Economic Spillovers From IDR, Singapore A Boon To Local Developers

Economic Spillovers From IDR, Singapore A Boon To Local Developers

JOHOR BAHARU, April 5 (Bernama) -- Local property developers stand to gain tremendously from the economic development in the Iskandar Development Region (IDR), as well as the spillover benefits from Singapore, Gamuda Land chief operating officer, Steven Chu, said today.

He said the IDR, being the engine of growth under the South Johor Development Corridor and Nusajaya, the single largest contiguous development as the nucleus of IDR, was poised to be a regional and international economic hub, which would create more than 80,000 new jobs over the next 20 years.

"In addition, we can enjoy the spillover benefits from Singapore's integrated resort and casino, which is expected to create another 100,000 of jobs and opportunities," he said.

Chu was one of the speakers at a two-day IDR conference on Planning and Investment Opportunities in IDR organised by the Institution of Surveyors Malaysia (Johor) and the Johor State Economic Planning Unit.

He said the liberalisation of Foreign Investment Committee policies, especially on foreign ownership, coupled with the abolition in the Real Property Gains Tax and the current steady bank interest rates, would certainly spur foreign direct investment and create a new demand for properties and boost property values in Johor.

Gamuda became part of the IDR through its strategic partnership with the master developer of Nusajaya, UEM Land Sdn Bhd to jointly develop Horizon Hills, a residential and commercial development.

Chu said the partnership, coupled with the strong support from the government, had enable Gamuda and UEM to leverage on each other's strengths, experties and experiences to deliver a premier lifestyle residential development within the IDR.

"UEM has a challenging vision for Nusajaya, a key component and the catalyst for development of the IDR in south Johor. It is certainly going to be a challenge to realise this vision, which is a crucial part of the Ninth Malaysia Plan.

"We at Gamuda Land together with our partner UEM Land are highly committed to ensure the success of Horizon Hills and eventually the IDR," he said.

-- BERNAMA