$100 Billion Chinese-Made City Near Singapore ‘Scares the Hell Out of Everybody’

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November 22, 2016 by iskandarinsider

Project model on display at the Country Garden Forest City Sales Gallery in Johor Malaysia, on Tuesday, Nov. 02, 2016. Photographer: Ore Huiying/Bloomberg

The landscaped lawns and flowering shrubs of Country Garden Holdings Co.’s huge property showroom in southern Malaysia end abruptly at a small wire fence. Beyond, a desert of dirt stretches into the distance, filled with cranes and piling towers that the Chinese developer is using to build a $100 billion city in the sea.

While Chinese home buyers have sent prices soaring from Vancouver to Sydney, in this corner of Southeast Asia it’s China’s developers that are swamping the market, pushing prices lower with a glut of hundreds of thousands of new homes. They’re betting that the city of Johor Bahru, bordering Singapore, will eventually become the next Shenzhen.

“These Chinese players build by the thousands at one go, and they scare the hell out of everybody,” said Siva Shanker, head of investments at Axis-REIT Managers Bhd. and a former president of the Malaysian Institute of Estate Agents. “God only knows who is going to buy all these units, and when it’s completed, the bigger question is, who is going to stay in them?”

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IGB’s ongoing projects on track for completion

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November 10, 2016 by iskandarinsider

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IGB Corp Bhd Maintain outperform with a target price (TP) of RM4.80: A meeting with management revealed that with the recent noncore asset disposal, IGB Corp Bhd has raised about RM1 billion in dry powder for its new assets, especially Mid Valley Southkey Megamall and its proposed mixed developments in London and Bangkok.

Ongoing projects, namely Southpoint Tower in Mid Valley City and Mid Valley Southkey Megamall, are on track to be completed by the first half of 2017 (1H17) and second half of 2018 (2H18) respectively.

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UEM in talks to sell Iskandar sites to investors

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November 3, 2016 by iskandarinsider

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SINGAPORE (BLOOMBERG) – UEM Sunrise Bhd, the biggest landowner in Malaysia’s southern Iskandar region, is in talks to sell sites to overseas manufacturers to boost economic activity in the area.

Companies from South Korea, Japan and Taiwan are in discussions about investment in the Iskandar zone, said Mr Izzaddin Idris, chief executive officer at the developer’s parent, UEM Group Bhd.

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Move to strengthen Iskandar development region

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October 24, 2016 by iskandarinsider

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ISKANDAR PUTERI: Medini Iskandar Malaysia is in the midst of developing its global research initiative to strengthen Iskandar development region for the next 100 years.

Dubbed Medini Iskandar Malaysia, it would be the Malaysia Biennial 100 Years City’s (Malaysia Biennial 100YC) first destination partner, researching models for the vibrant and sustainable urban development of Medini.

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Property in Bukit Indah in demand

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October 17, 2016 by iskandarinsider

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ISKANDAR PUTERI: While some developers have reported a slow down in the property sector, one developer is experiencing a remarkable demand for its properties.

At least 80% of SP Setia’s newly launched double-storey terrace units known as Visca and Villosa in Bukit Indah were snapped up during its launch recently.

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Eco World launches RM1bil property projects

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October 6, 2016 by iskandarinsider

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SHAH ALAM: Eco World Development Group Bhd, one of Malaysia’s leading property developers, has launched four new projects estimated at RM1bil across three sections of the country.

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EcoWorld’s Firsts: Developer launches Eco Bloom in Penang

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September 27, 2016 by iskandarinsider

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GEORGE TOWN: Eco World Development Group Berhad (EcoWorld) is set to launch 4 new projects concurrently nationwide this Sunday under its ‘EcoWorld’s Firsts’ campaign. The projects are Eco Bloom in Penang, Eco Ardence and Eco Grandeur in the Klang Valley and Eco Business Park II in Iskandar Malaysia in Johor.

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Developer’s 1-Bukit Senyum project set to be the tallest in Southeast Asia

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September 26, 2016 by iskandarinsider

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JOHOR BAHRU: Set to be the tallest residential building in Southeast Asia, Astaka Padu is making good progress in its target to construct two residential towers of a staggering 65 and 70 storeys.

Taking the likes of some of the iconic towers in the world, the residential buildings will be the first phase of the 1-Bukit Senyum mixed luxury development spanning 4.80ha of land in the city.

Astaka Padu chief executive officer Datuk Zamani Kasim said that the company has engaged with world-class consultants to design the luxurious development, the first of its kind in Johor.

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Johor Rehda targets more markets besides Singapore

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September 19, 2016 by iskandarinsider

bizd_pg3_sept13_ky_1JOHOR BAHRU: The Johor chapter of the Real Estate and Housing Developers’ Association Malaysia (Rehda) has plans to reach out to a wider market other than Singapore in promoting the state’s property projects, especially those in Iskandar Malaysia.

Newly-elected Johor Rehda chairman Datuk Steve Chong Yoon On (pic) said the chapter would organise the first Malaysia Property Exposition (Mapex) International next year should everything go as planned.

He said the time had come for Johor Rehda members to get their act together and start promoting Johor and Iskandar Malaysia to international property buyers. Johor Rehda has 128 developers, with most of their projects located in Iskandar Malaysia.

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Noh Omar: Developers can now offer home loans

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September 9, 2016 by iskandarinsider

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KUALA LUMPUR: Eligible developers can now apply for moneylenders licences to provide loan facilities of up to 100% to property buyers.

The licence would be issued by the Urban Well-being, Housing and Local Government Ministry under the Moneylenders Act 1951 (Amendment) 2011.

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