105 billion Malaysian real estate project launched at Cityscape Asia

105 billion Malaysian real estate project launched at Cityscape Asia
14-Apr-2007

Strategic location on the border with Singapore
$105 billion mixed-use economic zone
Malaysian government committed $1.5 billion for several infrastructure projects
Iskandar Development Region, the Malaysian $105 billion mixed-use economic zone has been unveiled during the inaugural Cityscape Asia, largest real estate exhibition and conference, at the Suntec Singapore International Convention & Exhibition Centre. In addition to the financial centre, the development will consist of an educational zone, creative and design centre, theme park, hotels and other tourism-related projects. Danga Bay, the $8 billion integrated waterfront realty development in the Johor Bahru region of Southern Malaysia, is one of the flagship developments within Iskandar Development Region.

Neil Hickman, Exhibition Director, Cityscape Asia, said, “Not that foreign investment in Asian real estate projects is a problem. Vietnam’s FDI in 2006 was over $10 billion rivaling that of India and Mah Bow Tan, Singapore Minister for National Development, announced that Singapore had realized more than $5.4 billion during the same period”.

Close to Singapore, it is more than twice the size of the island state and has already attracted more than US$ 5 billion through public-private partnerships and other non-governmental organizations. The investors will be offered corporate tax exemption, free-flow of capital and labor and freehold status for office and residential property in this master real estate development. The master plan for this project will take 20 years to be realized.