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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UEM Sunrise to strengthen fundamentals to steer growth

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May 30, 2016 by iskandarinsider

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KUALA LUMPUR: UEM Sunrise Bhd will focus on strengthening its fundamentals to steer growth, amid the challenging property market this year.

Executive director Datuk Izzaddin Idris said the company had outlined some key priorities to focus on this year among them — establishing a comprehensive marketing strategy, intensifying systems and processes to ensure timely and quality delivery to build its reputation as a value-driven developer.

In a statement issued on Monday, he said the company expected the demand for the property sector to remain subdued as the Malaysian economy slowed, tight lending conditions continued and consumer, as well as, business sentiment remained passive.

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Learning mission for Johor

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May 23, 2016 by iskandarinsider

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JOHOR BAHRU: Johor wants to learn from the success stories of the tourism players in Thailand and Maldives in attracting tourists from all over the world to their respective countries.

State Tourism committee chairman Datuk Tee Siew Kiong said the government hoped to have similar success in attracting local and foreign tourists to visit Mersing.

He said plans were already in the pipeline to develop and transform the Mersing district located on the north east of Johor, about 130km from here, as the “Caribbean of the East”.
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Transforming Johor Bahru into an international city

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May 16, 2016 by iskandarinsider

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JOHOR BAHRU, capital of the country’s southernmost state, has gone through a tremendous transformation and revitalisation over the past few years.

Prior to that, the heart of the old city had fallen into decline with the opening of the Customs, Immigration and Quarantine (CIQ) complex. According to architect Johan Ropi, this was because places such as the Lumba Kuda flats, Kampung Ungku Mohsin and Bukit Cagar recreation park were demolished to make way for the complex.

“This sucked all the population out of the city. Things got worse after the CIQ opened and everybody started bypassing the city itself. When the government offices at Bukit Timbalan were relocated to Kota Iskandar, it killed the original function of the town,” he explains.

Johor Bahru was established in the days when towns were built to cater for the needs of the local population rather than as a tourist attraction. Originally a small fishing village, it was turned into Johor’s administrative centre known as Iskandar Puteri by Temenggong Daeng Ibrahim in 1855. There, he built modern facilities such as police stations, courthouses and government departments. It was his son, Sultan Abu Bakar, who renamed the town Johor Bahru.

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Investment haven in the making

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May 9, 2016 by iskandarinsider

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KUALA LUMPUR: Iskandar Malaysia in Johor is moving closer towards becoming a sustainable “international metropolis”, and spurring economic developments that actuate Malaysia’s global potential.   Analysts and industry observers are unanimous in that the business region is poised to be a haven for investments. After being left behind by property booms in Kuala Lumpur, Penang, Hong Kong and China over the years, Iskandar Malaysia is set to be one of the world’s fastest growing economic regions in the next 10 years. According to Iskandar Regional Development Authority (Irda) chief executive Datuk Ismail Ibrahim, the economic region, which is three times bigger than Singapore, had accumulated a total of RM202.45 billion in committed investments from 2006 until March. “Of the total, 51 per cent, or RM103.50 billion, represents investments that have been realised,” he told Business Times. Ismail said foreign investors contributed RM81.01 billion, or 40 per cent, to the total cumulative committed investments, while the remaining 60 per cent, or RM121.44 billion, was from local investors. PropertyGuru Malaysia country manager Sheldon Fernandez said many quarters’ perception of Iskandar Malaysia in the past was somewhat misguided. “The success of Iskandar Malaysia should not be viewed purely from the performance of its property market in the short term, but rather on a longer 10 to 20-year horizon and must include all its other components — industrial, commercial, business, foreign investments, technology and innovation,” he said. Sheldon added that the rise of Iskandar Malaysia should be viewed from how it transformed the landscape — bringing with it socio-economic prosperity to Johor and the southern region, with property forming only a part of the picture. “Such developments don’t happen overnight.

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UEM Sunrise to unveil Melia Residences this weekend

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May 4, 2016 by iskandarinsider

UEM Sunrise Signature Selection

KUALA LUMPUR (April 22): UEM Sunrise Bhd will launch Melia Residences, the first freehold landed strata residential development in Gerbang Nusajaya, Iskandar Malaysia, this Saturday with selling prices from RM596,000 to RM1.5 million.

The company’s chief operating officer (commercial) Raymond Cheah said phase one of Melia Residences comprises 125 units of 2-storey terraced houses with built-up sizes ranging from 2,006 sq ft to 2,594 sq ft.

“Currently, there are 901 interested buyers who have registered with us. I am confident all the units in the first phase will be sold before we launch the second phase in June,” he told reporters during the press conference of UEM Sunrise’s marketing campaign “Signature Selection – Rendezvous in France 2016”.

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