Living in JB has its ups and downs. Today, it is an up. Why? Well, read the report for yourself and bask in glorious confidence if you've already a foothold in JB properties. It is always to receive good news from independent sources. Or so, saiths I.
A special report by HwangDBS Vickers Research, On Saturday 10 September 2011, 23:45 SGT
http://sg.finance.yahoo.com
During our recent site visit to Iskandar Malaysia, we drove around the project sites for EduCity, Medini, SiLC, Horizon Hills, Setia Eco-Gardens, and Johor Premium Outlet, and made stops at the state administrative centre in Kota Iskandar, Columbia Hospital, and Puteri Harbour sales gallery. We also met up with representatives from the Iskandar Regional Development Authority (IRDA), Iskandar Investment Bhd (IIB), UEM Land Bhd, S P Setia Bhd and Eastern & Oriental Bhd (E&O).
The feedback from fund managers was encouraging — 53% and 41% of our survey respondents were positive or neutral on Nusajaya’s development progress. Respondents were generally satisfied with the progress on infrastructure, security, foreign and private investments, government policies, awareness and marketing, and property prices. Fund managers rated infrastructure, security, and government policies as the top three factors required for Iskandar to be a success.
On security, IRDA highlighted that a Safety and Security Blueprint is in place and the crime index had fallen by 21% and street crime by 47% compared with last year. Police manpower has been increased from 6,172 in 2007 to 9,115, and Iskandar now has five police districts compared with only three previously. An additional 273 mobile police vehicles and 12 mobile police stations have been deployed as tactical command centres in Iskandar’s five flagship zones — Johor Bahru City Centre, Nusajaya, Western Gate Development, Eastern Gate Development and Senai-Skudai).
We are encouraged that 64% of our survey respondents are keen to invest in Iskandar-related shares and properties within the next two years, of which 72% are interested in landed properties. Tourism should be a low hanging fruit as 67% of respondents would consider Iskandar as a weekend getaway, while 72% would likely visit the theme parks. The Johor Premium Outlet — the first Premium Outlet in Southeast Asia — should also be well-received based on our 89% positive response.
Some 49% of the fund managers are also interested in patronising Iskandar’s healthcare facilities. This concurs with our observation of the activity level at Columbia Hospital, which is positioned as a suburban/community hospital (41 beds). Since its launch in July 2010, Columbia Hospital has treated over 8,000 patients, of which 30% to 40% were foreigners. Occupancy rate is 80% to 90% and average length of stay is two days. This can be attributed to the scarcity of reputable private hospitals in Johor and relatively cheaper medical fees compared with Singapore (the single-bed room rate is only RM180 against S$498 (RM1,230) at Gleneagles Singapore). EduCity, however, needs more promotion (only 11% of respondents would consider sending their children there).
2012 tipping point on track
According to IRDA, committed investments in Iskandar Malaysia have reached RM76 billion as at 1H11 (about 59% from foreign investors), of which 40% or RM30 billion has been realised. Most of the infrastructure and catalyst developments in Iskandar are on track for completion from 2012 onwards, which should help to draw in critical mass to Nusajaya.
Under the Ninth Malaysia Plan, RM6.3 billion has been allocated to upgrade existing road infrastructure and build new roads to improve connectivity (four out of six road projects are in various stages of progress). The Coastal Highway, which will cut travelling time from Nusajaya to Johor Bahru by half to 20 minutes, looks on track for completion by December this year. Newcastle University (first in EduCity) is expected to commence enrolment by October this year, although hostels are still under construction and the food courts and retail facilities seem rather sparse for now.
Although construction of Legoland seems to be in the initial stages, we were assured that its September 2012 launch date is still achievable as fabrication of rides will be done concurrently offsite. We also noted several large projects slated for completion in 2012 (some of which have been overshadowed by other higher profile projects), as shown in Table 1.
Medini: Central business district of Nusajaya
IIB provided some insights on development plans for the 902ha Medini, which was acquired by a Middle East consortium comprising Kuwait Finance House, Abu Dhabi’s Mubadala Development Co and Saraya Group in August 2007 for RM4.1 billion (RM43 psf). Medini is divided into four components for mixed development: Medini North, Business, Central and South. To date, about RM4 billion has been committed and spent on infrastructure and building works.
There are robust development activities at Medini North to leverage on the September 2012 opening of Legoland, which is targeting one million visitors per year. Various listed construction and property players are keen to get a piece of the action:
• WCT Bhd is scheduled to launch its first phase (300 condo units) 1Medini residential project in Medini North this month at US$150 (RM450) psf (GDV RM200 million), with targeted completion by 2013. WCT will also be developing a RM688 million commercial project in the Medini Business District, just minutes away from Medini North;
• UEM Land Bhd is developing Lifestyle Retail Mall and Residences@Medini North, which will be directly connected to Legoland. Phase 1A, comprising 200,000 sq ft gross floor area, has been targeted for completion by September 2012, although the entire development of two million sq ft GFA will be spread over eight years;
• Bina Puri Holdings Bhd is scheduled to complete a RM500 million SOHO and retail development (Medini Square) at Medini North by 2013. The first phase of 1.05 million sq ft GFA is expected to be completed in 2012; and
• Pantai Holdings Bhd plans to build a 300-bed private hospital, Gleneagles Medini Hospital, on a 6ha site at Medini North, scheduled for completion in 2014.
For Medini Central, E&O will jointly develop 85ha at the iconic wellness township in Medini Central with Pulau Indah Ventures (Temasek-Khazanah joint venture). E&O has been appointed the project manager and sales and marketing consultant for the RM3 billion-GDV mixed development.
The project should do well given:
• its strategic location near the Second Link and public golf course, and Medini is the only area within Iskandar with special incentives (10-year tax exemption, no bumiputera quota, freedom to source capital and labour globally);
• Temasek’s stamp of approval which should see strong interest from Singapore buyers; and
• E&O’s strong execution track record (master plan likely to be similar to its flagship Seri Tanjung Pinang Phase 1).
Rising interest in Johor property
We saw an increase in landbank transactions at Iskandar recently, with Mah Sing Group Bhd and Dijaya Corp Bhd acquiring large parcels over the past five months. Nusajaya’s land price has continued to set new benchmarks, surpassing other areas in Johor, including Johor Bahru city centre. For example, Puteri Harbour was transacted at RM220 psf in June 2011 against Johor Bahru’s RM117 psf in August. Recent transactions at SiLC industrial land had touched RM35 psf, with UEMLand targeting RM60 psf in the longer-term as Senai Industrial Park is already asking for RM45 to RM60 psf. We understand SiLC buyers are required to construct their factories within two years of purchase, failing which UEMLand has the right to buy back the land at 90% of the purchase price.
Property launches are expected to pick up at Nusajaya and set new price benchmarks. UEMLand will be launching Imperia Condo at Puteri Harbour (700 to 1, 200 sq ft built-ups) soon at RM600 to RM700 psf, while WCT is aiming to launch 1Medini at RM450 psf. These prices are much higher than UEMLand’s Ujung apartments that were launched in 4Q09 at RM300 psf. The latest launches of link and semi-detached houses at Nusajaya are already touching RM800,000 and RM1.2 million per unit, almost comparable to property prices in some areas within the Klang Valley. Based on KGV Lambert Smith Hampton’s survey (highlighted in The Edge weekly), average prices of 2-storey terraced houses and semi-d/cluster houses at Nusajaya have appreciated by 21% and 48% since the start of 2009.
S P Setia remains market leader in Johor
SP Setia has seen consistent sales at its Johor projects, growing at a five-year compound annual growth rate of 17%. Sales for 9MFY11of RM798 million have surpassed FY10’s sales of RM607 million. Johor currently accounts for about 35% of S P Setia’s total sales (was about 70% prior to launch of Setia Alam and Setia Eco-Park in 2004). Johor will continue to feature prominently in S P Setia’s plans after the recent acquisition of two large parcels near Tebrau — Setia Eco Cascadia (105ha @ RM15 psf) and Setia Business Park 2 (106ha @ RM11 psf) for a combined RM295 million. S P Setia now has 608ha of land in Johor with RM8 billion potential GDV.
About six months ago, S P Setia ventured into industrial properties — a low hanging fruit given its established presence in Johor since 1997 and rising private/foreign investments at Iskandar. Setia Business Park (adjacent to Setia Eco Gardens) is well sought after with Phase 1 and 2 fully sold (80% to 90% locals). Phase 1 is completed and we will see Singapore-based companies such as Old Chang Kee, SYY Pte Ltd, Huiji and Windwell move in. S P Setia has also started to launch apartments in Johor to tap into the affordable homes segment, for example, Sky Gardens Residences at Setia Tropika (RM390 psf, 56% sold) and Sky Loft at Bukit Indah (RM462 psf, 75% sold).
Genting Plantations’ Johor Premium Outlet (JPO)
JPO, a 50:50 joint venture between Genting Plantations and US-listed Simon Property Group, is strategically located at the intersection of the North-South Highway and Second-link Expressway, and will span 18ha with approximately 175,000 gross lettable area.
It will be the first Premium Outlet in Southeast Asia, boasting 80 to 90 outlet stores with an average size of 1,800 sq ft per lot. There will be 3,000 parking bays and 30 bus bays to cater for four million visitors per year (first year target). Located between Resorts World Genting in Genting Highlands (3.5 hours drive) and Resorts World Sentosa in Singapore (one hour drive), JPO is likely to be packaged as part of the Genting Group’s travel packages/bus programme to attract more visitors to the shopping haven.
With the official launch (Nov 11, 2011) just four months away and its superstructure yet to be completed, we expect JPO to open in stages.
This article appeared in The Edge Financial Daily, September 8, 2011.
Showing posts with label prices. Show all posts
Showing posts with label prices. Show all posts
Sunday, September 11, 2011
Wednesday, August 24, 2011
Finally...comprehensive information about LEGOLAND!
http://blog.malaysia-asia.my <--- All the yummy pictures can be found INSIDE
Written by DAVID JR
Published on 23rd August 2011
Legoland Malaysia is set to open by early 2012 in Johor Bahru at Nusajaya, Iskandar Malaysia Economic Region. This will also be the first Legoland Theme Park in Asia and sixth in the world after Denmark, Britain, California, Florida and Germany. The massive 76-acre (31 hectare) project is brought together by IDR Resorts and UK based Merlin Entertainment costing a whopping RM750 million. The good news for those across the border is that is it will only be a 20 minute drive from the Tuas Second Link to Medini in Nusajaya which is one of five flagship zones of Iskandar Malaysia. This will be the biggest family entertainment project in Johor which will attract tourist from locally, Indonesia and also Singapore.
Among the attractions at Legoland Malaysia, there will be a gigantic replica of the Petronas Twin Towers, all built using Lego bricks and it will be the tallest Lego structure in the world. Replicas of famous landmarks from around the world such as India’s Taj Mahal, Beijing Bird’s Nest Stadium, Cambodia’s Angkor Wat and Singapore’s Merlion statue will also be featured, all made from Lego bricks. All the main structures will be located at Legoland’s Miniland. The theme park would also have famous buildings in Johor Baru, such as the Royal Museum, Sultan Abu Bakar Mosque and the Dataran Bandaraya clock tower.
The Lego structures and many attractions such as roller coaster rides will be situated outdoors while the food and beverage (F&B) outlets will be housed in air-conditioned buildings at the park. A unique 4D theatre and a kids driving school where children can obtain their first driving license, recognised by Legoland worldwide are among the highlights here. Apart from the main park, there will be a Legoland Hotel and a Lifestyle Mall in the vicinity of the park.
A total of 50 interactive rides will be available while an amazing amount of 30 million Lego Bricks are used throughout the park for building structures. The current completion date for the park has been set for early 2012 so stay tuned for news announcements. For further details on tickets and information, please read the end of this article.
For construction updates of this project, The Theme Park Guy has pictures of the place going through the building process as he visited the site in early January. Further news updates include an MRT Station which is planned to open next to the theme park here. No details are confirmed but if it happens, it would surely be a wonder for those wanting an easy ride here. And because of the tropical weather here in Malaysia, queuing areas will be covered as the developer has ordered thousands of trees to be planted within the park grounds.
One thing I foresee is that many will capitalize on Travel and Tour Packages to Legoland Malaysia. Tour companies will take the opportunity to include this package for Malaysians, Singaporeans and Indonesians making the Southern region a worthy visit for holiday makers. Imagine spending 4-5 days around here where you get a chance to visit Singapore's Universal Studios, Sentosa Island and Legoland Johor in one visit where everything is just a drive away.
Legoland Location: Nusajaya, Johor
Ticket Prices: To be announced
Opening Times: To be announced
Attractions: Main Theme Park, 4D Theater, Kids Driving School, Legoland Hotel, Lifestyle Mall
For future updates, please visit the official Legoland Malaysia Website.
If you are looking for a job career in Legoland Malaysia, please email: career.legoland@my-iib.com
Ticket prices for Legoland have yet to be confirmed but the word out there is that it will be very affordable for a family of six people. The ticket price for an adult in Legoland California is around US$69 (RM210) per day so there are a lot of guesses on how it will be priced here in Malaysia. I am pretty sure that for the opening, there will be Family Package Tickets and promotional prices. The park is also targeting about 1.5 million visitors annually.
For family theme parks, there is also KidZania Kuala Lumpur at The Curve NX which is opening in December 2011. So there are a number of kids and family interactive theme parks in Malaysia now. I am hoping that this park opens in the first quarter of 2012 without any delays so that I can pay a visit here to fulfill a childhood bucket list. I am pretty sure that most of you would have had some experience playing with Lego in your younger days. I clearly remember my uncle from the UK who brought a massive Lego Box Set as a gift when I was about seven years old. That alone kept me busy for many years so you can imagine the thrill of visiting an entire park filled with these little colourful bricks. Till 2012, see you all at Legoland Malaysia.
Written by DAVID JR
Published on 23rd August 2011
Legoland Malaysia is set to open by early 2012 in Johor Bahru at Nusajaya, Iskandar Malaysia Economic Region. This will also be the first Legoland Theme Park in Asia and sixth in the world after Denmark, Britain, California, Florida and Germany. The massive 76-acre (31 hectare) project is brought together by IDR Resorts and UK based Merlin Entertainment costing a whopping RM750 million. The good news for those across the border is that is it will only be a 20 minute drive from the Tuas Second Link to Medini in Nusajaya which is one of five flagship zones of Iskandar Malaysia. This will be the biggest family entertainment project in Johor which will attract tourist from locally, Indonesia and also Singapore.
Among the attractions at Legoland Malaysia, there will be a gigantic replica of the Petronas Twin Towers, all built using Lego bricks and it will be the tallest Lego structure in the world. Replicas of famous landmarks from around the world such as India’s Taj Mahal, Beijing Bird’s Nest Stadium, Cambodia’s Angkor Wat and Singapore’s Merlion statue will also be featured, all made from Lego bricks. All the main structures will be located at Legoland’s Miniland. The theme park would also have famous buildings in Johor Baru, such as the Royal Museum, Sultan Abu Bakar Mosque and the Dataran Bandaraya clock tower.
The Lego structures and many attractions such as roller coaster rides will be situated outdoors while the food and beverage (F&B) outlets will be housed in air-conditioned buildings at the park. A unique 4D theatre and a kids driving school where children can obtain their first driving license, recognised by Legoland worldwide are among the highlights here. Apart from the main park, there will be a Legoland Hotel and a Lifestyle Mall in the vicinity of the park.
A total of 50 interactive rides will be available while an amazing amount of 30 million Lego Bricks are used throughout the park for building structures. The current completion date for the park has been set for early 2012 so stay tuned for news announcements. For further details on tickets and information, please read the end of this article.
For construction updates of this project, The Theme Park Guy has pictures of the place going through the building process as he visited the site in early January. Further news updates include an MRT Station which is planned to open next to the theme park here. No details are confirmed but if it happens, it would surely be a wonder for those wanting an easy ride here. And because of the tropical weather here in Malaysia, queuing areas will be covered as the developer has ordered thousands of trees to be planted within the park grounds.
One thing I foresee is that many will capitalize on Travel and Tour Packages to Legoland Malaysia. Tour companies will take the opportunity to include this package for Malaysians, Singaporeans and Indonesians making the Southern region a worthy visit for holiday makers. Imagine spending 4-5 days around here where you get a chance to visit Singapore's Universal Studios, Sentosa Island and Legoland Johor in one visit where everything is just a drive away.
Legoland Location: Nusajaya, Johor
Ticket Prices: To be announced
Opening Times: To be announced
Attractions: Main Theme Park, 4D Theater, Kids Driving School, Legoland Hotel, Lifestyle Mall
For future updates, please visit the official Legoland Malaysia Website.
If you are looking for a job career in Legoland Malaysia, please email: career.legoland@my-iib.com
Ticket prices for Legoland have yet to be confirmed but the word out there is that it will be very affordable for a family of six people. The ticket price for an adult in Legoland California is around US$69 (RM210) per day so there are a lot of guesses on how it will be priced here in Malaysia. I am pretty sure that for the opening, there will be Family Package Tickets and promotional prices. The park is also targeting about 1.5 million visitors annually.
For family theme parks, there is also KidZania Kuala Lumpur at The Curve NX which is opening in December 2011. So there are a number of kids and family interactive theme parks in Malaysia now. I am hoping that this park opens in the first quarter of 2012 without any delays so that I can pay a visit here to fulfill a childhood bucket list. I am pretty sure that most of you would have had some experience playing with Lego in your younger days. I clearly remember my uncle from the UK who brought a massive Lego Box Set as a gift when I was about seven years old. That alone kept me busy for many years so you can imagine the thrill of visiting an entire park filled with these little colourful bricks. Till 2012, see you all at Legoland Malaysia.
Tuesday, August 16, 2011
Dijaya buys 92ha in Johor for mixed development
http://www.btimes.com.my
By Ahmad Fairuz Othman
Published on 16th August 2011
NUSAJAYA: Dijaya Corp Bhd yesterday bought 92ha of land in Plentong, Johor Baru, for RM220 million, which it intends to use for a mixed development township with an estimated gross development value (GDV) of RM2.8 billion.
"The landed properties will have prospects for strong price appreciation in the future," said Dijaya's group chief executive officer Tan Sri Danny Tan Chee Sing.
He also said that Dijaya, which is known for its flagship Tropicana Golf and Country Resort, Tropicana Indah Resort Home and Tropicana City in the Klang Valley, is on the lookout for new investment opportunities.
The deal yesterday was Dijaya's second major land purchase in Johor within a year.
Last August, the property developer bought a 15ha plot fronting the straits of Johor for its Tropicana City @ Danga Bay project.
On Tropicana City @ Danga Bay, Tan said the soon-to-be launched project has a GDV of RM3.8 billion. It will comprise office and commercial blocks, as well as hotel, shopping and world-class lifestyle properties.
With the two land purchases, Dijaya has to date invested RM528 million in land banking at Iskandar Malaysia.
"We are on an expansion strategy in the southern region ... We will continue to bring our brand value to a wide spectrum of emerging markets and potential customers," said Tan.
The 92ha freehold land was acquired by Magical Heights Sdn Bhd, a joint venture between Dijaya's wholly-owned subsidiary Accroway Sdn Bhd and Iskandar Waterfront Sdn Bhd (IWSB), from Trident World Sdn Bhd.
The Johor state government thus has an interest in the transaction as Kumpulan Prasarana Rakyat Johor owns a substantial stake in IWSB.
Menteri Besar Datuk Abdul Ghani Othman, who witnessed the signing of the joint-venture agreement yesterday, said the deal would bring in more development to the outskirts of Johor Baru.
By Ahmad Fairuz Othman
Published on 16th August 2011
NUSAJAYA: Dijaya Corp Bhd yesterday bought 92ha of land in Plentong, Johor Baru, for RM220 million, which it intends to use for a mixed development township with an estimated gross development value (GDV) of RM2.8 billion.
"The landed properties will have prospects for strong price appreciation in the future," said Dijaya's group chief executive officer Tan Sri Danny Tan Chee Sing.
He also said that Dijaya, which is known for its flagship Tropicana Golf and Country Resort, Tropicana Indah Resort Home and Tropicana City in the Klang Valley, is on the lookout for new investment opportunities.
The deal yesterday was Dijaya's second major land purchase in Johor within a year.
Last August, the property developer bought a 15ha plot fronting the straits of Johor for its Tropicana City @ Danga Bay project.
On Tropicana City @ Danga Bay, Tan said the soon-to-be launched project has a GDV of RM3.8 billion. It will comprise office and commercial blocks, as well as hotel, shopping and world-class lifestyle properties.
With the two land purchases, Dijaya has to date invested RM528 million in land banking at Iskandar Malaysia.
"We are on an expansion strategy in the southern region ... We will continue to bring our brand value to a wide spectrum of emerging markets and potential customers," said Tan.
The 92ha freehold land was acquired by Magical Heights Sdn Bhd, a joint venture between Dijaya's wholly-owned subsidiary Accroway Sdn Bhd and Iskandar Waterfront Sdn Bhd (IWSB), from Trident World Sdn Bhd.
The Johor state government thus has an interest in the transaction as Kumpulan Prasarana Rakyat Johor owns a substantial stake in IWSB.
Menteri Besar Datuk Abdul Ghani Othman, who witnessed the signing of the joint-venture agreement yesterday, said the deal would bring in more development to the outskirts of Johor Baru.
Smart city deal to boost Nusajaya property prices
http://www.btimes.com.my/
By Sharen Kaur
Published on 28th July 2011
KUALA LUMPUR: Property prices in Nusajaya in Iskandar Malaysia, Johor, are expected to rise further as UEM Land Holdings Bhd and Iskandar Investment Bhd (IIB) plan to transform the area into a "smart+connected" community.
In the last five years, property prices had increased by 10 to 30 per cent in East Ledang, Nusa Idaman and Horizon Hills in Nusajaya, said UEM general manager for strategic marketing, Zamri Ibrahim.
He said houses sold at RM300,000-plus in Nusa Idaman in 2008 are now selling at more than RM400,000 each. Those launched in East Ledang around the same year have seen price increases of RM500,000 to above RM600,000.
"Turning Nusajaya into a smart city will enhance the offerings in the market which would see the value of the properties appreciating," Zamri said.
UEM owns 4,208ha of land in Nusajaya, a key component of Iskandar Malaysia. It is responsible for the development of five catalyst projects - Kota Iskandar (Johor state new administrative centre), the Southern Industrial and Logis-tics Clusters, the Puteri Harbour waterfront development, Afiat Healthpark and Nusajaya residences.
UEM and IIB yesterday signed a collaboration agreement with network system provider Cisco to develop an information and communications technology (ICT) and services smart city masterplan for Nusajaya.
UEM and IIB will ride on Cisco's smart+connected community platform, which is the next generation of community development where cities are connected from an ICT stand- point.
This will be the first smart+connected community development for Malaysia where services from retail to banking will be offered in an integrated manner.
UEM managing director and chief executive Datuk Wan Abdullah Wan Ibrahim said a 12-week study is being undertaken, starting yesterday, to deliberate on its next step for the transformation plan.
"There is a lot of space to introduce ICT at Nusajaya, at global standards," Wan Abdullah said after the signing.
By Sharen Kaur
Published on 28th July 2011
KUALA LUMPUR: Property prices in Nusajaya in Iskandar Malaysia, Johor, are expected to rise further as UEM Land Holdings Bhd and Iskandar Investment Bhd (IIB) plan to transform the area into a "smart+connected" community.
In the last five years, property prices had increased by 10 to 30 per cent in East Ledang, Nusa Idaman and Horizon Hills in Nusajaya, said UEM general manager for strategic marketing, Zamri Ibrahim.
He said houses sold at RM300,000-plus in Nusa Idaman in 2008 are now selling at more than RM400,000 each. Those launched in East Ledang around the same year have seen price increases of RM500,000 to above RM600,000.
"Turning Nusajaya into a smart city will enhance the offerings in the market which would see the value of the properties appreciating," Zamri said.
UEM owns 4,208ha of land in Nusajaya, a key component of Iskandar Malaysia. It is responsible for the development of five catalyst projects - Kota Iskandar (Johor state new administrative centre), the Southern Industrial and Logis-tics Clusters, the Puteri Harbour waterfront development, Afiat Healthpark and Nusajaya residences.
UEM and IIB yesterday signed a collaboration agreement with network system provider Cisco to develop an information and communications technology (ICT) and services smart city masterplan for Nusajaya.
UEM and IIB will ride on Cisco's smart+connected community platform, which is the next generation of community development where cities are connected from an ICT stand- point.
This will be the first smart+connected community development for Malaysia where services from retail to banking will be offered in an integrated manner.
UEM managing director and chief executive Datuk Wan Abdullah Wan Ibrahim said a 12-week study is being undertaken, starting yesterday, to deliberate on its next step for the transformation plan.
"There is a lot of space to introduce ICT at Nusajaya, at global standards," Wan Abdullah said after the signing.
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