Remaking Johor Bahru

Johor Bahru is in a routine of physical transformation. And a hottest skill male in play, Tan Sri Lim Kang Hoo, came out to tell a diversion plan.

Saturday Dec 8, 2012

Iskandar Waterfront Holdings gets a task of remaking Johor Baru

By B.K. SIDHU
bksidhu@thestar.com.my

Connection to a past: Johor Baru's aged bridge.

TAN Sri Lim Kang Hoowas lucent with excitement to uncover off his grand devise for a makeover of Johor Baru whenStarBizWeekmet him for an talk recently.

He had usually got a skeleton approved for a makeover of a senior manager business district (CBD) as well as a eastern side of a tip of Johor Baru (JB). The makeover of a CDB will change a face of multiform streets such as Jalan Wong Ah Fook, Jalan Segget, Jalan Ibrahim, as well as Jalan Meldrum which right away house buildings which have been deserted for a long time.

In his opinion, as well as which of others, JB has not recovered from a skill bolt after a 1997 Asian mercantile crisis.

On a eastern side or a Tebrau coast, he wants to emanate a lifestyle haven identical to which of a Gold Coast in Australia. He is hoping to capture expatriates who have been starting to work during a oil as well as gas hub which is receiving figure in Pengerang to reside during a Tebrau coast.

Combined with a Danga Bay expansion which is located during a horse opera side of a southern tip of JB, he has over 1,619ha which will be! grown i n to an upon a water city versus Singapore over multiform years.

The land is parked underIskandar Waterfront Holdings Sdn Bhd (IWH), which is a master developer of tools of JB city. He owns 60% of IWH viaCredence Resources Sdn Bhdand his partner in this venture is a Johore state supervision around Kumpulan Prasarana Rakyat Johor (KPRJ), which holds a superfluous 40% seductiveness in IWH. Both EPF andKhazanah Nasional Bhdhas surreptitious seductiveness in IWH hold viaIskandar Investments Bhd.

IWH's over 1619ha forms partial of Iskandar Malaysia's 221,707ha as well as Iskandar is being built in to a metropolis of a south. With a developments receiving figure in Iskandar from thesis parks to an edu-city as well as a H2O front city, investors have been trickling in.

Singapore has shown a eagerness to knowledge in a expansion though there is a need to really change a CBD in to a some-more colourful city to capture some-more investors from across a causeway as well as alternative countries. The alternative developer of plots of land in Iskandar Malaysia is Khazanah.

Rejuvenating JB heritage: Cascading Retail @ Bukit Timbalan.

"Fifteen years ago no a single wanted to lend me a dollar as well as people used to a giggle during me when you showed a judgment of formulating JB in to a upon a water city similar to Hong Kong-Shenz! hen. The y thought you was crazy. But now, they have been same ones revelation me which JB is starting to be an additional Hong Kong-Shenzhen as well as you am not even talking," he tellsStarBizWeekin an interview.

This week he hermetic his greatest understanding yet. He sole 55 acres to a single of China's greatest skill developers,Country Garden Holdings Ltd, for nearly RM1bil as well as he says a lot some-more deals have been in a tube together with offered of an island made of reclaimed to an successful Singapore company. And all of IWH's land is sole upon a corner venture basis solely a 55 acres to Country Garden.

CBD a birthright city

Abandoned as well as half closed shops have been a common sight during a CBD as well as it has turn an eyesore. Some have been additionally filthy by a squatters. Some owners of a buildings as well as shops have migrated as well as to lane them down has been a large plea for Lim. He managed to trace as well as has paid for a little 50 plots in various locations, a ultimate being a plot of 133ha during Jalan Wong Ah Fook from an aged male who had migrated as well as was a seventh era owner.

This is partial of a makeover routine as well as is necessary if JB is to be incited in to a upon a water city.

"You cannot be attracting investors to JB as well as still have squatters in a city. We need a colourful city which has all a mixture of a complicated as well as universe category city to be means to capture a investors," he says, adding which when he buys over a plot which has squatters, he has to compensate as well as immigrate them.

"We wish to bedeck a city, clean up a sea bed as well as sewerage, urge a landscape as well as trade flow. There will additionally be a city tram as well as this brand brand brand new CDB will be themed as a birthright city," he says. The makeover of a c! ity is a state government's devise as well as IWH has mandated to see it through.

The city will be divided up in to sections where there will be food as well as beverage areas, China town, Little India, a Malay street, as well as night-life attractions.

"We have been doing all this for a people in a state as well as which will emanate mercantile wake up as well as during a same time you wish to capture a little of a Johoreans who have migrated to lapse as well as knowledge in a mercantile wake up in their state.

"We will additionally put up a city college, a medical associated college, service apartments, budget hotels, convert aged birthright buildings in to boutique hotels as well as additionally do up a streets. Jalan Wong Ah Fook will be incited in to a walking travel as well as phase a single which includes a redevelopment of Jalan Wong Ah Fook should be ready by mid- or end-2014," he says.

Work upon painting will begin in a initial entertain of 2013 as well as a Johor state supervision will dish out tenders for a painting of a CBD. It will additionally get concerned in a cleaning as well as reclaiming of Sungai Segget, right right away has a indignation of being marked down a single of a smelliest rivers.

To climb a area in to a CBD, he says options will be given to a existent land as well as emporium owners to follow designs which have been approved as well as keep their shops open.

"We can work out corner ventures with them or they can sell it to us or climb themselves. Our proceed is really friendly. What you wish is to emanate mercantile wake up as well as capture tourists as well as Malaysians in to JB," he adds.

For a painting of a CBD a state supervision will deposit RM200mil as well as an additional RM200mil will be invested by a Federal Government for a cleaning of S! ungai Se gget as well as putting up a brand brand brand new sewerage treatment plant.

The east-west side

The subsequent thing upon his plate after building sure plots of land in Danga Bay is a Tebrau Coast. Danga Bay will be grown in to a premier upon a water finish with facilities such as a journey boat terminal, marina, fisherman's quay as well as tower blocks to house blurb offices, hotels, muster as well as convention centres, as well as residential properties.

"We were asked to do a master devise for a eastern mezzanine as well as right away you have performed a approvals. It is usually right to right away plunge in to a easterly side after you have grown a little tools of a west side (Danga Bay) as well as have been additionally starting to begin works upon a CBD," he says.

Tebrau Coast will replicate a Gold Coast model where there will be tall climb buildings comprising apartments, hotels, blurb buildings as well as additionally sell outlets.

Living with heritage: Artist sense of Boutique Hotel @ Bukit Timbalan

"We will be working with theAustralian Walker Groupon this over a 81ha site. The lifestyle product in Gold Coast is offered similar to hot cakes as well as you wish a same judgment here.

"We additionally have a corner venture withDiJaya Corpto climb a land over 81ha there," he adds. All these developments will be built over 15 years.

There have been multiform rivers in a Tebrau Coast which will need to be cleaned as well as land reclaimed. They embody Sungai Plentong, Sungai Lunchoo, Sungai Reko! as well as Sungai Tebrau.

Lim is known to have a expertise to retrieve land as well as as a outcome of which he has managed to grow a landbank of IWH to over 1619ha. But which acerage additionally includes a land which IWH has got after receiving carry out ofTebrau Teguh Bhd.

With him buying some-more plots of land as well as with a reclamation work underway, it will be no warn if IWH's acerage increases to over 2023ha.

"Half of a land in Danga Bay has been reclaimed. It used to be a engulf area as well as which is since a cost is high. We have reclaimed 324ha of land. We have a proven lane jot down of reclaiming land as well as right away you have been starting to do a same during a Tebrau coast. We have been starting all over again," he says.

Of a 1619ha, half of it is during Danga Bay. The Tebrau seashore contain 405ha of which 162ha has been sole to illustrate far.

Some of a ongoing projects during a 1619ha owned by IWH embody a RM500mil Azea Residences by a Singapore group, a RM105mil Plazzo Hotel & Serviced Suites byWaz Lian Group, RM20mil Tune Hotel project, Dijaya Corp Bhd is investing to build a high-end churned expansion devise which will have a sum expansion value (GDV) of about RM5bil. Burnsfield is building sell as well as blurb buildings which will have a GDV of about RM4bil. The Country Garden devise will have a GDV of RM18bil.

Avoiding a glut

The understanding with Country Garden took 4 months to conclude though a little others have been receiving their time since a little companies have longer evaluation as well as capitulation routine than others. He is in talks with multiform parties, a little of them have been GLCs as well as which requires supervision approval.

But what he is excited! about i s a sale of a man-made island in a easterly side to a Singapore party. There have been alternative investors from Singapore who have been meddlesome in a fisherman's wharf, which is a single of a 10 projects in Danga Bay.

"They (the successful Singapore party) have been haggling for a lower price," he says.

But there have been alternative Singapore parties seeking during opposite parcels as well as even Country Gardens wants to buy some-more land in Danga Bay.

"The Indonesians have been seeking to buy a little land to emanate lifestyle projects," he adds.

While he wants a accumulation of investors, he is additionally vary which if they cannot sell their tall climb blurb buildings, apartments or blurb units, it would emanate an additional bolt as well as which is something he wants to avoid.

Having learnt a knowledge of a 1997 crisis, he says land will usually be sole in stages so which there have been takers for whatever is being developed. "We have to ensure any developer has product split so which demand for their products will always be there as well as this prevents a glut," he says.

When he started out, Lim paid for land for RM1.50 psf to RM3 psf. Now a same land is being sole during RM300 psf to RM500 psf depending upon location. He can't say how many some-more a land will appreciate given a sum expansion during Iskandar Malaysia, which contain of over 221,707ha.

"I can't say how many some-more it will go up or what is a valuations have been right away since you have not valued a land though you have consecrated someone to do it recently," he says.

He adds which "for right away you have been still offered during early bird prices though in a future you would have to tender a land as well as sell it to a highest bidder."

"What you have been formulating is an international upon a water city. The buildings will all be tall climb as usually to clean up a rivers as well as retrie! ve a lan d you have to buy silt from Pengerang as well as which costs us a lot of money, as a result a land is expansive.

"There is no proceed you can do landed skill or patio houses upon such a land since a cost will be too costly as well as nobody will buy a patio or semi-D for RM10mil. That is since you have been modelling a land upon Hongkong-Shenzhen as well as this expansion will take years since upon a water cities have been not built in a day. They can take decades for full realisation," he says.

Lim additionally wants to work with developers from opposite countries, say China, India, Europe, Australia, Indonesia as well as Singapore so which when there is a problem in their home country, not every developer is affected as well as a altogether expansion can go on.

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In a past, you overwhelmed briefly upon a devise ofcorporate fool around by IWH relocating in to Tebrau Teguh Bhd. Also ABITW's 'East-West' expansion devise of Greater Johor Bahru. Now, Lim has put all which upon a same page. Its partial of his 4,000 acres grand plan, ready forIPO sometime subsequent year.

IWH hasbrought in a investors. The Garden City devise alone is approaching to have a GDV value of RM eighteen billion.

Johor Bahru's expansion is being programmed as well as spurred with a Iskandar Malaysia grand development, a undiluted explanation of sum mercantile expansion devise in between a Federal Government, Johor State Government, Khazanah Holdings Bhd as! well as public as well as in isolation corporations, as partial of a Government-Private partnership introduced as partial of a Prime Minister Dato' Sri Mohd. Najib Tun Razak's Economic Transformation Plan (ETP).

Prime Minister Najib is really pleased, understanding as well as bullish of these plans.

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05 Dec 2012| final updated during 12:48AM

Iskandar attracts vital China developer

JOHOR BARU: The genuine estate zone in Iskandar Malaysia perceived an additional boost yesterday when a single of a top ten skill developers in China pumped in RM900 million to build a budding upon a water integrated expansion devise in a expansion region.

Prime Minister Datuk Seri Najib Razak described a entry by Country Garden Holdings Co Ltd as a vote of certainty in Iskandar Malaysia.

He related a seductiveness by a Chinese developer to a mutation of a senior manager business district (CBD) here in to a birthright city.

"Such a mutation will capture some-more local as well as unfamiliar companies to venture in to a skill market in Iskandar Malaysia.

"Country Garden is a single of them. The association was listed as a single of a 50 greatest companies in Asia by Forbes final year.

"This investment is a initial in Iskandar Malaysia by a organisation from mainland China. you understand alternative vital developers from around a segment have been seeking closely during a southern mezzanine as an tasteful finish for capital."

Najib was speaking before a signing rite of sales as well as purchase agreement for land in Danga Bay in b! etween C ountry Garden Properties (M) Sdn Bhd as well as Iskandar Waterfront Holdings Sdn Bhd (IWH).

Country Garden was represented by a owner Yeung Kwok Keung, as well as IWH by a authority Datuk Dr Shahir Nasir.

Present were China's Ambassador to Malaysia Datuk Chai Xi as well as IWH senior manager vice-chairman Tan Sri Lim Kang Hoo.

Najib pronounced a devise was a ultimate which showed Iskandar Malaysia was receiving off in a large proceed to capture vital unfamiliar skill players.

"Following certain international media coverage of a immature city ambitions, this sparkling expansion is serve explanation which Iskandar Malaysia is right away recognised as a single of Malaysia's pass expansion engines.

"Since a launch in 2008, you have seen companies of all sizes deposit in residential, blurb as well as industrial developments, as well as oil, gas as well as production sectors.

"The gait of expansion has not let up. This year, Iskandar Malaysia is staid to crack a RM100 billion investment target, attracting RM99.79 billion in investments up to a third quarter, which represents a significant grant to a Malaysia's mercantile vitality as well as growth," he said.

In a press conference later, Chai pronounced a entry by Country Garden would be an impetus for alternative Chinese developers to deposit in Iskandar Malaysia.

He pronounced a great infrastructure as well as intensity in a expansion segment were tasteful sufficient for Chinese investors.

Prime Minister Datuk Seri Najib Razak (centre), accompanied by Johor Menteri Besar Datuk Abdul Ghani Othman (left), witnessing a exchange of a MoU in between Iskandar Waterfront Holdings Sdn Bhd authority Datuk Dr Shahir Nasir a! s well a s Country Garden Holdings Co Ltd owner Yeung Kwok Keung during a Danga Bay Convention Centre in Johor yesterday. Pic by Roslan Khamis

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Lim brought many welcomed investment in to Iskandar Waterfront project. It would be a matter of alternative FDIs targeted to grasp Iskandar Malaysia's strategic devise mercantile as well as physical growth.

Earlier in a year, Prime Minister Najib supposing facilitation supports for Danga Bay as a explanation of Federal Government's joining to ensure a success of Lim's brilliant skill expansion plan

Najib Announces RM200 Million Facilitation Fund For Danga Waterfront Project

JOHOR BAHARU The Danga Waterfront Development devise receives a large shot in a arm from a supervision when a Cabinet agrees to yield it with a RM200 million facilitation fund.

Prime Minister Datuk Seri Najib Tun Razak pronounced a preference to yield a account underscored a federal government's joining towards a project.

"The Iskandar Integrated Waterfront City of which Danga Bay is a valuables in a crown, is a single of a many sparkling areas of expansion in Malaysia as well as many certainly in Johor," he pronounced during Danga Bay's 15th anniversary celebrations as well as launch of Yayasan Danga here attended by Sultan Ibrahim ibni Almarhum Sultan Iskandar.

The budding apportion pronounced a project's easy accessibility around air, sea as well as highway as well as a singular in front of during a edge of a Peninsula bordering Singapore, were vital as well as points as a lifestyle finish as well as in attracting investors.

The Danga Waterfront project, stretches 25km from a eastern to a horse opera sides of a Johor Causeway, will see a complete makeover of Johor Baharu as well as a entire sea-fronting sites confronting Singapore.

The development, to be launc! hed in p hases over twenty-five years with a sum expansion value of RM80 billion, will be a public-private partnership involving a supervision as well as Iskandar Waterfront Holdings Sdn Bhd (IWH).

Najib pronounced this impressive effort during urban redevelopment was in line with a mezzanine expansion proceed by a federal supervision to revitalise as well as energise aged towns with a brand brand brand new franchise of life.

"In a box of a Iskandar Waterfront City development, you am gratified to note which sparkling brand brand brand new facilities have been being programmed for a city, such as a journey boat terminal, marina, fisherman's wharf, as well as tower blocks to house financial as well as blurb offices," he said.

According to a budding minister, Danga Bay's loyal intensity was right away upon a verge of being realised with a phenomenon of a Iskandar Waterfront City expansion blueprint.

"The size as well as scope of this devise is not usually large though additionally impressive.

"When completed, it will assistance propel Johor Baharu to turn amongst a many visionary as well as complicated upon a water city not usually in Malaysia, though in a region," he said.

IWH, a driver of this development, he said, would have a await of a federal as well as Johor state governments to spearhead initiatives to transform Johor Baharu in to a world-class business, blurb as well as tourist destination.

He pronounced catalytic projects similar to a Danga Waterfront Development devise would assistance figure Malaysia's mutation in to a brand brand brand new manage to buy as envisaged by a government.

The budding apportion additionally announced which Datuk Lim Kang Hoo as IWH managing executive had committed RM50 milion for Yayasan Danga to carry out a Corporate Social Responsibility (CSR) projects.

Earlier, Johor Menteri Besar Datuk Abdul Ghani Othman pronounced a supervision had additionally al! located a facilitation account of RM200 million for a Sungai Segget clean-up devise in Johor Baharu city.

Present during a rite were a Johor Sultan's join Raja Zarith Sofia, Tunku Mahkota Tunku Ismail ibni Sultan Ibrahim, Tunku Temenggong Tunku Idris ibni Sultan Ibrahim as well as Najib's mother Datin Seri Rosmah Mansor.

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Iskandar Malaysia joined with a RM 60 billion Petronas RAPID brand brand brand new petrochemical hub in Penggerang, Johor is a beneficiary of 49% of Prime Minister Najib's ETP. The finish diversion all of these will be realised with a synergy of a tall value Singaporean economy.

Needless to day, Greater Johor Bahru is bullish upon a mutation devise as well as process. Businesses will be generated, physical expansion spurred, value created, jobs combined as well as intensity steeper expansion in GDP. Local manage to buy as well as demand for sell as well as services would of course piggy-back upon this rich-flavoured gravy train.

Johor would have to have skeleton for larger migration from a rest of Malaysia. Johor Bahru would be a Dubaii of Souh East Asia. The physical landscape, totalled in quantitative as well as qualitative aspects of Johor Bahru would change by a time Malaysia arrive to a Vision 2020 deadline.

And as a leading corporate player in a greatest skill play, Lim is a male to watch. - bigdogdotcom

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