutions Newcastle
University Medicine Malaysia, the University of Southamptons Malaysia campus and Marlborough College
Malaysia started full-time operations. A number of
foreign universities had started operations in a temporary campus while awaiting their transfer to the
Iskandars education hub. They are Netherlands Maritime Institute of Technology, University of Reading
Malaysia and Raffles University Iskandar.
The Management Development Institute of Singapore (MDIS) Malaysian campus also had its groundbreaking ceremony in EduCity in 2013. MDIS is Singapores oldest not-for-prot professional institute
for lifelong learning.
The biggest development in Iskandars healthcare
sector was the launch of Aniti Medini, an urban wellness project, and Avira, a resort wellness project. Both
projects are located in Medini. Pulau Indah Ventures
Sdn Bhd (PIV), a joint venture between Khazanah and
Temasek, is the developer behind Aniti Medini while
Nuri Merdu Sdn Bhd, a joint-venture company between
PIV and E&O Oriental Bhd, is the developer of Avira.
Other notable property launches include Eco World
Development Group Bhds Eco Botanic, a freehold development of cluster houses and semi-detached homes in
Iskandar Puteri, and Sunway Groups Sunway Lenang
Heights in Johor Baru.
This was also the year cooling measures were introduced to curb speculation in the property market.
Medini, however, was exempted from the RM1 million
minimum price threshold for foreign investors buying
Malaysian property.
2014
The effects of the cooling measures were seen in the

residential property sector, with a number of developers putting their planned developments on hold.
Nevertheless, projects in prime locations, such WCTs
1Medini Garden Villas, were launched as planned.
During the year, Southeast Asias rst Angry Birds
Indoor Theme Park and DoubleTree by Hilton Johor
Baru started operations in the Johor Baru central
business district. Pinewood Iskandar Malaysia Studios officially opened in Iskandar Puteri while UEM
Sunrise and Ascendas Pte Ltd signed an MoU to develop Nusajaya Tech Park, which is expected to house
around 200 companies when fully completed in nine
years. Nusajaya Tech Park is looking to create 20,000
employment opportunities in a number of industries.
2015
Iskandar continued to see investments owing in despite economic challenges on the global and local fronts.
Some 682,169 jobs were said to have been created in Johor from 2007 to 2015. Gleneagles Medini commenced
operations with 300 beds and 162 medical suites.
The property market was much quieter than in
the previous years and there were signicantly fewer
launches of high-rise residences. In view of the slower absorption of such units, a number of developers
shifted their focus to landed residential units and
commercial and industrial real estate.
One of the developments most anticipated to affect
the region is the Kuala Lumpur-Singapore high-speed
rail and the rail transit system that will connect Iskandar to Singapores mass rapid transit system. Property
observers say this will offer much-needed condence,
especially to prospective investors from Singapore.
2016
Notable events have included the launch of Forest

City, four man-made islands developed over 20 years
by China-based developer Country Gardens Holdings
Co Ltd, and Multimedia Universitys new campus in
EduCity. Interest in this region continues with new
developments, including the opening of Paradigm Mall
JB by WCT at the end of this year and a new Ikea store
in Tebrau, which is expected to commence operations
at the end of next year.
special report
S16
Promising signs of Iskandars

long-term viability
In Iskandar Malaysias property market, many buyers are in wait-and-see mode while some
developers continue to delay their projects. However, there are signs that the region will continue
to be relevant as landed properties are being snapped up and foreign demand keeps growing.
entiment in Iskandar Malaysias property

market continued to be subdued in the first
half of this year. Concerns about an oversupply of residential properties, the oil and
gas slowdown, a weaker ringgit and tighter
lending conditions resulted in fewer property
launches and transaction activities.
According to the National Property Information
Centre, Johor had the most unsold residential units
in the country between January and April. The state
saw the launch of 8,605 properties during the period,
but 2,663 valued at RM1.7 billion were unsold.
Property consultants say genuine buyers are still in
the market for prime units and the outlook is promising as developers have been quick to adapt to the
situation and are offering more marketable properties.
Iskandar Malaysia is not the only place to be affected by poor sentiment. This can be seen in many
countries.The property markets in Australia,Thailand
and the UK are also affected in some way or other over
concerns of oversupply and lower yields, says Ryan
Khoo, director of Alpha Marketing, a real estate consultancy that focuses on Singapore-based investors
who are interested in Malaysian real estate.
Concerns about an oversupply of high-rise residences have weighed on investor condence since
2014. According to Frank Knights Malaysia Real Estate
Highlights 1H2016 report, high-rise residential units
have been the staple of developers in Johor for the
past few years. In 2013, China-based Country Garden
Holdings Co Ltd alone launched 9,000 units in a multimillion-ringgit project in Danga Bay, which are currently on track to be completed by 2017.
In a bid to address the mismatch between supply
and demand for high-rise residences, the Johor government was reported to have issued a freeze on new
applications to build serviced apartments at end-2014.
Buying interest, however, has remained subdued, es-
pecially among Singaporeans, after the city states

Culture, Community and Youth Minister Lawrence
Wong, who is also a board member of the Monetary
Authority of Singapore, raised a warning last year. He
said, The manner in which Chinese developers have
been aggressively marketing their huge developments
gives the impression that there are a lot of units coming into the market in the next two years.
The residential units in the Iskandar pipeline
comprising 142,567 incoming units and 193,271
planned units are equivalent to the total number
of private homes in Singapore, he added.
This analysis, however, does not consider the possibility of approved property projects being deferred or
amended, two outcomes that are likely to take place
if the market is not ready to absorb the developments.
Knight Franks report notes that developers are
keen to sell their existing stock before starting new
launches. To entice buyers, a myriad of special incentives are being offered to potential purchasers. Rebates,
free legal fees, fully furnished units, free moving services are being offered by various developers. Some
are even offering to help provide nancing packages
to encourage sales. This is also indicative of the difficulty potential purchasers are facing to obtain credit.
Lending policies appear to be more restrictive, with
loan approval rates at 50% as at end-2015.
KGV International Property Consultants executive
director Samuel Tan says Iskandars property market
is unfairly affected by poor perception. Oversupply is
a valid concern for high-rise units in certain locations.
A property glut does not affect the entire region. Saying that there is an oversupply of high-rise residential property throughout Johor Baru overgeneralises
the situation.
We still see demand for properties that are priced
right. Of course, nancing must be available for transactions to take place. As soon as the market recovers,
The rst phase of Forest City

was the most anticipated
launch of high-rise
apartments in Iskandar this
year
we will definitely see more judicious products in

more acceptable localities.
Have headwinds affected property prices? According to Alpha Marketings Khoo, property prices have a
slight downward bias and rental yields have dropped
as supply exceeds demand. Secondary market transactions are few as sellers are asking for more than
what buyers are willing to pay. Still, re sales are few
as homeowners are not in a hurry to sell. This is especially true for Singaporean investors in Iskandar,
thanks to the Singapore dollar, which is much stronger than the ringgit. I expect most investors will hold
on to their real estate investments until things pick
up. Incoming supply of property in Iskandar is still
fairly strong until the end of the next year. But after
that, construction plans are uid and can be adapted
to suit market conditions, he says.
Tan agrees that prices in the secondary market
largely depend on the owners ability to hold on to
their investments. Prices have come down, but not
by much. However, if the demand for rental properties
remains constant and completed properties start to
increase the supply of such units, selling prices will
be compressed, he says.
CHINESE BUYERS START COMING

The rst phase of Forest City was the most anticipated launch of high-rise apartments in Iskandar in the
rst six months of this year. This smart city project by
Country Garden Pacic View, an associate company of
Country Garden Holdings, comprises 482 units, with
sizes ranging from 753 to 1,862 sq ft and the gross selling price starting at RM1,200 psf. Forest City is actively
marketed in China and has received plenty of attention.
It was generally a quiet year for the property market in Iskandar, but the launch of Forest City was a
phenomenon. About 10,000 units were snapped up in
the rst quarter of this year.This turned back the spot-
light on Iskandar since the sentiment in the property

markets across the region was so pessimistic during
this period, says Tan.
Forest City is credited with raising the bar in terms
of construction speed, price levels, product mix, customer service and the ability to attract crowds, especially to its man-made beach and shopping mall. The
development won the 2016 Frost & Sullivan Asia-Pacic New Product Innovation Leadership in Property
Development Industry award for its technologically
advanced construction methodologies in land reclamation and futuristic living ideas. Its innovative design
includes multi-level underground car parks and roads.
Forest City appears to be targeting buyers from
China although Tan has observed the presence of buyers from Singapore, Sabah and Sarawak. If this is the
case, it is not a threat to local developers and will not
pose a further burden on the oversupply of serviced
apartments in the market, says Frank Knights report.
Khoo concurs with this view. Despite its massive
size, Forest City does not add to the supply of property in Iskandar. It is built on four man-made islands
located a distance away from the city centre. Most
Singaporeans and Malaysians cant see themselves
living there. It looks like Forest City will do well as
a tourism and retail destination and the developer
seems to be focused on developing this aspect of its
mega-project now.
He adds that promotional activity for this project
was quite muted in Singapore compared with that in
China. I think Country Garden recognises that Singapore is not going to be an easy market this year and
decided to direct its attention to buyers in China and
other countries. Most Singaporeans are in the waitand-see camp before concluding if Forest City can deliver on its promises. Having said that, development is
progressing very quickly and the project has created
a lot of exposure for Iskandar in foreign countries.
Haslinda, a Malaysian working on a project in
Iskandar, has visited Forest City and says the sheer
number of Chinese nationals selling and buying the
development dampened her interest. About 400 marketing executives were aggressively promoting the
project and most of the buyers seem to come from
China. The thought that the majority of residential
units will only be occupied for several weeks a year
has given me cause for pause.
LANDED PROPERTIES HINT AT

ROBUST DEMAND
Although Forest City generated a buzz, Iskandars
property market remains lacklustre. Nevertheless,
genuine buyers are still in the market and looking for
good deals, say observers.
Speculative buying in Iskandar is not as active as
before. Those left in the market are genuine buyers
who tend to be quite picky about the home they will
buy. These buyers usually take their time to view the
properties and bargain hunt, says Khoo.
The median age in Singapore is 41 and those in
this age group are looking for a retirement or second
home. This means there is still a sizeable group of
buyers in the market.
Homebuyers in Iskandar, much like those in the
A property glut does not aect

the entire region. Saying that there is
an oversupply of high-rise residential
property throughout Johor Baru
overgeneralises the situation.
> Tan
S17
Klang Valley, are clearly attracted to landed property.

In May, UEM Sunrise Bhd decided to launch the third
phase of Melia Residences, its rst freehold landed
strata residential development in Gerbang Nusajaya,
after seeing almost RM206 million in sales for the rst
two phases in just two days.
UEM Sunrise had initially targeted RM196 million
in sales and expected the rst two phases of Melia Residences to be taken up in three to six months. But overwhelming response from homebuyers compelled the
developer to bring forward the launch of phase three.
This 73.64-acre development offers 625 units of
2-storey terraced houses with built-ups ranging from
2,006 to 2,594 sq ft. Selling prices for phase one start
at RM550,000 per unit.
GAME-CHANGER IN CROSS-BORDER
CONNECTIVITY
Catalyst projects spearheaded by infrastructure developments such as the high-speed rail (HSR) and rapid
transit system (RTS) are expected to reinvigorate condence in the property market. The HSR will connect
Kuala Lumpur to Singapore while the RTS will link
Iskandar to the city state. The RTS link, which will
connect Johor Baru to the Thomson-East Coast MRT
line,is expected to be completed by 2018. Progress,
however, is reported to have been delayed.
These two mass transit links will undoubtedly
bring a fresh injection of interest and development
to Johor Baru and they do not have to be operational
to have an impact. I expect condence will return to
the market once actual progress can be seen, says
KGVs Tan.
Alphas Khoo agrees, saying the physical construction of the HSR and RTS will spur interest in the property market although a full recovery will only take
place when the issues of oversupply and nancing
have been addressed. Iskandar is very near Singapore
and the HSR and RTS make this region even easier to
access. The journey is only 15 minutes and the price
is relatively cheap. I expect these two mass transit
systems to be the game-changer for Iskandars lacklustre property market.
Iskandar Puteri (formerly known as Nusajaya) continues to attract investors, observes Glen Chan, president and CEO of Pacic Star Development Pte Ltd. He
attributes its appeal to its connectivity to Singapore.
This year, South Korean beauty conglomerate
AmorePacic announced a US$170 million investment in Iskandar Puteri; ONE15 announced its latest
project, a private marina and club; and a joint venture
between UEM Sunrise Bhd and Ascendas Nusajaya
Techpark announced a collaboration with Mitsui & Co
to bring in industrial companies from Japan, he says.
I expect population growth in Iskandar Puteri to
take off in the next few years.The completion of the international and domestic HSR routes, as well as shuttle
buses from Singapore, will converge at Iskandar Puteri.
Meanwhile, ferry services will eventually operate between Singapores HarbourFront Ferry Terminal and
Puteri Harbour International Ferry Terminal.This will
contribute to a surge in the population as people will
head to Puteri Harbour for employment opportunities
and leisure in the coming years.
Secondary market transactions

are few as sellers are asking for more
than what buyers are willing to pay.
Still, re sales are few as homeowners
are not in a hurry to sell.
> Khoo
Who is
buying?
While Singaporeans are
still the biggest group of
foreign property buyers
in Iskandar Malaysia,
investors from other
countries continue to
acquire real estate in the
economic region. Knight
Frank Malaysia executive
director Ricky Lee says
new projects in Iskandar
have attracted buyers from
Indonesia, China, Hong
Kong, Taiwan, South Korea,
Japan, the Middle East, the
UK and the US. Most of
the Chinese buyers in the
market are taking up the
properties developed by
Chinese developers, he
adds.
Glen Chan, president
and CEO of Pacific Star
Development Ltd, says
units in Puteri Cove
Residences and Quayside
in Puteri Harbour have
been sold to buyers from
28 countries. Puteri
Harbour, Iskandars
prestigious international
township, mirrors
Monacos successful
top-notch waterfront
city. All the developers in
that area must comply
with a set of urban design
guidelines, which makes it
an extremely well-planned
waterfront locale. Buyers
are attracted to Puteri
Harbour and recognise its
potential because it is welldeveloped and offers an
enviable lifestyle of luxury
and leisure at an affordable
price.
First-time homebuyers
are making their presence
felt in Iskandar. Developers
have responded to this
group of buyers with
affordable homes.
Prices in the
secondary market have
risen tremendously in
tandem with the per
sq ft price increase of
new developments. So,
first-time homebuyers
are probably looking for
new developments that
are more affordable, says
Lee, adding that the new
projects, if any, would be
more realistically priced.
We have observed
more enquiries and
Residential property
prices have generally reached
their upper limit for now.
> Lee
special report
transactions for residential

properties, especially
landed units, below the
RM500,000 mark. More
affordable homes will be
completed over the next
two to three years and
we expect most of the
buyers to be new home
purchasers.
Most of the buyers
of affordable homes will
be Malaysians, he says.
Foreign investors will
either be restricted from
buying this type of housing
or prefer to invest in
higher-value properties or
investment-grade units.
Although developers
say property prices in
Iskandar are unlikely to
fall, Lee has observed
discounts and rebates
being offered to
prospective buyers
for certain projects.
Residential property
prices have generally
reached their upper limit
for now. We also have
to take into account the
tens of thousands of units
in projects by Chinese
developers that will be
completed within a short
period, he says.
Projects in good
locations are still holding on
to their launch price, but we
understand that a number
of developers are giving
discounts and/or rebates
for their unsold units in
their high-end residential
projects. They can do this
by reducing their profit
margins.
As demand will drive
the future direction of
Iskandars property
market, Lee suggests the
introduction of policies to
encourage buyers. At this
point, the number of units
expected to be completed
soon has overwhelmed
demand. The demand for
affordable housing is on the
rise whereas the demand
for investment properties
and high-end real estate is
taking a back seat. Many
prospective buyers are
anticipating prices to fall.
The authorities should
introduce effective housing
policies such as a tax
reduction or waiver, or
easy financing packages,
to stimulate demand
for different types of
properties, he says.
special report
S18
Iskandar property market

to pick up in 2018
n the past 12 months, developers have been looking at ways to mitigate the slowdown in Iskandar
Malaysias property market. They include deferring
launches, working harder to reach potential buyers,
marketing their products to more foreign countries
and offering more affordable products to appeal to
the broader market.
However, the developers remain optimistic about
Iskandars long-term prospects and attribute the current
situation to global economic headwinds and domestic factors such as a difficulty in securing nancing,
the governments property cooling measures and the
Goods and Services Tax (GST).
Additional challenges specic to Iskandar have
compounded the slowdown. It has been a challenging property market in Malaysia over the past year.The
negative sentiment has been amplied by the introduction of a higher levy on foreign buyers by the state
government, the entry of numerous new developers
into the market in recent years and concerns about
an oversupply, particularly in the high-rise residential
segment, says UEM Sunrise Bhd managing director
and CEO Anwar Syahrin Abdul Ajib.
The master developer of Iskandar Puteri says while
buyers do not pay GST for residential properties, developers are affected as raw materials and construction
cost incur this tax. Our margins are denitely affected
by GST.There is a lot of uncertainty in Iskandar and the
buying momentum for our Iskandar Puteri projects
has noticeably slowed down. Given the environment,
we made a conscious decision to defer the launches of
several high-rise residential projects in our pipeline.
AFFECTED BY PERCEIVED
AND ACTUAL RISK
Concerns about oversupply in the high-rise residential segment have affected condence in this region
in recent years. There are generally two views on this
topic those who say the excess supply of residential
units is a real risk arising from a number of new de-
velopers launching mega projects and those who say

it is a misguided perception.
Anwar Syahrin falls into the rst camp. An oversupply of property is not seen across the entire property
market. However, in Iskandar, there has been an inux
of foreign developers, mainly from China, launching
projects at an unprecedented scale. They have saturated the high-rise residential market, especially the
serviced apartment segment (residential units built on
commercial land). To mitigate the situation, the state
government imposed a freeze on new developments
in 2014 and introduced new guidelines for high-rise
projects last year, he says.
Oversupply is not a new issue, but it is still a concern. Surplus property affects the resilience of the
overall market and it becomes even more vulnerable to
changes in the local and global economy.A weak property market affects developers and property owners.
Now, the latter faces another risk, which is acquiring
a unit in a development that has been delayed or is
not completed.
Pacic Star Development Pte Ltd president and CEO
Glen Chan offers a different perspective. He expects
demand and supply in the property market to nd a
new equilibrium soon as developers are holding back
launches. This effectively reduces supply. He points
out that all the land parcels in Puteri Harbour have
been sold and this can give rise to the reverse situation where demand exceeds supply.
I think Iskandar is misunderstood, not only in
Singapore but also some parts of Malaysia. Some view
this region as a normal housing estate. What they fail
to realise is that Iskandar is extremely big. It is three
times the size of Singapore and the real estate is developing in different phases, he says.
Last year, news of oversupply created an impression
that the region had lost its shine and fallen out of favour.
These reports are based on little more than anecdotal
evidence.Drawing the conclusion that there is a property
glut in the Iskandar residential market is misplaced.
UEM Sunrises Melia

Residences in Gerbang
Nusajaya
Developers that defer launches or delay the start

of their developments act like a check and balance for
the market, says Chan. This means a large oversupply
of property is highly unlikely in any event. Hot spots
such as Puteri Harbour, where the land parcels have
been exhausted, still offer excellent opportunities for
forward-looking investors and homeowners.
Pacic Star Developments luxury residential and
mixed-use development Puteri Cove Residences and
Quayside is located in the private marina in Puteri
Harbour. Chan says buyers of the project come from
28 countries.
S P Setia Bhd divisional general manager Stanley
Saw says buyers are more concerned about nancing. Banks have been stricter in giving out loans and
many aspiring homeowners have found it difficult to
secure nancing.
Furthermore, Malaysias 14th general election is
expected to take place next year. Many investors and
aspiring homeowners prefer to wait for the outcome
of this election before committing to a real estate asset. Foreign investors are especially concerned about
economic growth and the political stability of the
country, he adds.
S P Setia has eight projects in Iskandar, ranging
from townships and industrial parks to luxury condominiums in the city centre. In view of the slow property market, the developer deferred the launch of its
high-rise serviced apartments in Iskandar. Its landed
residential and commercial projects, however, were
launched as planned.
While there may be concerns about a property glut
in Iskandar, Sunway Bhd deputy managing director
property development division for Malaysia and Singapore Tan Wee Bee says the company maintains a
positive outlook on its developments. We intend to
develop an integrated development, which means
purchasers will be able to enjoy facilities such as a
shopping mall as well as medical and educational
institutions near their homes. Our products, which
are based on our build, own, operate model, offer
a range of experiences to buyers. We aim to deliver
a township and lifestyle that is sustainable while
complementing the needs and wants of our buyers, says Tan.
Sunway is more than just a developer. We also look
to nurture and bring a community together. We are
here for the long term and want to grow in tandem
with the community in Johor. It has always been one
of our goals to continuously engage with the community and provide a safe, well-connected and holistic
ecosystem for the residents to live, learn, work and
play with their loved ones.
S19
special report
encourage buyers to visit our sales galleries this year.

Developers have to be at the forefront with a great concept to appeal to prospective homeowners, he says.
Eco World has seven developments in Iskandar Eco
Botanic in Iskandar Puteri, Eco Spring and Eco Summer in Tebrau, Eco Tropics in Pasir Gudang and the Eco
Business Park hubs in Tebrau, Senai and Pasir Gudang.
If a price correction occurs in the property market, it will be limited to luxury condominiums, says
S P Setias Saw. I expect property prices to stabilise.
However, if a correction takes place, it will occur in the
luxury condominium sector in 2017 or 2018. At that
point, the market can evaluate which luxury project
has delivered as promised.
As the fundamentals driving Iskandars growth
over the past 10 years are still intact, Pacic Stars Chan
remains upbeat about its prospects. Iskandar Puteri
stands out for several reasons. It is one of two primary
agship zones, with solid infrastructure that was well
planned and implemented at the start of Iskandars
transformation. Roads, highways, landscaping, street
lighting and telecommunications services were built
with foresight and continue to be well-maintained,
he says.
Demand for residential properties in Puteri Harbour
is still robust. Buyers are attracted to its potential, not
only because it is well planned and well developed but
also because it offers residents an enviable lifestyle of
luxury and leisure at an affordable price.
AFFORDABLE HOMES AND LANDED

PROPERTY SELLING WELL
Although the property market is weak, demand for affordable homes and landed property remains healthy.
Many developers have seen strong take-up rates for
their mid-price residential property launches this year.
Macroeconomic trends show a rising population
and a growing number of households in the country. This translates into a real need for affordable or
mid-market housing.As a developer of not just homes
but communities, we heed the call of the nation to
provide more affordable homes. Now, our strategy is
to offer attractively priced real estate in choice locations with good accessibility and infrastructure, says
Anwar Syahrin, adding that demand for landed property is also strong.
Our recently launched Melia Residences in Gerbang
Nusajaya was very well received. We brought forward
the launch of Phase 2 and 3 of this project to cater for
the strong demand, he says.
UEM Sunrise launched Melia Residences, a mid-market residential enclave in Gerbang Nusajaya, Iskandar
Puteri, in April. Anwar Syahrin attributes the demand
for this project to its strategic location and attractive
prices. Melia Residences 22x75 terraced houses start
from RM596,000 per unit.
Saw says launches of affordable properties occur frequently. He also sees strong demand for landed properties in the RM500,000 range. S P Setia has a reputation
for being a branded developer. Buyers tend to associate
branded with pricey, but our units are priced from as
low as RM225,000. One of our main objectives now is
to tell the market that S P Setia homes are affordable.
Besides landed properties, Chang of Eco World says
commercial and industrial real estate in strategic accessible locations are still in demand.
Top: Eco Botanic township
has a lake in the shape of
a buttery and Europeaninspired residences
Above left: Sunway
Iskandars Citrine
Residences is next to
Emerald Lake Garden
Above right: Suasana
Iskandar Malaysia is
located along Jalan Wong
Ah Fook and Jalan Trus
Left: Setia Eco Gardens is
an award-winning green
township
REAL ESTATE PRICES ARE NOT

LIKELY TO FALL
While the prices of residential properties in Iskandar
have moderated in recent months, developers say prices
are unlikely to trend downward. Compared with the
property boom in 2013 and 2014, prices certainly have
moderated. But the fall is not signicant, says UEM
Sunrises Anwar Syahrin.
Eco World Development Group Bhd president and
CEO Datuk Chang Khim Wah says prices will not fall,
but smaller property units are likely to enter the mar-
ket. I do not see property prices coming down. However, I do see more developers addressing the current
challenges in the property market by offering smaller
units. This will probably occur across all property segments, not just high-rise residential units.
Eco World did not defer its planned launches and,
according to Chang, it has been business as usual
despite the weak property market. As at Aug 31, our
projects in Iskandar have already contributed about
RM935 million in sales. In such an environment, it is
very important to attract potential buyers. We have already organised more than 400 events, big and small, to
ALL EYES ON 2018

Industry observers and developers are looking at a
market recovery in 2018. This is when both the global
and local economies are expected to expand on the
back of higher commodity prices.
The Klang Valleys property market is expected
to pick up in the second half of next year, or more
likely in 2018 or 2019. The road to recovery for Iskandar is expected to be longer. As a master developer, we are committed to delivering our projects in
Iskandar Puteri as envisioned, says Anwar Syahrin.
UEM Sunrise is planning to launch 2-storey terraced
homes near Bukit Indah in Iskandar next year. Our
strategy to weather the storm has not changed. We
will continue to entice buyers to purchase our products as part of our efforts to clear existing inventory
via various marketing campaigns, roadshows and
exhibitions. We will strategise new launches based
on market conditions and, if need be, defer launches,
especially those of our high-end products, until the
market regains momentum, he says.
Eco Worlds Chang and S P Setias Saw also see the
property market improving in 2018. I see the market
rising in 2018 and possibly peaking in 2021, says Saw.
Meanwhile, Chang points to Iskandars long-term
outlook. The right infrastructure, investor-friendly
policies and close proximity are all strong pull factors.
A population growth of 4.5% in the region will also
drive demand in the long term. I expect regeneration
of the east side of Iskandar to benet those who are
living or have invested there, he says.
special report
S20
Banking on liveability
Comprehensive planning and sustainable development put Medini on solid ground
WEARING MANY HATS

MIM plays many roles.As the master planner, it is mainly concerned with overseeing and managing the development of Medini to enhance its value and stability.As
master developer, it looks to create developments that
complement real estate assets built by private developers.
The company also acts as a placemaker to ensure that
Medini becomes a lively place with space for inhabitants
to relax and socialise, thus enhancing the townships
reputation as an investment destination.
Its other role is being the townships management
service provider. It offers services such as ICT and infrastructure management, including facility, estate,
building and security management.
Our job scope evolves as Medini transforms from
an urban space made up of distinct real estate projects
built by property developers into an integrated smart
township, says Khairil. To create an all-inclusive township for residents, business owners and visitors, we do
not compete with private developers that are building mostly residential units. Instead, we complement
these developments by building offices and commercial units. Development in Medini started in 2007, but
the township is considered relatively young as many
buildings are still being constructed. Several developers
that launched residential units a few years ago will be
handing over the keys to the buyers next year or in 2018.
Khairil says the support received by its private-sector partners from the local authorities is critical to the
development of Medini. Local authorities such as IRDA
and Majlis Perbandaran Johor Baru Tengah have been
very supportive of our developments. Our symbiotic
relationship is an integral part of the ongoing development of Medini.
A PREVAILING SENSE OF OPTIMISM

Property developers say Medini will weather the current slowdown in the real estate market and emerge
stronger and more robust as liveability factors have

been incorporated into its design.
Liveability of a city or town is an increasingly important factor for global citizens. Some reports say it is
a more important factor than a citys economic power
or global inuence as it takes into account the severity
of factors that can affect the residents quality of life.
Environment preservation,healthcare and educational facilities have been made available in Medini. These
factors will continue to drive the demand for properties
here in addition to providing a foundation for a strong
community spirit among the residents.
Benjamin Ong, Eastern & Oriental Bhds general
manager of operations for Johor Baru, says MIM, as
the master developer, offered corollary benets to the
property developers in Medini.
Unlike other parts of Iskandar, Medini has a master developer responsible for planning and making the
overall township a success. MIMs role and what it does
is over and above the comprehensive network of infrastructure implemented by the government.
WCT Holdings Bhd was among the rst developers to
invest in Medini when the idea of building a township
with international standards was an unproven concept. Medinis value proposition is very much catered
for visionary investors as well as visionary residents.
They have beneted from being the rst movers in this
township, says managing director Taing Kim Hwa.
WCT was initially engaged by MIM to carry out civil
infrastructure work on the 2,300 acres that constituted
Medini in 2008. Its subsidiary,WCT Land Sdn Bhd, broke
ground on its maiden development that year.Now, the
company has three fully integrated developments in the
central business district.WCTs 1Medini condominiums,
1Medini Garden Villas and Medini Signature Tower 1&2
make up 1Medini Hub.They comprise retail, office and
residential components.
1Medini Hub is in the vicinity of Legoland Malaysia
Resort, the countrys rst international theme park; Afinity Medini, a project by Khazanah Nasional Bhd and
Temasek Holdings; and Gleneagles Medini Hospital.
Taing remains committed to Medinis long-term
vision and is looking to launch another development.
We have continuously promoted Medini as a destination for the public and private sectors and expect to see
more multinational corporations setting up base here.
This will generate middle and high-income job opportunities for residents and those living in Johor, he says.
We envision Medini to be a much sought-after residential and commercial location as people come here
for work, higher education and high-quality healthcare
services. In line with this, WCT is planning to launch
a commercial development to meet the need for retail
outlets and offices.
Like WCT, the other developers in this township are
optimistic about Medini.Many are planning to continue
investing here despite the current challenging economic
conditions. Several factors underpin their view. Firstly,
property in Malaysia is still generally more affordable
than in other regional markets.The country is also known
for its high living standards and liveability. Signicantly, foreign investors are able to acquire choice units in
developments designed to international standards.
CI Medini Sdn Bhd, the rst developer to build shoplots in Medini, is planning to launch properties when
the market recovers. The developer is looking at developing affordable homes to complement the luxury developments that are already available in the township.
When we launch this project depends on the market. Competition is stiff now and we will wait for a better
time. Our plans are to stay away from the luxury market
and focus on affordable homes, says managing director
Takeshi Matsukata.
Formerly known as Sunsuria Medini Sdn Bhd, CI
Medini is a partnership between Japan-based real estate developer Creed Group Ltd and Sunsuria Bhd, inked
in 2014. Creed has invested outside Japan since 2005
and has projects in Cambodia, Vietnam, Myanmar and
Bangladesh.
Medini is a work in progress. It may not be a nished product but its outlook is very promising. Once
the economic environment improves, more changes
(developments) will take place. In three to ve years,
Ultimately, the
aim is to foster
a healthier,
more social and
economically
viable community.
Once the
community starts
to connect, a
strong community
spirit can be
cultivated.
> Khairil
the township will be very different from what it is now.

I expect to see a thriving and robust community, says
Matsukata.
CI Medini is also looking to relocate from Taman
Bukit Indah to Medini, a move that Matsukata says
reects the companys support for the township. We
were the rst developers to build shoplots in Medini and
constructed low-density two-storey and three-storey
units. Three phases have been completed and we have
handed the keys over to the buyers. We are looking to
hand over the keys of the units in the last phase in September next year, he adds.
CI Medinis shoplots are known as the IONs ION1
(104 units), ION2 (106 units), ION3 (32 units) and ION4
(75 units) and they are strategically located near the
Second Link Expressway, theme parks, Mall of Medini
and EduCity.
James Bruyns,Mah Sing Group Bhds chief sales officer
for C-Suites, says Iskandar Malaysia is still a favoured
property destination for local and foreign investors.
Singaporeans still nd Medini appealing. Properties in
SAM FONG/THE EDGE
hether Iskandar Malaysia achieves its

aspiration of becoming a strong and
sustainable metropolis by 2025 largely depends on the key components in
the region. Medini, a major township
in Iskandar Puteri (formerly known
as Nusajaya) and the only greenfield project there, is
one of them. Medini illustrates what can be achieved
when the public and private sectors work together. It
is the culmination of a vision shared by the federal
government, Johor government and their strategic private-sector partners, says Datuk Ismail Ibrahim, CEO of
the Iskandar Regional Development Authority (IRDA).
The townships modern and people-centric design
is aimed at providing residents with the best living
conditions.
It has state-of-the-art infrastructure, including an
integrated road network that serves even the most discerning global investor.This gives Medini a competitive
edge in becoming an attractive destination for foreign
investors, says Ismail.
Medini Iskandar Malaysia Sdn Bhd (MIM) can be
credited with developing the township in line with
Iskandar Malaysias vision of becoming a leading regional economic hub. With the advantage of developing a
greeneld site, MIM was able to plan all the infrastructure and services needed for an orderly, all-inclusive and
efficient township.
Its comprehensive design, aimed at creating a lively
and sustainable community, includes commercial and
residential components, green lungs, and community
and mixed-use areas.
According to MIM managing director and CEO Datuk
Khairil Anwar, Medini is on track to becoming an integrated, smart and sustainable township with distinctive buildings and inviting public spaces.The township
spans 2,230 acres and has a maximum gross area of 182
million sq ft. It is supported by efficient and robust infrastructure, a high quality security system and other
high-tech city management solutions.
Ultimately, the aim is to foster a healthier, more
social and economically viable community. Once the
community starts to connect, a strong community
spirit can be cultivated, says Khairil.
Top left:
Eastern & Oriental Bhds
Avira Garden Terraces
Left:
WCTs innity-edge lap pool
in Medini
Above:
Artists impression of The
Meridin@Medini
Bottom:
CI Medinis shoplots
this township are very close to the city state and offer
great value for money.
The government also encourages foreign buyers
with many incentives such as an exemption from the
minimum property purchase threshold of RM1 million
for foreign purchasers. Property transactions in Medini
are also exempted from the Real Property Gains Tax.
Mah Sings The Meridin@Medini is an integrated
commercial development with a gross development
value of RM1.5 billion. Spanning 8.19 acres, the development consists of Meridin Suites Residences, which
comprises three residential towers; Meridin Sovo; and
Meridin Suites, which are two blocks of serviced suites.
Mah Sing has procured the use of the Ramada hotel
brand from the worlds largest hotel company, Wyndham Hotels Group.Ramada Meridin and Ramada Encore
Meridin will be managed by leading hotel management
company Topotels. Both Ramada hotel-serviced suites
are scheduled to open in two years.
Bruyns says Medini is poised to act as the central
business district for Iskandar Puteri. Medini is already
the main destination for business, healthcare, education, industrial production and tourism. The plans
for the rapid transit system (RTS) and high-speed rail
(HSR) are taking shape. I expect Medini and the entire
Iskandar region to become one of the most prosperous
economic zones in Malaysia.
Like Bruyns, Taing thinks the HSR and RTS will

enhance Medinis appeal as an investment and commercial destination. The proposed RTS will link Johor
Baru with Singapore in 2018. This will denitely improve connectivity for those who commute between
the two cities, he says.
E&Os Ong says the second phase of Avira Medini
Iskandar, a 207-acre wellness-themed development
in Medini, will be marketed to investors in the region.
The rst phase of Avira Garden Terraces (208 units) was
very well received, with a 90% take-up rate. The buyers
were mostly from Singapore,which remains our anchor
market because of its proximity to Iskandar Malaysia,
the affinity for local culture and relative affordability
of real estate in the country. Phase 1 has been handed
over to the owners. Now, we are marketing Phase 2 to
other countries in the region. We are already seeing a
steady stream of registrants for our units.
In 2013, E&O partnered the wholly-owned subsidiaries of Khazanah and Temasek to develop Avira.
GREEN IS GOLD
The liveability of Medini has been enhanced
with green spaces and ample opportunities for residents to connect with nature.
The township has a green lung with 210
acres of parks and open spaces. Sustain-
S21
special report
able development and a green environment benet

residents and the environment and add to the beauty
of the township, says Bruyns.
Aviras theme of living in the heart of wellness centres
on good living conditions.The development is set to create a holistic, thriving environment for its community.
When completed, it will be surrounded by greenery and
interconnected with tree-lined paved walkways. We
are infusing elements that result in a sustainable and
holistic living environment for Aviras residents. One
way to connect the community to nature is by building
a 1.6km boardwalk on the perimeter of Avira, says Ong.
This will allow residents to walk to the mangrove
forest that fringes the development. Other examples
include landscaping that follow the natural contours
of the land and the natural ow of waterscapes as well
as homes that feature special communal linear gardens
that are turfed and landscaped.
The wellness sanctuary will offer tness facilities
such as pools and multipurpose spaces for group exercises classes. Ong says residents will be able to enjoy
the freedom of being outdoors and can cycle or jog on
specially built tracks that are shaded.Pavilions,barbecue
pits and R&R shelters will be built around the facility
to encourage the community to gather and socialise.
People will choose to live here because of the
environment. There are many parks and I expect
to see more people enjoying the natural environment once the township takes off, says CI Medinis Matsukata.
special report
S22
Iskandar Malaysia in pictures

Ten years into its development, Iskandar is evolving into a destination
of choice for investors and property developers
Setia Business Park
Sunway Iskandars Emerald Lake
Eco Worlds Eco Botanic
UEM Sunrises Estuari Garden
Puteri Cove Residences and Quayside in Puteri Harbour
Medini Iskandar Malaysias future developments in Medini
Eco Worlds Eco Tropics
UM Lands Shama serviced apartments
Setia Eco Cascadias Metamorphosis Park
UM Lands Suasana Iskandar
Aerial view of Iskandar Puteri

*Some of the pictures are artist impressions of upcoming projects
WCT Lands Medini Signature
iSynergy Business Park at Bandar Putra Kulai
S23
special report
special report
S24
Notable economic hubs in Asia
overnments create economic zones as a way

to foster economic growth and improve a
countrys competitiveness, both as a destination for foreign direct investment (FDI) as
well as a manufacturing hub.The latter is particularly important because competitiveness
underpins the productivity of an economy and, in the
long run, is seen as the main determinant of a nations
per capita income.
Special economic areas include free trade zones, export-processing zones, industrial parks, economic and
technology development zones,high-tech zones,science
and innovation parks, free ports and enterprise zones.
Asean countries have fully embraced the use of
special economic zones, as seen in the prevalence of
these well-demarcated areas. The United Nations Industrial Development Organisation (Unido) estimated
there were about 1,000 economic zones in Asean last
year. This represents about 5% of the total number of
economic zones in the world.According to Unido, they
comprise 893 industrial parks, 84 special economic
zones, 2 eco-industrial parks, 25 technology parks and
an innovation district.
The Asian Development Bank (ADB) identied more
than 4,300 special economic zones in about 130 countries in Asia last year a remarkable increase from
about 500 in 1995. According to the ADB, the earliest of
these zones were designed to circumvent trade restrictions and earn foreign exchange revenue.The economic
benets reaped by these economic zones were found to
outweigh the cost incurred by temporary price and incentive distortions that can take place.These economic
zones were also frequently used as testing grounds to
evaluate the effectiveness of structural reforms before
the measures were implemented across the country.
Over time, successful economic zones have proved to
widen a countrys manufacturing base, create jobs, increase exports and attract FDI. Special economic zones
play a catalytic role in economic development, provided
that the right business environment and policies are in
place. In Asia, these zones facilitate trade, investment
and policy reforms when the region is experiencing a
slowdown in trade and economic growth, says ADB
chief economist Wei Hang-Jin in the Asian Economic
Integration Report 2015.
For a special economic zone to be successful, it must
establish strong backward and forward linkages within
the overall economy. Effective economic zones are an
integral part of dynamic national development strategies and evolve as economies develop, transforming
from manufacturing bases to technological platforms
for innovation and modern services.
While economic zones are proliferating in Asia,
their performances have been mixed. While many are
successful, some are poorly run and operate below capacity. Nevertheless, Asian economies continue to use
these zones as a policy tool to promote economic growth
and attract FDI.
Features shared by successful economic zones include
sufficient scal incentives to attract initial investments
by companies, an independent governing authority and
an enabling legal framework, abundant labour, a strategic location and multimodal connectivity, consistent
policies, a dependable judicial system, adequate security, transparent standards and strong support from the
state and local governments.
A clear link to an economys development strategy
increases the likelihood that a special economic zone
will have broad nationwide impact. These zones can
be a major engine for national development through
backward and forward linkages with the rest of the
domestic economy. Special economic zones also offer
signicant opportunities for domestic participation,
knowledge sharing, innovation and skills development.
This can be seen in special economic zones in China,
South Korea, Malaysia and Taiwan, says Wei.
He adds that high technology and knowledge-based
special economic zones can evolve into innovation clusters when combined with R&D centres.
Economic zones are likely to remain strategic instruments used by governments to foster economic
growth for the foreseeable future. Here is a look at four
prominent economic zones, the latest addition being
Iskandar Malaysia.
SHENZHEN, CHINA
China is one of the most successful countries in terms of
leveraging economic zones to transform its economy.The
miracle of Shenzhen serves as beacon for other countries looking to attract FDI and boost economic growth.
AFP
REUTERS
Above: The miracle of

Shenzhen serves as a
beacon for other countries
looking to attract FDI and
boost economic growth
Right: Songdo is the centre
for the Incheon Free
Economic Zone and home to
international organisations
such as the World Bank
The special economic zone in Shenzhen was established in 1980, along with three other economic zones:
Zhuhai, Shantou and Xiamen. Shenzhen, a fishing
village with about 30,000 inhabitants, was given the
most freedom to experiment with market-friendly
economic policies.
Strategically located across a river from Hong Kong,
Shenzhens business-friendly measures include an exemption from submitting tax revenues to the central
and provincial governments in the rst 10 years of operation and a xed 15% income tax rate applied to partly
foreign-owned enterprises as opposed to a 33% tax rate
in the rest of China and 17% in Hong Kong.
At the start, however, Shenzhen failed to attract investments from around the world. Unfamiliar with Chinas business culture,foreign companies were concerned
about wages and employment regulations and felt that
there was still too much red tape. Most of Shenzens
foreign investments came from neighbouring Hong
Kong and were directed towards its real estate assets.
In 1982, new regulations were implemented to reduce the red tape. These included guidelines for wages
as well as entry and exit procedures.This led to a surge
in condence and Shenzhen saw a sharp increase in FDI.
From 1980 to 1984, the average annual gross domestic
product (GDP) in China grew 10% per year. Shenzhen,
however, grew an exceptional 58% every year. By 1989,

more than one million temporary workers had moved
to this city and by 1998, high-tech industries accounted
for 40% of the industrial output.
In 2008, Shenzhen registered more patents than any
other city in China. Between 1978 and 2014, its GDP per
capita surged from RMB606 to RMB149,500.
Shenzhens economic growth has outperformed
Chinas rst-tier cities in recent years.Although only a
third the size of Shanghai and one-eighth that of Beijing, Shenzhens GDP grew 8.6% in the rst six months
of this year on the back of rising residential property
prices. Beijing and Shanghai only expanded 6.7% during this period.
Shenzhen currently ranks among the top four cities
in China, with a population of about 10 million. It is an
important import-export hub and a leading manufacturing base. It is also an innovation hub. More than one
million private companies, including Chinas internet
giant Tencent Holdings, telecommunications giants
Huawei and ZTE,the nations largest insurance company
Ping An Insurance and nancial giant China Merchants
Bank were established in this city.
With about 139 nancial institutions, there is talk
of Shenzhen overtaking Shanghai and becoming the
countrys global nancial centre in the next decade if
S25
special report
REUTERS
CHU JUCK SENG/THE EDGE
Above: Jafza is the rst and

most successful free trade
zone in the Middle East and
North Africa
Left: Iskandar is the largest
development project initiated
by the federal and state
governments in the region.
Like many successful special
economic zones, it oers
excellent connectivity.
Iskandar is the largest development project initiated by the federal and state governments in the region.
Like many successful special economic zones, it offers
excellent connectivity, with access to ve ports and
two international airports (one airport and two ports
of which are located in Singapore).
Established in 2006, Iskandar aims to be a strong
sustainable metropolis of international standing by
2025. Its goals include a total investment target of RM383
billion in 20 years and a per capita GDP of US$31,100
by that year. The Iskandar Regional Development
Authority (IRDA), the main facilitator, promoter and
planner of Iskandar, is expecting the population to
reach three million.
Iskandar offers a standard of living that is comparable to that of more developed nations but at a lower cost.
Companies are attracted to its educated, multi-lingual
and highly skilled workforce, business-friendly policies
and conducive business environment.
Iskandar is just over a decade old this year and has
undergone two phases of planned development under
the 20-year Comprehensive Development Plan launched
in 2006. During this time, the economic corridor has enjoyed a construction boom and a surge in FDI as local
and foreign property developers rushed in to capitalise
on its potential. Real estate development appears to be
its main activity instead of being complementary to
the industries identied by IRDA to drive the growth
of Iskandar.
Sentiment started changing in 2013 when the property market was affected by concerns of oversupply,
implementation of the Goods and Services Tax (GST),
cooling measures introduced by the government to stem
soaring property prices and slowing economic growth.
Since then, the developers in Iskandar have started to
defer launches or change their approach.Many,however,
are optimistic about its outlook and say it will achieve
its goals despite the headwinds.
According to IRDA CEO Datuk Ismail Ibrahim,
everything is on track with Iskandar starting its third
phase of development early this year.This phase ensures
that all the planning strategies for the economic region
remain relevant to the residents of Iskandar and Johor.
Cumulative investments for Iskandar from 2006 to
June 30, 2016 totalled RM207.99 billion. Of this amount,
51% or RM106.43 billion represents investments that
have been realised. These are projects on the ground
that you can touch and see. Our investors believe in the
long-term potential of Iskandar, says Ismail.
JEBEL ALI FREE ZONE
it cooperates with Hong Kong. Now, Shenzhen is banking on R&D to grow its economy to RMB2.6 trillion by
2020. Last year, its GDP was RMB1.75 trillion. Shanghai
recorded a GDP of RMB2.5 trillion.
More than 4% of Shenzhens GDP has been channelled
into R&D initiatives since 2013. Its international patent
lings account for almost half of the countrys lings
and surpassed those by the UK and France last year.
INCHEON, SOUTH KOREA

Incheon is known as the economic centre and transport and logistics hub of Northeast Asia. With a population of more than three million, it is one of the three
largest cities in South Korea and home to the countrys
main airport, Incheon International Airport; its second
business harbour, Incheon Harbour; and the countrys
rst free economic zone, the Incheon Free Economic
Zone (IFEZ).
IFEZ was incepted in 2003 to drive the countrys
growth and to strengthen its international competitiveness. It has a goal of becoming one of the top three
economic zones in the world by 2020.
IFEZ consists of three districts Songdo,Yeongjong
and Cheongna. Songdo International City is the centre
for IFEZ and home to international organisations such
as the World Bank, the Association of World Election
Bodies, the United Nations Economic and Social Commission for Asia and the Pacic, and the Green Climate
Fund. The city is looking to establish a reputation as a
global education centre and currently houses the campuses of several foreign universities, including the State
University of New York, George Mason and the University of Utah. Chinas Peking University and Tsinghua
University are planning to establish campuses here.
Built on reclaimed land, Songdo offers recreational
facilities such as Central Park, which is the countrys
rst seawater park, a European-style shopping arcade
and a road that allows visitors to explore the citys tourist
attractions on foot.The countrys rst Korean-American
village a foreign residential complex for Koreans re-
locating from abroad is also located here.

Cheongna is looking to establish an international hub for nancial services with the construction of
Hana Financial Town, a rst-of-its-kind project by a
local nancial company while Yeongjong is vying to
become a hub for casino tourism with integrated resorts and casino complexes. A casino entertainment
complex called Paradise Sega Sammy and a casino operated by US casino operator, Caesars Entertainment,
is being constructed and will offer a wide range of
leisure amenities, including hotels, restaurants and
gaming centres.
As a self-sufficient compact city, it takes about 30 to
40 minutes to walk from one amenity to another in IFEZ
as the business,leisure,education and shopping facilities
in Songdo are only about 5km from each other.A wireless
network is available and environmentally friendly city
management services have been implemented in line
with IFEZs quest to be a global green city.
Eight industries, including biotechnology, high-tech
automobiles, robotics and beauty, have been identied
to drive IFEZs economy. New developments such as the
Incheon High-Tech Park,which focuses on R&D for automobile parts; Robot Land, a centre for robotics; and a
production base for biotechnology companies as well as
new business policies have been launched to enhance
the competitiveness of these industries and to attract
related companies, institutions and universities.
By the end of September last year, IFEZ had attracted
77 foreign investment companies and US$6.78 billion
in total FDI. In 2014, it received a record US$1.71 billion
in FDI about 94% of the total FDI received by eight
free economic zones in South Korea, which amounted
to US$1.82 billion.
ISKANDAR MALAYSIA
Iskandar Malaysia is located in the heart of Southeast
Asia, making it highly suitable for rapid growth. The
2,217 sq km economic zone at the southern tip of Peninsular Malaysia is three times larger than Singapore.
A clear link to
an economys
development
strategy
increases the
likelihood that a
special economic
zone will have
broad nationwide
impact. These
zones can be a
major engine
for national
development
through
backward and
forward linkages
with the rest of
the domestic
economy.
> Wei
Jebel Ali Free Zone (Jafza) is the rst and most successful free trade zone in the Middle East and North Africa.
It is strategically located in Jebel Ali town, just 35km
from Dubai and next to the Jebel Ali Port the largest
container port in the Middle East and the ninth largest in the world.
Occupying 48 sq km, Jafza sits between two of the
largest logistics entities in the region the Jebel Ali
Port and Al Maktoum International Airport. This free
trade zone started with just 19 companies in 1985 and
has since grown by leaps and bounds.
Now, it is home to more than 7,000 local and foreign
companies, including the regional headquarters of the
worlds largest conglomerates. Here, free zone companies enjoy a tax-free environment, 100% foreign ownership, 100% repatriation of capital and minimal cost
of investment.
Over 400 US companies are based in Jafza, including Fortune 500 companies such as HP, Dow Chemicals,
General Electric, Caterpillar, FedEx, Schlumberger, P&G
and Johnson & Johnson. It is also home to more than
620 automotive companies, including global names
such as Honda, Nissan, Ford, General Motors, Daimler & Chrysler, Caterpillar, Mobis and Schaeffler. Its
automotive sector was estimated to have generated
US$5 billion worth of trade last year.
Other key industries in Jafza are manufacturing,
trading, services and distribution. Companies operating in these industries have access to land that can
be leased and business facilities such as warehouses,
showrooms, retail outlets, factories and workshops.
Purpose-built residential buildings have been built
with sports facilities, restaurants and cafs to meet
the needs of residents and customers. The premise
is that those living in Jafza would not have to go to
Dubai for their needs.
Jafza sustains more than half of Dubais exports
and accounts for 20% of FDI into the UAE. According
to some estimates, it contributes as much as 25% to
Dubais GDP every year. By comparison, Dubai Airport
Free Zone contributes 2.27% annually. Jafza is said to
have created more than 100,000 jobs and accounts for
8.7% of the workers in Dubai. It is also a catalyst for
the development of logistics zones in the UAE such
as the Sharjah International Airport Free Zone, Dubai Airport Free Zone, Dubai Maritime City and Dubai
Logistics City.

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O C T O B E R 3 1 , 2 0 1 6

Iskandar Malaysia has another 10 years to realise

THEEDGE MAL AYSIA | OCTOBER 31, 2016

nder a 20-year Comprehensive Development Plan (CDP)

keeping delays and hiccups in the construction of large catalytic projects to a

THEEDGE MAL AYSIA | OCTOBER 31, 2016

CONNECTIVITY A VITAL ELEMENT

to shore up condence in Iskandar and further support

Alpha Marketing Pte Ltd director Ryan Khoo says

CREATING A SHARED VISION

sean is home to some of the fastest growing

THEEDGE MAL AYSIA | OCTOBER 31, 2016

their efforts speak of their commitment to achieving

To ll the senior roles at Pinewood that required

THEEDGE MAL AYSIA | OCTOBER 31, 2016

A decade of rapid growth

skandar Malaysia, conceived to secure the countrys

The rst major investment in Iskandar by a China-based

The tipping point for Iskandar came in 2012 with the

The spotlight continued to shine on Iskandar and

The opening of Legoland Water Park and Legoland

The effects of the cooling measures were seen in the

Notable events have included the launch of Forest

THEEDGE MAL AYSIA | OCTOBER 31, 2016

Promising signs of Iskandars

entiment in Iskandar Malaysias property

pecially among Singaporeans, after the city states

The rst phase of Forest City

we will definitely see more judicious products in

CHINESE BUYERS START COMING

THEEDGE MAL AYSIA | OCTOBER 31, 2016

light on Iskandar since the sentiment in the property

LANDED PROPERTIES HINT AT

A property glut does not aect

Klang Valley, are clearly attracted to landed property.

Secondary market transactions

transactions for residential

Iskandar property market

velopers launching mega projects and those who say

UEM Sunrises Melia

THEEDGE MAL AYSIA | OCTOBER 31, 2016

Developers that defer launches or delay the start

THEEDGE MAL AYSIA | OCTOBER 31, 2016

encourage buyers to visit our sales galleries this year.

AFFORDABLE HOMES AND LANDED

REAL ESTATE PRICES ARE NOT

ALL EYES ON 2018

THEEDGE MAL AYSIA | OCTOBER 31, 2016

WEARING MANY HATS

A PREVAILING SENSE OF OPTIMISM

stronger and more robust as liveability factors have

the township will be very different from what it is now.

SAM FONG/THE EDGE

hether Iskandar Malaysia achieves its

THEEDGE MAL AYSIA | OCTOBER 31, 2016

Like Bruyns, Taing thinks the HSR and RTS will

able development and a green environment benet

THEEDGE MAL AYSIA | OCTOBER 31, 2016

Iskandar Malaysia in pictures

Setia Business Park

Sunway Iskandars Emerald Lake

Eco Worlds Eco Botanic

UEM Sunrises Estuari Garden

Puteri Cove Residences and Quayside in Puteri Harbour