Posts Tagged ‘UEM Group Bhd’

  1. $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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  2. 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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