More theme parks planned for Iskandar Malaysia

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July 26, 2016 by iskandarinsider

Tee Siew Kiong

JOHOR BAHRU: Iskandar Malaysia is set to become a regional theme park hub with more theme parks expected to be set up in the country’s first economic corridor.

State Tourism, Trade and Consumerism committee chairman Datuk Tee Siew Kiong said the growth corridor would have eight theme parks within the next three to five years.

“Talks are going on between the authorities and theme park operators from other countries planning to set up their theme parks in Iskandar Malaysia,’’ he told StarBiz on Saturday.

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Know the transaction costs and taxes when buying property overseas

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July 21, 2016 by iskandarinsider

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PROPERTY transaction costs and taxation are becoming increasingly important considerations for investors. Global consultancy Knight Frank in its recently launched Global Tax Report developed jointly with Ernst & Young revealed that indicative property tax costs can range from as low as 3.5% or 3.6% of the property price in Monaco and Dubai, respectively, to over 30% in Sao Paulo.

To make comparisons of property taxes and costs in various countries, the analysts assumed that a non-resident investor has a sum of money (US$1 million or US$10 million) to invest in property overseas. The purchase, holding and disposal costs of owning a property over five years were then calculated.

The report analysed the costs that a foreign individual would have to bear when buying a US$1 million or US$10 million property as an investment, and renting it out over a five-year period.

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Korea’s Amorepacific to invest RM691m in Iskandar Puteri

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July 11, 2016 by iskandarinsider

UEM Sunrise Korea

KUALA LUMPUR: South Korea’s cosmetic firm Amorepacific Corporation plans to invest about US$170mil or RM691mil in Malaysia by setting up an integrated centre for research and development and manufacturing in Iskandar Puteri, Johor.

UEM Sunrise Bhd said on Wednesday its unit UEM Land Bhd had signed a sale and purchase agreement with Amorepacific for the sale of the 25.37-acre land within Southern Industrial and Logistics Clusters (SiLC) in Iskandar Puteri.

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Plans to set up medical hub

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July 4, 2016 by iskandarinsider

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JOHOR BAHRU: The government hopes to stop the outflow of doctors from the country by creating ample job opportunities in Iskandar Malaysia via a proposed medical hub.

State Health and Environment committee chairman Datuk Ayob Rahmat said that according to reports, a large number of Malaysian doctors were now practicing in Singapore.

“But now we are looking at the possibility of creating a medical hub in Iskandar and looking at creating a niche in at least five to six fields.

“Among some of the niche areas include being a hub for cancer, cardiology, urology, women and child healthcare centre,” he said after launching an Islamic digital radio at Hospital Sultan Ismail here on Sunday.

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10 key facts why Gerbang Nusajaya will be the game changer for the next phase of Iskandar Puteri

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July 1, 2016 by iskandarinsider

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With the iconic High Speed Rail’s location in Iskandar Puteri expected to be announced by both the Singaporean and Malaysian Prime Ministers in July this year, Gerbang Nusajaya is fast taking shape with a 25-year master plan that will complement Singapore’s very own Jurong Lake District.

Google “Iskandar Malaysia” and you will find that out of ten stories, seven of them will most likely be adverse news reporting on the special economic zone.

A combination of the ongoing 1MDB investigation in Singapore and the oversupply issue have resulted in a perfect storm brewing that had somewhat resulted in the rather lukewarm property market that Iskandar Malaysia is currently experiencing.

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Mitsui in big on Malaysia project to build high-tech metropolis

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June 27, 2016 by iskandarinsider

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KUALA LUMPUR – Japanese trading giant Mitsui & Co. is capitalizing on its business partnerships in Malaysia to expand its role in the country’s government-backed grand project to build a new multi-functional city.

Iskandar Malaysia is a gargantuan urban development project to build a thriving, high-tech metropolis that can attract money and people from all over the world on a tract of land three times larger than neighboring Singapore.

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Purchasers’ risk in progressive payment

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June 23, 2016 by iskandarinsider

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THE National House Buyers Association (HBA) has complained to the Minister and those under his charge about purchasers becoming victims when they lose their homes as a result of foreclosure proceedings taken against them by banks to recover loans taken by developers secured by purchasers’ houses bought from the same developers, because the said developers did not settle the loans taken by them.

The crux of the problem is that the Housing Ministry-prescribed sale and purchase agreement (SPA) allows the developer to build the purchaser’s house with the instalments of the purchase price paid by the purchaser from the day the SPA is signed.

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UEM Sunrise launches Melia Residences Phase 3

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June 13, 2016 by iskandarinsider

MELIA RESIDENCE

JOHOR, UEM Sunrise Bhd officially launched Phase 3 of its Melia Residences yesterday, backed by the full take-up of Phase 1 and 2.

According to the group’s chief operating officer of commercial Raymond Cheah, the group was surprised by the encouraging response.

“The speed of sales of Melia Residences has been phenomenal with a total of 206 Phase 1 and Phase 2 units completely taken up with[in] the first two days of its launch, surpassing our original target of three to six months,” he said at a media preview yesterday.

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Creative marketing by developers

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June 11, 2016 by iskandarinsider

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Bank Negara advises caution to all parties concerned

SLOW sales in 2014 and 2015, and an even slower market since the start of this year have prompted developers to introduce various innovative marketing schemes to boost sales.

Some of these include rent-and-purchase arrangements, the offering of “safety net loans” and even a re-focus on built-then-sell units to re-assure risk-averse buyers. The schemes include both unsold completed units and yet-to-be-built ones.

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IRDA confident of achieving RM383bil investment target by 2025

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June 8, 2016 by iskandarinsider

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JOHOR BAHRU: Iskandar Regional Development Authority (IRDA) is confident of achieving the RM383bil investment target by 2025, despite facing challenges and unfavourable economic situation since its inception 10 years ago.

Chief executive officer Datuk Ismail Ibrahim said while the journey for the country’s first economic growth corridor was not smooth sailing along the way, nevertheless it was able to overcome the choppy conditions.

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