With the reopening of borders and positive signals from both the state and federal governments, Iskandar Malaysia is poised to pick up where it left off. CNA looks at how the property sector, transport infrastructure and foreign investments are key to this effort.
JOHOR BAHRU: Mr Johari Jaffar stood outside his cafe in Danga Bay and pointed to the thousands of condominium units looming over the Johor Bahru skyline.
Since April 2022, however, many areas in southern Johor have become livelier as the prolonged curbs ended.Over at Country Garden Danga Bay, occupants have begun to stream in while coastal eateries and restaurants are in business. “Many foreigners from Singapore and China have come. The difference is apparent,” according to Mr Johari.
Yet, there is renewed optimism from the state government, businesses as well as ordinary Johoreans that Iskandar Malaysia, with the support of the new federal government, could now realise its potential.The Iskandar Malaysia project was conceptualised in 2006 under the Malaysian government led by then-prime minister Abdullah Ahmad Badawi. It was supposed to grow by tapping on synergies with neighbouring Singapore.
The government outlined last year that as of June 2022, Iskandar Malaysia had recorded RM368 billion in total cumulative committed investments, out of which RM219 billion has been realised. He reportedly said that Singapore remained the second-largest foreign investor in Iskandar Malaysia with total committed investments of RM25.3 billion across a range of sectors such as manufacturing, healthcare, education, business services and industrial estate development.
The JMCIM is scheduled to reconvene in early 2023 in Singapore. Responding to CNA’s queries, a Singapore Ministry of National Development spokesperson said that the date for the next JMCIM has not been set yet. Last September, then deputy finance minister Shahar Abdullah told parliament that Johor was the state with the highest number of unsold homes with 6,000 empty units valued at RM4.7 billion. The number represented 17 per cent of the national property overhang.Sixty per cent of the unsold homes in Johor were apartments and many of these properties are in condominium complexes in the Iskandar region, which were built by foreign developers.
Forest City, which has been criticised by media reports as a US$100 billion ghost town, has also shown some signs of increased activity recently.Visitors posing for photos at a beach within the Forest City development in Johor. Country Garden did not respond to queries from CNA on occupancy figures as well as measures it has taken to attract buyers.
“Comparing the first nine months of 2021 and the first nine months of 2022, the number of all sector property transactions grew by 39.8 per cent,” said Mr Sulaiman. “You cannot have a development which is occupied totally by foreigners unless all of them apply for residency status under the MM2H regulations,” he added.
“We are finalising the details, and together with the chief minister will raise the matter to the Ministry of Home Affairs,” it added.In order for Iskandar Malaysia to really take off, it is important to make headway in tackling longstanding connectivity problems, especially in terms of traffic congestion at the Woodlands Causeway and Tuas Second Link.
Johor’s works, transportation and infrastructure committee chairman Mohamad Fazli Mohamad Salleh told CNA that a “key priority” for the state government is to reduce congestion in the short term, and not merely wait for the RTS Link project to be completed. The Bukit Pasir state assemblyman added that these proposals have been forwarded to the federal government for approval.
Puteri Harbour, an upscale area comprising eateries, luxury apartments and a quay in southwest Johor, is still reeling from the impact of COVID-19.One eatery that was shut had a sign at the entrance saying that the outlet was “temporarily closed” due to the Movement Control Order imposed by the Malaysia Government to curb the spread of COVID-19. It has been more than a year since MCO curbs were eased to allow for dining out.
Singapore Deputy Prime Minister Lawrence Wong said then that Singapore was open to fresh proposals from Malaysia on the HSR. President of Johor Bahru Chinese Chamber of Commerce and Industry Low Kueck Shin told CNA that he hopes the authorities would consider implementing the project again. “I don’t have high hopes that the HSR will be reinstated again because the new government now has other pressing priorities,” said Assoc Prof Muhammad Zaly, who is director of Universiti Teknologi Malaysia’s Centre for Innovative Planning and Development.At the state level, the impact of COVID-19 on Johor’s investment landscape was apparent.
During chief minister Mr Onn Hafiz’s visit to Singapore last weekend, his team met with foreign corporations based in Singapore including data analytical company AirTrunk and global standard maritime group Wilhemsen.The chief minister said in a statement on Sunday that these companies were potential investors that could rake in between RM10 and RM15 billion for the southern state and offer high-paying jobs for Johoreans.
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