May 3, 2011 - HomeGuru.com.my
The series of infrastructure projects in Iskandar Malaysia is drawing demand for houses, land and properties in the economic zone resulting in wage increases, better business opportunities and higher standard of living, said Menteri Besar Datuk Abdul Ghani Othman.
He said the development of Iskandar has benefited contractors, businessmen and ordinary people alike.
“Ordinary people are beginning to enjoy the fruits of Iskandar Malaysia projects and the massive injection of Federal funds of RM6.8 billion under the Ninth Malaysia Plan to boost infrastructure facilities,” he said.
Mr. Ghani revealed that the fiscal priority for Johor will carry on under the 10th Malaysia Plan (2011 - 2015), with a further injection into the budget, amounting to RM1.39 billion.
The Johor state government has led the development drive with RM313.33 million reserved under its 2010 Budget for a variety of other infrastructure.
Additionally, he said most of the Iskandar projects have built-in economic elements intended to increase productivity and efficiency, improve local economy and boost the quality of life of Johoreans.
“The highway projects, for instance, will significantly improve accessibility and connectivity and help open new business hubs, while creating more jobs and contribute in wealth distribution,” he said.
Iskandar’s infrastructure development has also drawn both interest and commitment from local and overseas property development companies such as UDA Holdings, UEM Land, Australia's Walker Corporation, Asiatic Development Bhd, Hua Yang Bhd, Mah Sing Group, Bandar Raya Developments Bhd, Dijaya Corporation, SP Setia Bhd, IOI Properties Bhd and Danga Bay Sdn Bhd, which was awarded the custodial privatisation contract to develop 1,800 acres of waterfront land along Johor's Lido Beach.
Samuel Tan, Executive Director at KGV-Lambert Smith Hampton (Johor) Sdn Bhd, said the development has increased property and land appreciation.
“Property values for residential, commercial, industrial and land for development have increased substantially. Developers continued land banking in Johor because they are bullish on Iskandar Malaysia,” he said.
He noted that commercial land in Danga Bay has appreciated by 181 percent from RM220 sq ft to RM400 sq ft, resulting in capital and rental appreciation.
Mr. Tan said that Johor’s suburbs will grow due to commercial decentralisation and improved infrastructure, while rural areas will be further developed due to Johor’s attractive coastal area.
