MORE than RM6 billion (S$2.58 billion) from the Middle East has been invested in Malaysian property in the past two years - and more is set to follow. Analysts say that Islamic funds will continue to flow into Malaysia’s property sector, drawn by the country’s reasonable economic growth, the strengthening ringgit and low capital values.
RHB Islamic Bank chairman Vaseehar Hassan believes that most of the money will go into property and infrastructure projects slated for implementation under the Ninth Malaysia Plan.
Big ticket projects on the drawing board or coming on stream - like the Iskandar Development Region (IDR) in Johor and Penang Global City - are likely to arouse Middle Eastern interest.
The Klang Valley has raked in almost RM2.4 billion of Arab funds, but now lags the RM4.2 billion committed by four Middle Eastern groups to the IDR.
However, the deals to develop various lifestyle and financial clusters in the IDR are conditional. The conditions have not been publicly revealed but are believed to include having physical infrastructure put in place before Mubadala Development, Millennium Development, Aldar Properties PJSC, and Kuwait Finance House (KFH) proceed with their plans.
Leading the charge is KFH, which this week said that it intends to put up a building taller than the 452-metre Petronas Twin Towers. Its managing director Salman Younis told The Edge Financial Daily that the project has been approved and will be constructed in a joint venture with the property arm of a local bank. He declined to elaborate but said that work will start next year.
Middle East interest could also surface in E&O Property’s multi-billion ringgit Sri Tanjung Pinang in Penang - a two-phase multi-island and headland development spanning 15 years and involving 980 acres of land reclamation.
Arab interest is relatively small in the first phase, with Al-Salam Bank a joint venture partner in developing a number of seafront bungalows worth RM200 million.
But in the second phase E&O Property plans to reclaim land for two or three man-made islands linked by a bridge.
Real estate players have said that the developer of The Palm Jumeirah in Dubai, Nakheel Partners, is interested in constructing a hibiscus-shaped island there.
E&O Prop has told BT that it is being courted by several Middle Eastern partners as well as regional ones for joint venture possibilities in both phases of Sri Tanjung Pinang. Its managing director Terry Tham has said that he is amenable to selling part of the company but wants a good price.
In September, E&O Property’s major shareholder E&O sold its 51 per cent interest in Bursa Malaysia listed master developer Putrajaya Perdana to Swan Symphony - an Abu Dhabi-Kuwait-Malaysian consortium - for RM190 million.
Middle Eastern private equity groups were also in a consortium that snapped up Berjaya Land’s KL Plaza for RM470 million. And they have invested RM400 million in the CIMB Mapletree Real Estate Fund.
Recently KFH, with local real estate investor Prestige Scale, agreed to pay RM557 million for the yet-to-be-built Glomac-Al Batha 40-storey office block in Kuala Lumpur. The price has set a RM1,120 per square foot benchmark for office space.
In Kuala Lumpur, KFH already owns part of the RM1.3 billion Pavillion KL and one of the two office tower blocks. It also has a small stake in SunCity’s Sunway South Quay project.
By JP Morgan’s estimates, a third of high-end purchases in Malaysia - mainly around the Kuala Lumpur city centre - are by foreigners, with a perceptible rise in Middle Eastern buyers.
Source: Business Times 17 Nov 07
Showing posts with label Johor’s Iskandar Development Region. Show all posts
Showing posts with label Johor’s Iskandar Development Region. Show all posts
Monday, November 19, 2007
Sunday, November 4, 2007
AEON aims to build shopping centre in Bandar Nusajaya
AEON aims to build shopping centre in Bandar Nusajaya
Story By : Lim Yu Min
KUALA LUMPUR: AEON Co (M) Bhd (Aeon), which operates the Jusco stores, wants to put up a shopping centre in Bandar Nusajaya.
Aeon has offered RM106.97 million to buy a 15.11-hectare piece of land within the Bukit Indah Township in Johor. Bukit Indah is part of Bandar Nusajaya, which in turn, is a key component of the Iskandar Development Region (IDR). Bandar Nusajaya is being developed by UEM Land Sdn Bhd.
Bukit Indah Township is a 10-year-old mixed residential development, situated approximately 16km north-west of the Johor Bahru city centre.
Aeon says its plan to construct a shopping centre is in line with its corporate strategy of accelerating the expansion of its retail business through opening of new outlets and shopping centres.
The proposed acquisition will be fully satisfied by cash and financed through the company¡¦s internally generated funds. It is not expected to have any material impact on the EPS (earnings per share), NTA (net assets per share) and net gearing of the company.
Story By : Lim Yu Min
KUALA LUMPUR: AEON Co (M) Bhd (Aeon), which operates the Jusco stores, wants to put up a shopping centre in Bandar Nusajaya.
Aeon has offered RM106.97 million to buy a 15.11-hectare piece of land within the Bukit Indah Township in Johor. Bukit Indah is part of Bandar Nusajaya, which in turn, is a key component of the Iskandar Development Region (IDR). Bandar Nusajaya is being developed by UEM Land Sdn Bhd.
Bukit Indah Township is a 10-year-old mixed residential development, situated approximately 16km north-west of the Johor Bahru city centre.
Aeon says its plan to construct a shopping centre is in line with its corporate strategy of accelerating the expansion of its retail business through opening of new outlets and shopping centres.
The proposed acquisition will be fully satisfied by cash and financed through the company¡¦s internally generated funds. It is not expected to have any material impact on the EPS (earnings per share), NTA (net assets per share) and net gearing of the company.
ABN Amro sets sights on IDR
ABN Amro sets sights on IDR
JOHOR BARU: ABN Amro Bank Bhd, which sees good economic growth in the southern region with the implementation of the Iskandar Development Region (IDR), said the bank¡¦s expansion to Johor would further strengthen its presence in Malaysia.
Managing director and country executive Harry Naysmith said: ¡§Being present in the areas with potentially high growth in the future such as the IDR is a priority for the bank in Asia,¡¨ he said at the opening of the bank¡¦s latest branch at Taman Molek near here by chairman General (Rtd) Tan Sri Mohd Ghazali Seth on Friday.
The bank is a wholly-owned subsidiary of ABN Bank N.V. It has been in Malaysia since 1889, with branches in Kuala Lumpur, Penang and Labuan.
ABN Amro Malaysia offers cash management, trade services, working capital facilities, derivatives, structured finance, foreign exchange, fixed income and capital market transactions.
He said the bank anticipated that there would be strong demand for wealth management and financial services with the establishment of the Southern and Northern economic growth regions.
Naysmith said the bank wanted to partner with more Malaysian companies and customers to help them tap the opportunities offered by the growth corridors.
¡§Our Johor Baru branch in the heart of the IDR is an ideal location to serve local and foreign investors,¡¨ he added.
The Johor Baru branch features exclusive Van Gogh Preferred Banking services that provide wealth management solutions with tailor-made quality financial products.
Naysmith said one of the key reasons for the bank¡¦s success in Malaysia was its ability to offer global banking expertise with an understanding of local customers' needs.
JOHOR BARU: ABN Amro Bank Bhd, which sees good economic growth in the southern region with the implementation of the Iskandar Development Region (IDR), said the bank¡¦s expansion to Johor would further strengthen its presence in Malaysia.
Managing director and country executive Harry Naysmith said: ¡§Being present in the areas with potentially high growth in the future such as the IDR is a priority for the bank in Asia,¡¨ he said at the opening of the bank¡¦s latest branch at Taman Molek near here by chairman General (Rtd) Tan Sri Mohd Ghazali Seth on Friday.
The bank is a wholly-owned subsidiary of ABN Bank N.V. It has been in Malaysia since 1889, with branches in Kuala Lumpur, Penang and Labuan.
ABN Amro Malaysia offers cash management, trade services, working capital facilities, derivatives, structured finance, foreign exchange, fixed income and capital market transactions.
He said the bank anticipated that there would be strong demand for wealth management and financial services with the establishment of the Southern and Northern economic growth regions.
Naysmith said the bank wanted to partner with more Malaysian companies and customers to help them tap the opportunities offered by the growth corridors.
¡§Our Johor Baru branch in the heart of the IDR is an ideal location to serve local and foreign investors,¡¨ he added.
The Johor Baru branch features exclusive Van Gogh Preferred Banking services that provide wealth management solutions with tailor-made quality financial products.
Naysmith said one of the key reasons for the bank¡¦s success in Malaysia was its ability to offer global banking expertise with an understanding of local customers' needs.
Friday, October 26, 2007
Berinda Group to launch latest property project at IDR
Berinda Group to launch latest property project at IDR
Berinda Group will launch Impian Heights - Park Precinct on Oct 27. With 200 units within the Taman Impian Emas township, the development is located in the Iskandar Development Region (IDR). Prices for the two-storey Park Terrace houses range from RM298,000 to RM338,000 and from RM598,000 to RM700,000 for the Park Link Villa units.
Berinda Group will launch Impian Heights - Park Precinct on Oct 27. With 200 units within the Taman Impian Emas township, the development is located in the Iskandar Development Region (IDR). Prices for the two-storey Park Terrace houses range from RM298,000 to RM338,000 and from RM598,000 to RM700,000 for the Park Link Villa units.
Friday, October 19, 2007
Abdullah Relaxes Race-Based Rules to Spur Malaysian Development
Abdullah Relaxes Race-Based Rules to Spur Malaysian Development
Taken from Bloomberg
(Bloomberg) -- In the southwest corner of Malaysia, on a stretch of land between a mangrove swamp and a forest of dark green oil palms, groaning bulldozers are carving out a new city from red clay soil.
``This will be downtown Nusajaya,'' says Zamry Ibrahim, 39, a marketing manager for state-controlled developer UEM Land Sdn. who sells the site to foreign investors. ``In five to 10 years, the place will be totally different.''
Prime Minister Abdullah Ahmad Badawi has eased 36-year-old rules favoring the ethnic Malay majority to help woo 382 billion ringgit ($111 billion) in investments aimed at transforming the economy of the southern state of Johor. Investors say his decision demonstrates that the race-based program is outdated and needs to be scrapped as the Southeast Asian nation loses investment to faster-growing neighbors.
``It's an impediment,'' said Ian Beattie, who oversees $1.5 billion in Asian stocks at London-based New Star Asset Management Ltd. ``You're stopping the market from operating at its optimum level.''
Malaysia's system of racial preferences, originally called the New Economic Policy, was introduced after bloody clashes in 1969 between ethnic Chinese and Malays. The policy, which aimed to increase the wealth of Malays, gives them privileged access to government contracts, jobs and discounts on homes. Of the nation's 27 million people, about 60 percent are ethnic Malays.
Malay Voters
The prime minister is torn between his goal of boosting the Johor economy by easing the race-based program and his loyalty to the Malay voters whom the policy benefits, said Maznah Mohamad, a senior research fellow at the University of Singapore.
``He's unnecessarily trying to bend backwards,'' she said. ``To have the NEP policies and still allow these liberalizations, I would just call it incompetence.''
Abdullah reiterated the goals of the 1971 NEP the same day he announced the easing of rules in Johor. ``The disparity in income and wealth ownership among the ethnic races still persists and must be addressed,'' Abdullah told parliament in a statement in Malay on March 22.
Abdullah leads the United Malays National Organisation, or UMNO, the biggest political party in the ruling coalition, Barisan Nasional.
The Nusajaya project, a commercial and industrial development including homes, offices and a theme park, is set to become Malaysia's biggest property project.
Poorer Than Singapore
The so-called Iskandar Development Region, which includes Nusajaya, is three times larger than neighboring Singapore, but its residents earn $14,790, only half as much, according to the zone's Web site.
Malaysia's economy, among the fastest growing in Southeast Asia before the 1997-98 financial crisis, expanded 5.7 percent in the second quarter, the central bank said on Aug. 29. That's slower than Singapore's 8.6 percent, Indonesia's 6.3 percent and Vietnam's 7.8 percent.
To woo foreign money, Abdullah on March 22 said companies investing in tourism, financial services and certain industries in the Iskandar Development Region wouldn't have to allocate 30 percent equity to ethnic Malays. Those investments will also be exempt from income tax for 10 years, he said.
The government has said the Johor investments and commercial developments might generate more than 800,000 jobs in 20 years and boost growth in the state to an average of 7 percent in the 2005 to 2025 period compared with 5.5 percent without them.
Mideast Investment
Abdullah's easing of the NEP rules may be working. Kuwait Finance House and other Middle East companies on Aug. 29 agreed to spend $1.2 billion on a property project that includes homes, a medical center and a financial district in the Iskandar Development Region.
Malaysia experimented with easing the NEP with a similar project south of the capital, Kuala Lumpur, branded the ``Multimedia Super Corridor.'' Set up in 1995 by Abdullah's predecessor, Mahathir Mohamad, it sought to attract technology companies to the country.
As long as the Johor project reinvigorates the regional economy, Abdullah, 67, needn't be concerned about a backlash from ethnic Malays, said Ramon Navaratnam, a former finance ministry official and now president of anti-corruption group Transparency International Malaysia.
The government's race-based program is essential to maintaining stability in the country, Deputy Prime Minister Najib Razak said in a June interview. The 1969 riots occurred after opposition parties celebrated winning seats from UMNO in a general election.
`Political Realities'
``You have to realize there are political realities that we have to manage,'' Najib said. The government is prepared to make ``further adjustments'' to the policy if needed, he said.
Abdullah, who must hold an election by early 2009, is taking a gamble by easing the NEP in Johor, said Mohamed Mustafa Ishak, professor of politics at Universiti Utara Malaysia.
Johor elects 15 percent of UMNO's 110 members of parliament, according to the Malaysian parliament's Web site. Dropping the race-based program in every other state may be opposed by ethnic Malays.
``I don't think that will go down well,'' Mustafa said. ``I don't think they can do it.''
Taken from Bloomberg
(Bloomberg) -- In the southwest corner of Malaysia, on a stretch of land between a mangrove swamp and a forest of dark green oil palms, groaning bulldozers are carving out a new city from red clay soil.
``This will be downtown Nusajaya,'' says Zamry Ibrahim, 39, a marketing manager for state-controlled developer UEM Land Sdn. who sells the site to foreign investors. ``In five to 10 years, the place will be totally different.''
Prime Minister Abdullah Ahmad Badawi has eased 36-year-old rules favoring the ethnic Malay majority to help woo 382 billion ringgit ($111 billion) in investments aimed at transforming the economy of the southern state of Johor. Investors say his decision demonstrates that the race-based program is outdated and needs to be scrapped as the Southeast Asian nation loses investment to faster-growing neighbors.
``It's an impediment,'' said Ian Beattie, who oversees $1.5 billion in Asian stocks at London-based New Star Asset Management Ltd. ``You're stopping the market from operating at its optimum level.''
Malaysia's system of racial preferences, originally called the New Economic Policy, was introduced after bloody clashes in 1969 between ethnic Chinese and Malays. The policy, which aimed to increase the wealth of Malays, gives them privileged access to government contracts, jobs and discounts on homes. Of the nation's 27 million people, about 60 percent are ethnic Malays.
Malay Voters
The prime minister is torn between his goal of boosting the Johor economy by easing the race-based program and his loyalty to the Malay voters whom the policy benefits, said Maznah Mohamad, a senior research fellow at the University of Singapore.
``He's unnecessarily trying to bend backwards,'' she said. ``To have the NEP policies and still allow these liberalizations, I would just call it incompetence.''
Abdullah reiterated the goals of the 1971 NEP the same day he announced the easing of rules in Johor. ``The disparity in income and wealth ownership among the ethnic races still persists and must be addressed,'' Abdullah told parliament in a statement in Malay on March 22.
Abdullah leads the United Malays National Organisation, or UMNO, the biggest political party in the ruling coalition, Barisan Nasional.
The Nusajaya project, a commercial and industrial development including homes, offices and a theme park, is set to become Malaysia's biggest property project.
Poorer Than Singapore
The so-called Iskandar Development Region, which includes Nusajaya, is three times larger than neighboring Singapore, but its residents earn $14,790, only half as much, according to the zone's Web site.
Malaysia's economy, among the fastest growing in Southeast Asia before the 1997-98 financial crisis, expanded 5.7 percent in the second quarter, the central bank said on Aug. 29. That's slower than Singapore's 8.6 percent, Indonesia's 6.3 percent and Vietnam's 7.8 percent.
To woo foreign money, Abdullah on March 22 said companies investing in tourism, financial services and certain industries in the Iskandar Development Region wouldn't have to allocate 30 percent equity to ethnic Malays. Those investments will also be exempt from income tax for 10 years, he said.
The government has said the Johor investments and commercial developments might generate more than 800,000 jobs in 20 years and boost growth in the state to an average of 7 percent in the 2005 to 2025 period compared with 5.5 percent without them.
Mideast Investment
Abdullah's easing of the NEP rules may be working. Kuwait Finance House and other Middle East companies on Aug. 29 agreed to spend $1.2 billion on a property project that includes homes, a medical center and a financial district in the Iskandar Development Region.
Malaysia experimented with easing the NEP with a similar project south of the capital, Kuala Lumpur, branded the ``Multimedia Super Corridor.'' Set up in 1995 by Abdullah's predecessor, Mahathir Mohamad, it sought to attract technology companies to the country.
As long as the Johor project reinvigorates the regional economy, Abdullah, 67, needn't be concerned about a backlash from ethnic Malays, said Ramon Navaratnam, a former finance ministry official and now president of anti-corruption group Transparency International Malaysia.
The government's race-based program is essential to maintaining stability in the country, Deputy Prime Minister Najib Razak said in a June interview. The 1969 riots occurred after opposition parties celebrated winning seats from UMNO in a general election.
`Political Realities'
``You have to realize there are political realities that we have to manage,'' Najib said. The government is prepared to make ``further adjustments'' to the policy if needed, he said.
Abdullah, who must hold an election by early 2009, is taking a gamble by easing the NEP in Johor, said Mohamed Mustafa Ishak, professor of politics at Universiti Utara Malaysia.
Johor elects 15 percent of UMNO's 110 members of parliament, according to the Malaysian parliament's Web site. Dropping the race-based program in every other state may be opposed by ethnic Malays.
``I don't think that will go down well,'' Mustafa said. ``I don't think they can do it.''
Johor home to world’s first bitubale packaging plant
Johor home to world’s first bitubale packaging plant
Taken from The Star
26 Sep 07
By FARIK ZOLKEPLI
JOHOR BARU: Bitumen Bale Sdn Bhd is expanding by setting up the world's first bitubale packaging plant in the Pelepas Freezone.
Managing director Gordon W. Thomas said it was the “right time'' for the company to expand and that the Pelepas Freezone was the perfect choice due to its strategic location.
“It is located near the Port of Tanjung Pelepas, which will enable us to import and export bitumen more efficiently.
“We are also excited that we are able to make it a reality in just a short time,” he said after the launch of the plant recently.
Thomas said the plant aimed to package 800 tonnes of bitubale per day, which would translate into an estimated annual turnover of US$20mil.
“We have been involved in refineries in the past but are now focusing on the packaging of bitumen,” he said.
He added that the company planned to set up at least 100 similar plants worldwide in the next 10 years.
“So far, funds for nine plants have been approved and we are now working on another plant in Thailand while Mongolia, South Africa, Kazakhstan and Mexico have been identified as possible locations.''
Thomas said Bitumen Bale also planned to build a manufacturing plant near the newly launched plant as well as a research and development centre.
“Hopefully, with the help of the State Government, we can expand much quicker.
“We feel that Iskandar Development Region is an exciting concept,” he said, adding that the company planned to use local specialists for the research and development centre.
Bitumen Bale, a subsidiary of Eastern Petroleum, is involved in the provision of petroleum services and has two refineries – in Malacca and Terengganu.
The company also has a research and development centre in Malacca with sale offices in Hong Kong, Kuala Lumpur, Singapore and Dubai
Taken from The Star
26 Sep 07
By FARIK ZOLKEPLI
JOHOR BARU: Bitumen Bale Sdn Bhd is expanding by setting up the world's first bitubale packaging plant in the Pelepas Freezone.
Managing director Gordon W. Thomas said it was the “right time'' for the company to expand and that the Pelepas Freezone was the perfect choice due to its strategic location.
“It is located near the Port of Tanjung Pelepas, which will enable us to import and export bitumen more efficiently.
“We are also excited that we are able to make it a reality in just a short time,” he said after the launch of the plant recently.
Thomas said the plant aimed to package 800 tonnes of bitubale per day, which would translate into an estimated annual turnover of US$20mil.
“We have been involved in refineries in the past but are now focusing on the packaging of bitumen,” he said.
He added that the company planned to set up at least 100 similar plants worldwide in the next 10 years.
“So far, funds for nine plants have been approved and we are now working on another plant in Thailand while Mongolia, South Africa, Kazakhstan and Mexico have been identified as possible locations.''
Thomas said Bitumen Bale also planned to build a manufacturing plant near the newly launched plant as well as a research and development centre.
“Hopefully, with the help of the State Government, we can expand much quicker.
“We feel that Iskandar Development Region is an exciting concept,” he said, adding that the company planned to use local specialists for the research and development centre.
Bitumen Bale, a subsidiary of Eastern Petroleum, is involved in the provision of petroleum services and has two refineries – in Malacca and Terengganu.
The company also has a research and development centre in Malacca with sale offices in Hong Kong, Kuala Lumpur, Singapore and Dubai
Malaysia's UEM Land, GE tie up on Johor project
Malaysia's UEM Land, GE tie up on Johor project
Taken from Reuters
KUALA LUMPUR (Reuters) - Malaysian property developer UEM Land has roped in U.S. firm General Electric as a strategic partner in plans it is spearheading to build a new Asian boomtown in the country's southern region of Johor.
A spokeswoman for UEM Land said the two firms would sign a pact this week to explore opportunities to develop Nusajaya, the region's single-largest parcel of land spread over 24,000 hectares, which is owned by parent UEM World .
"Initially the agreement with GE is for three years," she told Reuters. "UEM Land is looking to GE for help with the planning of city management systems. They really need to work with someone who has that experience, and a proven track record."
She declined to give any further details.
General Electric Chief Executive Jeff Immelt and Ahmad Pardas Senin, chief executive of UEM, will attend Thursday's signing.
Late last year, Malaysia unveiled an ambitious two-decade blueprint to harness $105 billion in mostly private capital to turn 2,200 square km (850 square miles) of Johor state, bordering wealthy Singapore, into an industrial and tourism zone.
State-controlled UEM World hopes to benefit from the city state's plans to develop two large casino resorts in its project to develop vacant and developed land around the Bandar Nusajaya township in southwest Johor.
Shares of UEM World last traded at 3.78 ringgit. They have soared 116 percent since the beginning of the year, while UEM Builders , another group firm, rose nearly 5 percent.
Earlier this year, GE said it expected sales and profit growth of 30 to 40 percent in emerging countries over the next three to five years.
"By 2010, we're estimating sales of $50 billion," GE International's chief executive, Ferdinando Beccalli-Falco, told reporters in the Malaysian capital in July.
GE makes jet engines, gas turbines and other heavy equipment, and is involved in consumer finance and health care businesses.
It sold $30 billion in the emerging economies of China, India, Southeast Asia, Middle East and Africa, and Latin America last year.
Taken from Reuters
KUALA LUMPUR (Reuters) - Malaysian property developer UEM Land has roped in U.S. firm General Electric as a strategic partner in plans it is spearheading to build a new Asian boomtown in the country's southern region of Johor.
A spokeswoman for UEM Land said the two firms would sign a pact this week to explore opportunities to develop Nusajaya, the region's single-largest parcel of land spread over 24,000 hectares, which is owned by parent UEM World .
"Initially the agreement with GE is for three years," she told Reuters. "UEM Land is looking to GE for help with the planning of city management systems. They really need to work with someone who has that experience, and a proven track record."
She declined to give any further details.
General Electric Chief Executive Jeff Immelt and Ahmad Pardas Senin, chief executive of UEM, will attend Thursday's signing.
Late last year, Malaysia unveiled an ambitious two-decade blueprint to harness $105 billion in mostly private capital to turn 2,200 square km (850 square miles) of Johor state, bordering wealthy Singapore, into an industrial and tourism zone.
State-controlled UEM World hopes to benefit from the city state's plans to develop two large casino resorts in its project to develop vacant and developed land around the Bandar Nusajaya township in southwest Johor.
Shares of UEM World last traded at 3.78 ringgit. They have soared 116 percent since the beginning of the year, while UEM Builders , another group firm, rose nearly 5 percent.
Earlier this year, GE said it expected sales and profit growth of 30 to 40 percent in emerging countries over the next three to five years.
"By 2010, we're estimating sales of $50 billion," GE International's chief executive, Ferdinando Beccalli-Falco, told reporters in the Malaysian capital in July.
GE makes jet engines, gas turbines and other heavy equipment, and is involved in consumer finance and health care businesses.
It sold $30 billion in the emerging economies of China, India, Southeast Asia, Middle East and Africa, and Latin America last year.
SP Setia to go big in commercial properties
SP Setia to go big in commercial properties
Taken from The Star
27 Sep 07
By ANGIE NG
PETALING JAYA: SP Setia Bhd wants to go big in commercial retail properties to take advantage of the strong demand for quality commercial developments in the Klang Valley and other parts of the country.
The property group, which already has a well-established name in the residential sector, is eager to make a name for itself as a serious commercial retail player with the line-up of interesting projects.
Group managing director and chief executive officer Tan Sri Liew Kee Sin is excited about the prospects for the commercial sector and is seeking potential partners, including those from overseas, to undertake projects.
The biggest project on the drawing board is Setia City in the company's 2,524-acre Setia Alam township in Shah Alam.
The mega commercial project on 150 acres will have office towers, recreational destinations, retail malls and residential components.
Tan Sri Liew Kee Sin
Liew said SP Setia was working with a panel of architects and consultants to develop an iconic development in Setia City.
“As an eco-themed development, it will be energy saving with avenues to generate its own electricity for self sustainability,” he added.
The project, with an estimated gross development value of at least RM10bil, will take five to 10 years. Construction is scheduled to start in the first half of next year.
To kick-start the development, SP Setia has identified Sydney-based Land Lease Australia as its partner to undertake the development of a retail mall.
The mall, on 40 acres, would initially have a gross lettable area of 500,000 sq ft, which could later be expanded to 1.5 million sq ft. It will take two years to complete.
Next on the list is Setia EcoCity in the Iskandar Development Region in Johor. The project, to be developed on 80 acres, is scheduled to kick off in 2009 for completion in five years.
“These two projects will establish SP Setia as a serious commercial property developer and widen the company's earning base in the coming years,” Liew said.
The company is also eyeing a number of commercial retail projects in the Klang Valley, including Kuala Lumpur. These projects are expected to start within two years.
SP Setia also has other ongoing commercial projects in the Klang Valley, including the RM167mil Setia Avenue shop-offices in Setia Alam and the RM800mil Setia Walk in Puchong.
Taken from The Star
27 Sep 07
By ANGIE NG
PETALING JAYA: SP Setia Bhd wants to go big in commercial retail properties to take advantage of the strong demand for quality commercial developments in the Klang Valley and other parts of the country.
The property group, which already has a well-established name in the residential sector, is eager to make a name for itself as a serious commercial retail player with the line-up of interesting projects.
Group managing director and chief executive officer Tan Sri Liew Kee Sin is excited about the prospects for the commercial sector and is seeking potential partners, including those from overseas, to undertake projects.
The biggest project on the drawing board is Setia City in the company's 2,524-acre Setia Alam township in Shah Alam.
The mega commercial project on 150 acres will have office towers, recreational destinations, retail malls and residential components.
Tan Sri Liew Kee Sin
Liew said SP Setia was working with a panel of architects and consultants to develop an iconic development in Setia City.
“As an eco-themed development, it will be energy saving with avenues to generate its own electricity for self sustainability,” he added.
The project, with an estimated gross development value of at least RM10bil, will take five to 10 years. Construction is scheduled to start in the first half of next year.
To kick-start the development, SP Setia has identified Sydney-based Land Lease Australia as its partner to undertake the development of a retail mall.
The mall, on 40 acres, would initially have a gross lettable area of 500,000 sq ft, which could later be expanded to 1.5 million sq ft. It will take two years to complete.
Next on the list is Setia EcoCity in the Iskandar Development Region in Johor. The project, to be developed on 80 acres, is scheduled to kick off in 2009 for completion in five years.
“These two projects will establish SP Setia as a serious commercial property developer and widen the company's earning base in the coming years,” Liew said.
The company is also eyeing a number of commercial retail projects in the Klang Valley, including Kuala Lumpur. These projects are expected to start within two years.
SP Setia also has other ongoing commercial projects in the Klang Valley, including the RM167mil Setia Avenue shop-offices in Setia Alam and the RM800mil Setia Walk in Puchong.
Century Logistics To Reward Shareholders More
Century Logistics To Reward Shareholders More
(Bernama) -- Century Logistics Holdings Bhd intends to reward its shareholders more due to the expected strong financial performance from its robust oil and gas logistics activities.
For a start, its managing director Steven Teow said, it has declared a special gross dividend of five sen a share following the improved revenue in the first half of its financial year ended June 30, when it rose 29.9 percent to RM76.4 million and net profit surged 599.6 percent to RM8 million during the period.
"The future growth is further enhanced and driven by our supply chain solutions domestically and abroad," he told a media briefing here Thursday.
The company provides value added oil and gas logistics, supply chain solutions and total logistics services.
These logistics services encompass international freight forwarding, transportation and distribution, and warehousing.
It also assembles and procures inbound and outbound logistics services to cover the entire value chain.
Meanwhile, its deputy managing director, Dr Mohamed Amin Kassim, said Century Logistics aspires to be a regional logistics group with joint ventures expected in China and Vietnam by year end.
It has already established regional joint ventures in Thailand, India, Sri Lanka and Dubai.
"We aim to replicate the oil and gas logistics services and supply chain management in our joint ventures abroad," he added.
Century Logistics has just sold its two-single detached warehouse in Port Klang to Mapletreelog (M) Holdings Sdn Bhd for RM32 million for a gain of RM5.8 million.
"Our plans are to identify strategic locations and to re-locate our warehouse assets in fast growth areas such as the Iskandar Development Region in Johor as well as overseas," Mohamed Amin said.
Its first warehouse is in the Port of Tanjung Pelepas, providing 200,000 sq ft. It began operations this month and is fully tenanted to Geodis for five years.
"We will commence the construction of our second distribution hub in the area next month," he added.
Century Logistics will also consider setting up facilities in the East Coast Economic Region as well as Sabah and Sarawak, he said.
(Bernama) -- Century Logistics Holdings Bhd intends to reward its shareholders more due to the expected strong financial performance from its robust oil and gas logistics activities.
For a start, its managing director Steven Teow said, it has declared a special gross dividend of five sen a share following the improved revenue in the first half of its financial year ended June 30, when it rose 29.9 percent to RM76.4 million and net profit surged 599.6 percent to RM8 million during the period.
"The future growth is further enhanced and driven by our supply chain solutions domestically and abroad," he told a media briefing here Thursday.
The company provides value added oil and gas logistics, supply chain solutions and total logistics services.
These logistics services encompass international freight forwarding, transportation and distribution, and warehousing.
It also assembles and procures inbound and outbound logistics services to cover the entire value chain.
Meanwhile, its deputy managing director, Dr Mohamed Amin Kassim, said Century Logistics aspires to be a regional logistics group with joint ventures expected in China and Vietnam by year end.
It has already established regional joint ventures in Thailand, India, Sri Lanka and Dubai.
"We aim to replicate the oil and gas logistics services and supply chain management in our joint ventures abroad," he added.
Century Logistics has just sold its two-single detached warehouse in Port Klang to Mapletreelog (M) Holdings Sdn Bhd for RM32 million for a gain of RM5.8 million.
"Our plans are to identify strategic locations and to re-locate our warehouse assets in fast growth areas such as the Iskandar Development Region in Johor as well as overseas," Mohamed Amin said.
Its first warehouse is in the Port of Tanjung Pelepas, providing 200,000 sq ft. It began operations this month and is fully tenanted to Geodis for five years.
"We will commence the construction of our second distribution hub in the area next month," he added.
Century Logistics will also consider setting up facilities in the East Coast Economic Region as well as Sabah and Sarawak, he said.
General Electric May Move Operations to Malaysia's Nusajaya
General Electric May Move Operations to Malaysia's Nusajaya
(Bloomberg) -- General Electric Co., the world's second-biggest company by value, may move some of its operations to a township being developed by UEM Land Sdn. in the southern Malaysian state of Johor.
The company is considering building manufacturing plants there, Chief Executive Officer Jeffrey Immelt told reporters in Kuala Lumpur today.
(Bloomberg) -- General Electric Co., the world's second-biggest company by value, may move some of its operations to a township being developed by UEM Land Sdn. in the southern Malaysian state of Johor.
The company is considering building manufacturing plants there, Chief Executive Officer Jeffrey Immelt told reporters in Kuala Lumpur today.
GE, UEM Land Sign Agreement for Malaysian Project
(Bloomberg) -- General Electric Co., the world's second-biggest company by value, signed an initial agreement with UEM Land Sdn. to develop infrastructure and security in Malaysia's largest property project.
General Electric International Inc. today signed the three- year memorandum of collaboration with UEM Land, a unit of UEM World Bhd., the Malaysian company said in a statement in Kuala Lumpur today.
GE will provide technology to improve safety and security in UEM's Nusajaya property development in the southern Malaysian state of Johor, UEM said. The two companies will work together on environmental projects including water treatment, energy, aviation and transport, UEM said.
``GE needs to go wherever there are opportunities,'' Kamarulzaman Hassan, an analyst at TA Securities Sdn. in Kuala Lumpur, said before the signing. ``Everyone is going global. I don't think they can be tied at home.''
General Electric International Inc. today signed the three- year memorandum of collaboration with UEM Land, a unit of UEM World Bhd., the Malaysian company said in a statement in Kuala Lumpur today.
GE will provide technology to improve safety and security in UEM's Nusajaya property development in the southern Malaysian state of Johor, UEM said. The two companies will work together on environmental projects including water treatment, energy, aviation and transport, UEM said.
``GE needs to go wherever there are opportunities,'' Kamarulzaman Hassan, an analyst at TA Securities Sdn. in Kuala Lumpur, said before the signing. ``Everyone is going global. I don't think they can be tied at home.''
OCBC Malaysia Hopes To Open More Branches In IDR
OCBC Malaysia Hopes To Open More Branches In IDR
Taken from Bernama
OCBC Bank (Malaysia) Bhd hopes to set up more branches within the Iskandar Development Region (IDR) in Johor, its director and chief executive officer Datuk Albert Yeoh said Friday.
He said the bank, which already has six branches in Johor, was confident of the state's rising prospects as an economic force, especially with the establishment of IDR.
"We have always had a strong presence in Johor, having established branches in Johor Baharu, Kluang, Segamat, Muar and Batu Pahat," Yeoh said.
"With the opening of our Taman Molek branch, we are poised to enhance our presence by contributing to the current and future financial needs of both individuals and businesses operating here, " he said.
Yeoh said this during the opening of OCBC's sixth branch in Johor at Taman Molek here.
The Taman Molek branch became the second after Bukit Damansara and the first in Johor to reflect the bank's regional branch transformation initiative aimed at offering customers enhanced levels of service, interaction and convenience.
On the bank's S$150 million regional branch transformation exercise, Yeoh said it involved OCBC's Singapore and Malaysia branches and was scheduled to be completed by the middle of next year.
"The redesign is an important part of OCBC Bank's continuous transformation process and a reflection of its desire to serve customers better and make their visits to the bank as enriching as possible," he said.
OCBC Bank's head of consumer financial services, Charles Sik, who was also present during the opening ceremony, said under the branch transformation initiative, new digital platforms enabled customers to interact freely with the bank without having to join the main queue for conventional counter services.
Taken from Bernama
OCBC Bank (Malaysia) Bhd hopes to set up more branches within the Iskandar Development Region (IDR) in Johor, its director and chief executive officer Datuk Albert Yeoh said Friday.
He said the bank, which already has six branches in Johor, was confident of the state's rising prospects as an economic force, especially with the establishment of IDR.
"We have always had a strong presence in Johor, having established branches in Johor Baharu, Kluang, Segamat, Muar and Batu Pahat," Yeoh said.
"With the opening of our Taman Molek branch, we are poised to enhance our presence by contributing to the current and future financial needs of both individuals and businesses operating here, " he said.
Yeoh said this during the opening of OCBC's sixth branch in Johor at Taman Molek here.
The Taman Molek branch became the second after Bukit Damansara and the first in Johor to reflect the bank's regional branch transformation initiative aimed at offering customers enhanced levels of service, interaction and convenience.
On the bank's S$150 million regional branch transformation exercise, Yeoh said it involved OCBC's Singapore and Malaysia branches and was scheduled to be completed by the middle of next year.
"The redesign is an important part of OCBC Bank's continuous transformation process and a reflection of its desire to serve customers better and make their visits to the bank as enriching as possible," he said.
OCBC Bank's head of consumer financial services, Charles Sik, who was also present during the opening ceremony, said under the branch transformation initiative, new digital platforms enabled customers to interact freely with the bank without having to join the main queue for conventional counter services.
Top grade Malaysian properties relatively more affordable
Top grade Malaysian properties relatively more affordable
WHAT? A 500 sq ft apartment priced at RM5mil?
Thankfully, it is still not what you have to pay in Malaysia but is what you have to pay for many properties in tiny Hong Kong.
In land scarce Hong Kong where tall apartments fight for space everywhere, property prices are astronomical even by Hong Kong standards. Yet, people are prepared to invest their hard-earned money to buy a home even if it is a “rabbit hutch”.
This is partly because they are so used to living on the island or in the New Territories and have nowhere to go. Although some have migrated to Australia, Canada and the United States, others choose to find their “pot of gold” in Hong Kong.
A Malaysian woman who has been living in Hong Kong for the past seven or eight years boasted: “I have several properties in Hong Kong including a nice apartment with a good view of the sea. It is one of the top 10 condos in Hong Kong. The 2,400 sq ft unit was priced just below HK$10,000 per square foot (psf) when I bought it several years ago. Today, it is worth about HK$13,000 psf.” (HK$100=RM45.3)
Why doesn't she sell it and buy a few high-end condominiums in Kuala Lumpur instead? Well, the woman who is married to a Hong Kong man, said she is used to her “interesting” lifestyle in Hong Kong but more importantly, she feels safe.
C. C. Pan (right) with guests and buyers at the BRDB exhibition cum first overseas customers' appreciation dinner held at the Mandarin Oriental Hong Kong on Sept 22.
However, in recent years with our property developers building more quality high-end residential properties, foreigners are snapping up local properties.
The main reason is that Malaysian properties are very affordable. Some consider it “dirt-cheap”.
They probably realise that they can buy several five-star condominiums in Malaysia for the price of a three-star condominium in Hong Kong.
According to Colliers International (Hong Kong) latest market review, the average luxury residential price rose 4.3%, quarter to quarter, to HK$10,333 psf as at the end of May 2007.
“With the limited supply situation and sustained market sentiment, the luxury residential price is expected to forge ahead 11% Y-on-Y (year-on-year) in the next 12 months while the luxury residential rental is forecast to grow upward 8% Y-on-Y,” it added.
The writer recently visited their Bel-Air No 8 (eight towers designed by Foster and Partners) and liked the nice designs and massive clubhouse facilities but was shocked by the high prices - HK$10,000 to HK$14,000 psf on the average!
Bel-Air No 8 is part of the US$2bil Cyberport project comprising four modern office buildings, a retail complex and a 173-room international hotel. Since the first launch of Bel-Air in February 2003, over 2,300 of its luxury residences have been sold, generating total revenue of close to US$3.7bil.
The completed Bel-Air at the Peak (by a different architect), looks more like medium cost apartments but their prices are in the millions of Hong Kong dollars.
It's just as expensive elsewhere in Hong Kong.
BRDB's high-end project, The Troika in the KLCC area.
A Branksome Crest penthouse with 7,088 sq ft and 2,800 sq ft roof garden including a private swimming pool is asking for HK300mil! A 3,639 sq ft condominium in the Central area is asking for HK$45mil while a 3,798 sq ft Tregunter Tower 3 unit is asking for HK$60mil!
Indeed, Malaysians are so lucky to be able to buy properties that are a fraction of the price in London, Singapore and Hong Kong.
Malaysian expatriates working in Hong Kong and those who have Hong Kong spouses have also bought some of the local properties.
Hence, it was not surprising to find a steady stream of people, including many Malaysian expatriates working in Hong Kong, visiting the recent Bandar Raya Developments Bhd property exhibition at the Mandarin Oriental Hong Kong. Nine units of The Troika and three units of the One Menerung were sold and more buyers are said to be signing up soon.
The Troika's average selling price is RM4.2mil and in terms of per square foot, is around RM1,800. One Menerung's average price for a 3,300 sq ft unit is RM2.9mil onwards or an average of RM950 psf.
A young couple who wished to be known only as Mr & Mrs Tan (husband is a Malaysian from Penang. He is the managing director of the hedge fund division of a renowned financial institution while his Hong Kong wife is vice-president of a financial institution), said they bought a 2,505 sq ft unit in The Troika at about RM1,000 psf when it was launched.
They were pleased when told that the unit has appreciated in value to RM1,800 psf.
“We bought it because of the BRDB and Foster and Partners names and its excellent location,” said Dr Tan, 36. The couple said they preferred not to buy properties that were “too cheap” and would always go for good quality products at market price.
“We're very happy with the waiving of the RPGT. We hope the stamp duty could be waived as well as we are considering buying another Troika unit,” said Mrs Tan, adding that many Hong Kong people were still unaware of Malaysian properties.
For latest Bursa Malaysia indices, charts and other information click here
WHAT? A 500 sq ft apartment priced at RM5mil?
Thankfully, it is still not what you have to pay in Malaysia but is what you have to pay for many properties in tiny Hong Kong.
In land scarce Hong Kong where tall apartments fight for space everywhere, property prices are astronomical even by Hong Kong standards. Yet, people are prepared to invest their hard-earned money to buy a home even if it is a “rabbit hutch”.
This is partly because they are so used to living on the island or in the New Territories and have nowhere to go. Although some have migrated to Australia, Canada and the United States, others choose to find their “pot of gold” in Hong Kong.
A Malaysian woman who has been living in Hong Kong for the past seven or eight years boasted: “I have several properties in Hong Kong including a nice apartment with a good view of the sea. It is one of the top 10 condos in Hong Kong. The 2,400 sq ft unit was priced just below HK$10,000 per square foot (psf) when I bought it several years ago. Today, it is worth about HK$13,000 psf.” (HK$100=RM45.3)
Why doesn't she sell it and buy a few high-end condominiums in Kuala Lumpur instead? Well, the woman who is married to a Hong Kong man, said she is used to her “interesting” lifestyle in Hong Kong but more importantly, she feels safe.
C. C. Pan (right) with guests and buyers at the BRDB exhibition cum first overseas customers' appreciation dinner held at the Mandarin Oriental Hong Kong on Sept 22.
However, in recent years with our property developers building more quality high-end residential properties, foreigners are snapping up local properties.
The main reason is that Malaysian properties are very affordable. Some consider it “dirt-cheap”.
They probably realise that they can buy several five-star condominiums in Malaysia for the price of a three-star condominium in Hong Kong.
According to Colliers International (Hong Kong) latest market review, the average luxury residential price rose 4.3%, quarter to quarter, to HK$10,333 psf as at the end of May 2007.
“With the limited supply situation and sustained market sentiment, the luxury residential price is expected to forge ahead 11% Y-on-Y (year-on-year) in the next 12 months while the luxury residential rental is forecast to grow upward 8% Y-on-Y,” it added.
The writer recently visited their Bel-Air No 8 (eight towers designed by Foster and Partners) and liked the nice designs and massive clubhouse facilities but was shocked by the high prices - HK$10,000 to HK$14,000 psf on the average!
Bel-Air No 8 is part of the US$2bil Cyberport project comprising four modern office buildings, a retail complex and a 173-room international hotel. Since the first launch of Bel-Air in February 2003, over 2,300 of its luxury residences have been sold, generating total revenue of close to US$3.7bil.
The completed Bel-Air at the Peak (by a different architect), looks more like medium cost apartments but their prices are in the millions of Hong Kong dollars.
It's just as expensive elsewhere in Hong Kong.
BRDB's high-end project, The Troika in the KLCC area.
A Branksome Crest penthouse with 7,088 sq ft and 2,800 sq ft roof garden including a private swimming pool is asking for HK300mil! A 3,639 sq ft condominium in the Central area is asking for HK$45mil while a 3,798 sq ft Tregunter Tower 3 unit is asking for HK$60mil!
Indeed, Malaysians are so lucky to be able to buy properties that are a fraction of the price in London, Singapore and Hong Kong.
Malaysian expatriates working in Hong Kong and those who have Hong Kong spouses have also bought some of the local properties.
Hence, it was not surprising to find a steady stream of people, including many Malaysian expatriates working in Hong Kong, visiting the recent Bandar Raya Developments Bhd property exhibition at the Mandarin Oriental Hong Kong. Nine units of The Troika and three units of the One Menerung were sold and more buyers are said to be signing up soon.
The Troika's average selling price is RM4.2mil and in terms of per square foot, is around RM1,800. One Menerung's average price for a 3,300 sq ft unit is RM2.9mil onwards or an average of RM950 psf.
A young couple who wished to be known only as Mr & Mrs Tan (husband is a Malaysian from Penang. He is the managing director of the hedge fund division of a renowned financial institution while his Hong Kong wife is vice-president of a financial institution), said they bought a 2,505 sq ft unit in The Troika at about RM1,000 psf when it was launched.
They were pleased when told that the unit has appreciated in value to RM1,800 psf.
“We bought it because of the BRDB and Foster and Partners names and its excellent location,” said Dr Tan, 36. The couple said they preferred not to buy properties that were “too cheap” and would always go for good quality products at market price.
“We're very happy with the waiving of the RPGT. We hope the stamp duty could be waived as well as we are considering buying another Troika unit,” said Mrs Tan, adding that many Hong Kong people were still unaware of Malaysian properties.
For latest Bursa Malaysia indices, charts and other information click here
Middle East Investors Get Started On RM4 Bln IDR City Project
Middle East Investors Get Started On RM4 Bln IDR City Project
The four Middle East companies which announced their intention to invest US$1.2 billion (RM4.1 billion) in the Iskandar Development Region (IDR) recently have appointed an architect and master planner to kick off the project, Datuk Seri Najib Tun Razak said today.
He was told this by the head of Mubadala Development Company, one of the four, in a telephone conversation two days ago, the Deputy Prime Minister said at a breaking of fast at the residence of Johor Menteri Besar Datuk Abdul Ghani Othman here.
Last Aug 29, Mubadala and Millennium International Company, a subsidiary of Saraya Holdings, and Kuwait Finance House (KFH) signed an agreement with the coordinator of IDR's development, South Johor Investment Corporation (SJIC), to invest in the special economic region.
Another Gulf firm, Aldar Properties PJSC, will manage the project, which will be IDR's first integrated international city, identified as Node I. This encompasses more than 892ha in Nusajaya, including the state government's new administrative centre and the Second Link to Singapore.
Mubadala, KFH and Millennium Development head their own consortiums and are collectively investing the US$1.2 billion for land cost and infrastructure work to develop three clusters under lifestyle and leisure, cultural and financial.
This is the largest single investment so far since the IDR was launched by Prime Minister Datuk Seri Abdullah Ahmad Badawi in November last year.
Najib, who is also Deputy Umno President and Defence Minister, welcomed the investment kick-off by the four companies, describing it as very good and positive.
He expressed confidence that IDR, which spans 2,217 sq km and is twice the size of Singapore, will draw even more investments from the Middle East.
He said the creation of the IDR offers a challenge to Umno, and Umno Johor, to ensure that its development is in line with the philosophy and spirit of Umno and the Malays.
Najib described Umno Johor as setting the direction for Umno in the other states and he wanted it continue to maintain this role.
More than 1,500 Umno members, including senior Umno Johor leaders, attended the function, at which there was also a group recital of the Quran.
Najib took part in Tarawih prayers before returning to Kuala Lumpur.
The four Middle East companies which announced their intention to invest US$1.2 billion (RM4.1 billion) in the Iskandar Development Region (IDR) recently have appointed an architect and master planner to kick off the project, Datuk Seri Najib Tun Razak said today.
He was told this by the head of Mubadala Development Company, one of the four, in a telephone conversation two days ago, the Deputy Prime Minister said at a breaking of fast at the residence of Johor Menteri Besar Datuk Abdul Ghani Othman here.
Last Aug 29, Mubadala and Millennium International Company, a subsidiary of Saraya Holdings, and Kuwait Finance House (KFH) signed an agreement with the coordinator of IDR's development, South Johor Investment Corporation (SJIC), to invest in the special economic region.
Another Gulf firm, Aldar Properties PJSC, will manage the project, which will be IDR's first integrated international city, identified as Node I. This encompasses more than 892ha in Nusajaya, including the state government's new administrative centre and the Second Link to Singapore.
Mubadala, KFH and Millennium Development head their own consortiums and are collectively investing the US$1.2 billion for land cost and infrastructure work to develop three clusters under lifestyle and leisure, cultural and financial.
This is the largest single investment so far since the IDR was launched by Prime Minister Datuk Seri Abdullah Ahmad Badawi in November last year.
Najib, who is also Deputy Umno President and Defence Minister, welcomed the investment kick-off by the four companies, describing it as very good and positive.
He expressed confidence that IDR, which spans 2,217 sq km and is twice the size of Singapore, will draw even more investments from the Middle East.
He said the creation of the IDR offers a challenge to Umno, and Umno Johor, to ensure that its development is in line with the philosophy and spirit of Umno and the Malays.
Najib described Umno Johor as setting the direction for Umno in the other states and he wanted it continue to maintain this role.
More than 1,500 Umno members, including senior Umno Johor leaders, attended the function, at which there was also a group recital of the Quran.
Najib took part in Tarawih prayers before returning to Kuala Lumpur.
Huge potential for MMC’s RM16b JV
Huge potential for MMC’s RM16b JV
Taken from The Star
KUALA LUMPUR: MMC Corp Bhd sees the sale of land as the first source of revenue for its RM16bil joint venture in South Johor with Dubai World but the country’s utilities and infrastructure giant believes that is just the tip of the project’s potential.
MMC believes there is strong opportunity for future recurring income and benefits to Port of Tanjung Pelepas, and said the project to develop a maritime centre in South Johor is attracting a lot of interest.
“Based on current demand, we think we are short of land. We have a list of interested investors who are prepared to make immediate payment to secure the right to develop the land,” MMC group chief executive Feizal Ali said in an e-mail interview.
»Based on current demand, we think we are short of land« FEIZAL ALI
MMC announced last week it had signed a memorandum of understanding (MoU) with Dubai World to build a maritime centre and develop property on its land in Johor.
The MoU would explore opportunities for joint development of a maritime centre master plan comprising oil terminal activities, dry docks, a shipyard, conventional cargo handling facilities, logistics parks and real property development in South Johor. The projects are expected to start becoming operational from the second half of 2010.
Initial studies have put the cost of developing the infrastructure and services at RM2.5bil.
“This clearly is a scoop for MMC and a shot in the arm for the development of the Iskandar Development Region (IDR),” said Kenanga Investment Bank in a note on the project.
“The proposed maritime centre would be a serious competitor to the Ports of Singapore given the synergistic effect of Dubai World being one of the largest port operators in the world the holding company that manages and supervises the portfolio of businesses and projects for the Dubai Government.”
Feizal said the most immediate revenue for MMC would be the proceeds from the sale or lease of the land.
“However, as I’ve mentioned before, we won’t be selling all of the land in one go,” he said.
Feizal said the infrastructure and services MMC planned to provide would enable it to collect charges for utilities, throughput, oil storage and terminals, which would bring long term recurring income for the group.
In addition, the provision of marine services will also benefit its subsidiary, Port of Tanjung Pelepas.
“The project will also benefit the country. It will attract major oil players, such as traders and producers, to establish hubs for their upstream and downstream activities, and create a new industrial area in south-west Johor,” he said.
Besides bringing in additional capital, this investment would also directly and indirectly create about 25,000 jobs and raise the general level of income in the area, he said.
There will also be spill-over effects into other industries and synergies with the IDR.
Feizal said significant interest in the development had been shown by a number of sectors but primarily from the oil and gas players.
“These facilities require seafront land and Tanjung Bin offers prime seafront land at the confluence of major international shipping lanes with close proximity to ports,” he said.
“We have been approached by various multinational investors, including those involved in the oil storage, oil terminalling, oil trading and maritime engineering industries.”
He said there was an oil terminalling player interested to take up 500 acres and a long list of investors wishing to take up between 100 and 200 acres for oil storage, oil trading and oil blending facilities.
“There are also specific oil and gas and marine engineering companies which require an industrial port and would like to set up manufacturing plants, specifically with port facilities for the specialised requirements of the industries,” he said.
Feizal said demand for land had resulted in extensive reclamation work in neighbouring locations, to a point where there had been development of subterranean storage facilities.
“All these make Tanjung Bin an ideal and compelling choice for investors,” he said.
Dubai World has investments and projects in more than 100 cities and serves a wide range of strategic industry segments, such as the development of the iconic real estate development The Palm Jumeirah islands.
It also developed DP World, the third largest port operator in the world, and the Jebel Ali Free Zone Authority, which is a model for free zones around the world.
Taken from The Star
KUALA LUMPUR: MMC Corp Bhd sees the sale of land as the first source of revenue for its RM16bil joint venture in South Johor with Dubai World but the country’s utilities and infrastructure giant believes that is just the tip of the project’s potential.
MMC believes there is strong opportunity for future recurring income and benefits to Port of Tanjung Pelepas, and said the project to develop a maritime centre in South Johor is attracting a lot of interest.
“Based on current demand, we think we are short of land. We have a list of interested investors who are prepared to make immediate payment to secure the right to develop the land,” MMC group chief executive Feizal Ali said in an e-mail interview.
»Based on current demand, we think we are short of land« FEIZAL ALI
MMC announced last week it had signed a memorandum of understanding (MoU) with Dubai World to build a maritime centre and develop property on its land in Johor.
The MoU would explore opportunities for joint development of a maritime centre master plan comprising oil terminal activities, dry docks, a shipyard, conventional cargo handling facilities, logistics parks and real property development in South Johor. The projects are expected to start becoming operational from the second half of 2010.
Initial studies have put the cost of developing the infrastructure and services at RM2.5bil.
“This clearly is a scoop for MMC and a shot in the arm for the development of the Iskandar Development Region (IDR),” said Kenanga Investment Bank in a note on the project.
“The proposed maritime centre would be a serious competitor to the Ports of Singapore given the synergistic effect of Dubai World being one of the largest port operators in the world the holding company that manages and supervises the portfolio of businesses and projects for the Dubai Government.”
Feizal said the most immediate revenue for MMC would be the proceeds from the sale or lease of the land.
“However, as I’ve mentioned before, we won’t be selling all of the land in one go,” he said.
Feizal said the infrastructure and services MMC planned to provide would enable it to collect charges for utilities, throughput, oil storage and terminals, which would bring long term recurring income for the group.
In addition, the provision of marine services will also benefit its subsidiary, Port of Tanjung Pelepas.
“The project will also benefit the country. It will attract major oil players, such as traders and producers, to establish hubs for their upstream and downstream activities, and create a new industrial area in south-west Johor,” he said.
Besides bringing in additional capital, this investment would also directly and indirectly create about 25,000 jobs and raise the general level of income in the area, he said.
There will also be spill-over effects into other industries and synergies with the IDR.
Feizal said significant interest in the development had been shown by a number of sectors but primarily from the oil and gas players.
“These facilities require seafront land and Tanjung Bin offers prime seafront land at the confluence of major international shipping lanes with close proximity to ports,” he said.
“We have been approached by various multinational investors, including those involved in the oil storage, oil terminalling, oil trading and maritime engineering industries.”
He said there was an oil terminalling player interested to take up 500 acres and a long list of investors wishing to take up between 100 and 200 acres for oil storage, oil trading and oil blending facilities.
“There are also specific oil and gas and marine engineering companies which require an industrial port and would like to set up manufacturing plants, specifically with port facilities for the specialised requirements of the industries,” he said.
Feizal said demand for land had resulted in extensive reclamation work in neighbouring locations, to a point where there had been development of subterranean storage facilities.
“All these make Tanjung Bin an ideal and compelling choice for investors,” he said.
Dubai World has investments and projects in more than 100 cities and serves a wide range of strategic industry segments, such as the development of the iconic real estate development The Palm Jumeirah islands.
It also developed DP World, the third largest port operator in the world, and the Jebel Ali Free Zone Authority, which is a model for free zones around the world.
Dubai World factor in IDR
Dubai World factor in IDR
MMC Corp Bhd group chief executive Feizal Ali tells StarBiz about the business proposition behind the RM16bil memorandum of understanding with Dubai World and how the project will create a new petrochemical and maritime industry in Johor
How did this partnership come about and please brief us about the project?
In the course of doing business in the Middle East, we developed relationships with various infrastructure groups, including Dubai World. Being an infrastructure and utilities group, we recognised potential synergies that can be drawn between MMC and Dubai World.
Dubai World’s subsidiary, DP World, is one of the largest global port operators and another subsidiary, Nakheel, has practically transformed Dubai into one of the most vibrant cities in the region, through the creation of unique projects, such as The Palm Islands and The World.
Dubai World also has a very strong track record in the development of logistics parks.
When executives from Dubai World visited South Johor during the last three months, they became aware of the tremendous potential of the Iskandar Development Region (IDR) and South Johor generally. They were very interested in our landbank of 2,255 acres at Tanjung Bin as well as the 500 acres next to the Port of Tanjung Pelepas (PTP), which had been earmarked for industrial development, and we had discussions on the possibility of working together to jointly develop these lands.
Our discussions led to the recent signing of an MoU with Dubai World, and we are now working on developing a maritime centre masterplan for our land, that will comprise oil terminal activities, drydocks, shipyards, conventional cargo handling facilities, logistic parks and real estate development.
We view this project as being in line with the call of Prime Minister Datuk Seri Abdullah Ahmad Badawi and Johor Menteri Besar Datuk Abdul Ghani Othman to develop the South Johor corridor.
This development will create a new petrochemical and maritime industry with an estimated gross development value of RM16bil, which we hope will become the next engine of growth for South Johor and at the same time complement IDR.
What is Dubai World’s role in this project?
We had developed our own masterplan for the development of this land. We recognised, however, that this is a greenfield project and working with a strong strategic partner would enable us to take this project to the next level.
In Dubai World, we found a company with proven project management experience, marketing strength and a global footprint that enable us to reach out to the international market.
Dubai World brings to the table a brand that has been very successful not only in Dubai but also in other parts of the world. We believe our partner brings strength and credibility to this project as well as the requisite expertise and experience to jointly develop this area to a level that is on par with other international endeavours.
From our perspective, the participation of a premier brand such as Dubai World reflects its trust in MMC’s ability to deliver world class projects and also underscores MMC’s position as an emerging global utilities and infrastructure group.
What equity stake will Dubai World take in this project?
We are in the midst of discussing our masterplan in detail with Dubai World. We will come to an agreement on the equity structure of this partnership once this masterplan has been agreed upon by both parties.
What do you think persuaded Dubai World to join MMC in this project?
Dubai World chairman Sultan Ahmed Bin Sulayem has said they see a bright future for this exciting multi-faceted development. He expressed the view that an integrated maritime centre will improve efficiency and Dubai World appeared very keen to capitalise on the opportunities within the region as well as in Malaysia’s vibrant and rapidly growing economy.
What is the timeline for the development?
Work on Tanjung Bin land will begin right after acceptance of the masterplan by both parties next year. We expect the project to be fully developed by 2012.
What is the value of the Tanjung Bin land?
The average offer that we have received, on an “as is where is” basis, is RM20 per sq ft on a 30-year lease. However, we do not wish to completely sell or lease all of the land in one go just to record one-off gains.
Instead, we want to plan this project well and maximise the use of the land by building supporting infrastructure and services to support the entire project, which will also allow us to generate recurring income.
In our initial study, the cost of developing the infrastructure and services required would be about RM2.5bil. This would include an industrial port, three oil jetties and supporting infrastructure. This proposal is, of course, subject to regulatory approvals from the Federal and state governments. Naturally, the value of the land will increase with these supporting facilities in place.
Are there any environmental concerns?
The area earmarked for development is outside the area identified as a wetland sanctuary under RAMSAR.
Expert opinion confirms that the proposed development is balanced and will not damage the RAMSAR site. As part of our corporate social responsibility, we will ensure that the development will not, in any way, compromise the environment.
In developing the masterplan, particular attention will continue to be given to preserve the RAMSAR site. We will have very stringent requirements to ensure that all emissions will be in full compliance with all environmental requirements.
In fact, we are already in dialogue with the Malaysian Nature Society and other NGOs on how we can work together. Our plans will also take into consideration the overall environment including the views of experts, professionals and NGOs to ensure that the goal of a balanced development is achieved. We will also pay serious attention to the wishes of the state government.
A good example of a balanced development is PTP. We built this world-class port while successfully preserving the surrounding environment. PTP works closely with the Fisheries Department on dugong programs to preserve the species.
Together with NGOs such as the SOS committee, PTP is also involved in monitoring the sea grass bed, which is the habitat for seahorses. Our experience shows it is entirely possible to preserve the environment while building a world-class facility and that continues to be our objective as a responsible corporate citizen.
MMC Corp Bhd group chief executive Feizal Ali tells StarBiz about the business proposition behind the RM16bil memorandum of understanding with Dubai World and how the project will create a new petrochemical and maritime industry in Johor
How did this partnership come about and please brief us about the project?
In the course of doing business in the Middle East, we developed relationships with various infrastructure groups, including Dubai World. Being an infrastructure and utilities group, we recognised potential synergies that can be drawn between MMC and Dubai World.
Dubai World’s subsidiary, DP World, is one of the largest global port operators and another subsidiary, Nakheel, has practically transformed Dubai into one of the most vibrant cities in the region, through the creation of unique projects, such as The Palm Islands and The World.
Dubai World also has a very strong track record in the development of logistics parks.
When executives from Dubai World visited South Johor during the last three months, they became aware of the tremendous potential of the Iskandar Development Region (IDR) and South Johor generally. They were very interested in our landbank of 2,255 acres at Tanjung Bin as well as the 500 acres next to the Port of Tanjung Pelepas (PTP), which had been earmarked for industrial development, and we had discussions on the possibility of working together to jointly develop these lands.
Our discussions led to the recent signing of an MoU with Dubai World, and we are now working on developing a maritime centre masterplan for our land, that will comprise oil terminal activities, drydocks, shipyards, conventional cargo handling facilities, logistic parks and real estate development.
We view this project as being in line with the call of Prime Minister Datuk Seri Abdullah Ahmad Badawi and Johor Menteri Besar Datuk Abdul Ghani Othman to develop the South Johor corridor.
This development will create a new petrochemical and maritime industry with an estimated gross development value of RM16bil, which we hope will become the next engine of growth for South Johor and at the same time complement IDR.
What is Dubai World’s role in this project?
We had developed our own masterplan for the development of this land. We recognised, however, that this is a greenfield project and working with a strong strategic partner would enable us to take this project to the next level.
In Dubai World, we found a company with proven project management experience, marketing strength and a global footprint that enable us to reach out to the international market.
Dubai World brings to the table a brand that has been very successful not only in Dubai but also in other parts of the world. We believe our partner brings strength and credibility to this project as well as the requisite expertise and experience to jointly develop this area to a level that is on par with other international endeavours.
From our perspective, the participation of a premier brand such as Dubai World reflects its trust in MMC’s ability to deliver world class projects and also underscores MMC’s position as an emerging global utilities and infrastructure group.
What equity stake will Dubai World take in this project?
We are in the midst of discussing our masterplan in detail with Dubai World. We will come to an agreement on the equity structure of this partnership once this masterplan has been agreed upon by both parties.
What do you think persuaded Dubai World to join MMC in this project?
Dubai World chairman Sultan Ahmed Bin Sulayem has said they see a bright future for this exciting multi-faceted development. He expressed the view that an integrated maritime centre will improve efficiency and Dubai World appeared very keen to capitalise on the opportunities within the region as well as in Malaysia’s vibrant and rapidly growing economy.
What is the timeline for the development?
Work on Tanjung Bin land will begin right after acceptance of the masterplan by both parties next year. We expect the project to be fully developed by 2012.
What is the value of the Tanjung Bin land?
The average offer that we have received, on an “as is where is” basis, is RM20 per sq ft on a 30-year lease. However, we do not wish to completely sell or lease all of the land in one go just to record one-off gains.
Instead, we want to plan this project well and maximise the use of the land by building supporting infrastructure and services to support the entire project, which will also allow us to generate recurring income.
In our initial study, the cost of developing the infrastructure and services required would be about RM2.5bil. This would include an industrial port, three oil jetties and supporting infrastructure. This proposal is, of course, subject to regulatory approvals from the Federal and state governments. Naturally, the value of the land will increase with these supporting facilities in place.
Are there any environmental concerns?
The area earmarked for development is outside the area identified as a wetland sanctuary under RAMSAR.
Expert opinion confirms that the proposed development is balanced and will not damage the RAMSAR site. As part of our corporate social responsibility, we will ensure that the development will not, in any way, compromise the environment.
In developing the masterplan, particular attention will continue to be given to preserve the RAMSAR site. We will have very stringent requirements to ensure that all emissions will be in full compliance with all environmental requirements.
In fact, we are already in dialogue with the Malaysian Nature Society and other NGOs on how we can work together. Our plans will also take into consideration the overall environment including the views of experts, professionals and NGOs to ensure that the goal of a balanced development is achieved. We will also pay serious attention to the wishes of the state government.
A good example of a balanced development is PTP. We built this world-class port while successfully preserving the surrounding environment. PTP works closely with the Fisheries Department on dugong programs to preserve the species.
Together with NGOs such as the SOS committee, PTP is also involved in monitoring the sea grass bed, which is the habitat for seahorses. Our experience shows it is entirely possible to preserve the environment while building a world-class facility and that continues to be our objective as a responsible corporate citizen.
Ranhill to benefit from Iskandar
Ranhill to benefit from Iskandar
Taken from the Business Times
TA SECURITIES says diversified Ranhill Bhd is on a stronger footing now due to its ability to recoup cost overrun in its construction jobs in Sudan.
This is, in addition to among others, to the fact that Ranhill’s water division is deemed a main beneficiary in the development of Johor’s Iskandar Development Region.
Moreover, Ranhill’s power division is also another steady recurrent-income source for the company which is expected to undertake more electricity-related jobs in Pakistan and India.
“Although we cannot deny that the energy division excites us, we believe the recent development that enables the construction division to recoup back its cost overrun in Sudan would be a further boost to Ranhill,” TA Securities said in a note.
TA is maintaining its “buy” call on Ranhill shares with a RM3.55 target price.
Ranhill shares gained 5 sen or 2 per cent to close at RM3.00 yesterday, valuing the company at RM1.79 billion. The stock has more than doubled (138 per cent) this year.
Taken from the Business Times
TA SECURITIES says diversified Ranhill Bhd is on a stronger footing now due to its ability to recoup cost overrun in its construction jobs in Sudan.
This is, in addition to among others, to the fact that Ranhill’s water division is deemed a main beneficiary in the development of Johor’s Iskandar Development Region.
Moreover, Ranhill’s power division is also another steady recurrent-income source for the company which is expected to undertake more electricity-related jobs in Pakistan and India.
“Although we cannot deny that the energy division excites us, we believe the recent development that enables the construction division to recoup back its cost overrun in Sudan would be a further boost to Ranhill,” TA Securities said in a note.
TA is maintaining its “buy” call on Ranhill shares with a RM3.55 target price.
Ranhill shares gained 5 sen or 2 per cent to close at RM3.00 yesterday, valuing the company at RM1.79 billion. The stock has more than doubled (138 per cent) this year.
Dubai World bullish on US$5bil deal with MMC
Dubai World bullish on US$5bil deal with MMC
DUBAI: Dubai World chairman Sultan Ahmed Bin Sulayem said the company was “extremely optimistic” about the US$5bil maritime centre to be jointly developed with MMC Corp Bhd in Johor.
“Our combined experience and global network will enable us to deliver a project that will benefit maritime industry players and complement the Malaysian Government’s Iskandar Development Region initiative,” he said in a statement.
“We are also keen to enhance the port infrastructure in the area. Our subsidiary, DP World, is one of the largest global port operators and we also have a strong record in the development of logistics parks.”
The statement said the memorandum of understanding was signed in Dubai on Sept 24 to develop a maritime centre masterplan for areas in south Johor, including MMC’s 2,255-acre landbank in Tanjung Bin.
On its partnership with MMC, Sultan Ahmed said: “We have a strong partner in MMC, which is a key infrastructure player in Malaysia, especially in south Johor, through its ownership of two ports and 3,000-acre landbank in that strategic area.
“There are tremendous synergies between Dubai World and MMC and we look forward to working closely with MMC and jointly develop the project on a fast-track basis that will be on par with other world-class developments.”
Dubai World is a Dubai government-decree entity that has been the growth engine for the United Arab Emirates with over 50,000 employees and offerings in more than 100 locations.
DUBAI: Dubai World chairman Sultan Ahmed Bin Sulayem said the company was “extremely optimistic” about the US$5bil maritime centre to be jointly developed with MMC Corp Bhd in Johor.
“Our combined experience and global network will enable us to deliver a project that will benefit maritime industry players and complement the Malaysian Government’s Iskandar Development Region initiative,” he said in a statement.
“We are also keen to enhance the port infrastructure in the area. Our subsidiary, DP World, is one of the largest global port operators and we also have a strong record in the development of logistics parks.”
The statement said the memorandum of understanding was signed in Dubai on Sept 24 to develop a maritime centre masterplan for areas in south Johor, including MMC’s 2,255-acre landbank in Tanjung Bin.
On its partnership with MMC, Sultan Ahmed said: “We have a strong partner in MMC, which is a key infrastructure player in Malaysia, especially in south Johor, through its ownership of two ports and 3,000-acre landbank in that strategic area.
“There are tremendous synergies between Dubai World and MMC and we look forward to working closely with MMC and jointly develop the project on a fast-track basis that will be on par with other world-class developments.”
Dubai World is a Dubai government-decree entity that has been the growth engine for the United Arab Emirates with over 50,000 employees and offerings in more than 100 locations.
Johor State Government Expands ICT Projects With Cisco and MysysNet
The Johor State Government today announced the launch of Johor Electronic Government Phase 2 (JEG2), which is designed to improve government efficiency, establish closer links with the people of Johor, and pave the way to sustainable economic growth through the use of information and communications technology (ICT). This ICT foundation was first put in place in April 2004 in the form of the RM20 million (US$6 million) Johor Electronic Government Phase 1 (JEG1) which connected 200 state government agencies over a network from Cisco® (NASDAQ: CSCO). This project was initiated and successfully implemented by MysysNet, a leading ICT systems integrator in Johor.
Building on the successful implementation of JEG1, the Johor State Government today signified the start of JEG2 with an initiative to connect the first five buildings in the Johor State New Administrative Centre (JSNAC) in Nusajaya, over a next-generation network from Cisco. Nusajaya is the Iskandar Development Region (IDR)'s key flagship economic zone.
The network deployment is part of the RM40 million (US$12 million) contract awarded by the Johor State Government to MysysNet, under JEG2. The network will include routers, switches, integrated network security and data center solution. The five buildings in the JSNAC are expected to be completed and operational by January 2008, with 14 more buildings scheduled to be built over the next few years.
"One of the goals of this project is to achieve better collaboration and consolidate processes between the state and federal governments, providing convenience for the people in Johor," said MysysNet managing director, Md. Sees Md. Ali. "This project is very strategic and we believe that MysysNet, together with Cisco Malaysia, can make a difference to the lives of the people of Johor."
"This project is a significant milestone for Cisco Malaysia as it demonstrates that the network is essential for all communications and that ICT is the platform for organizations to meet their goals. We are honoured to have this unique opportunity to be part of the very exciting developments taking place in Johor. Networking technologies are being used by individuals, businesses and governments around the world to create economic growth and we are glad to see this happening in Malaysia on such a large scale. The Johor State Government will be a benchmark for other state governments in the country," said Kumaran Singaram, managing director for Cisco Malaysia.
Md. Sees added that Cisco was selected as its partner for the JEG project because it was the only technology provider that had the breadth and depth of technologies, solutions, local expertise and experience to meet the goals of the Johor State Government to improve productivity through more effective communications and collaboration.
About MysysNet
MysysNet provides comprehensive technical solutions for the Internet World Wide Web, selling server, personal computers, and networking equipment. The company specialises in developing web-enabled mission critical business application, e-commerce capabilities, and database connectivity. MysysNet's services range from developing industrial strength websites to providing turnkey Internet solutions. The company's technical staff specialises in providing both custom clients and server side applications to push the limit and capabilities of the World Wide Web.
About Cisco
Cisco (NASDAQ: CSCO) is the worldwide leader in networking that transforms how people connect, communicate and collaborate. Information about Cisco can be found at http://www.cisco.com. For ongoing news, please go to http://newsroom.cisco.com. Cisco products are supplied in Malaysia by Cisco Systems International, BV.
Cisco, the Cisco logo, and Cisco Systems are registered trademarks or trademarks of Cisco Systems, Inc. and/or its affiliates in the United States and certain other countries. All other trademarks mentioned in this document are the property of their respective owners. The use of the word partner does not imply a partnership relationship between Cisco and any other company. This document is Cisco Public Information.
For direct RSS Feeds of all Cisco news, please visit "News@Cisco" at the following link:
Building on the successful implementation of JEG1, the Johor State Government today signified the start of JEG2 with an initiative to connect the first five buildings in the Johor State New Administrative Centre (JSNAC) in Nusajaya, over a next-generation network from Cisco. Nusajaya is the Iskandar Development Region (IDR)'s key flagship economic zone.
The network deployment is part of the RM40 million (US$12 million) contract awarded by the Johor State Government to MysysNet, under JEG2. The network will include routers, switches, integrated network security and data center solution. The five buildings in the JSNAC are expected to be completed and operational by January 2008, with 14 more buildings scheduled to be built over the next few years.
"One of the goals of this project is to achieve better collaboration and consolidate processes between the state and federal governments, providing convenience for the people in Johor," said MysysNet managing director, Md. Sees Md. Ali. "This project is very strategic and we believe that MysysNet, together with Cisco Malaysia, can make a difference to the lives of the people of Johor."
"This project is a significant milestone for Cisco Malaysia as it demonstrates that the network is essential for all communications and that ICT is the platform for organizations to meet their goals. We are honoured to have this unique opportunity to be part of the very exciting developments taking place in Johor. Networking technologies are being used by individuals, businesses and governments around the world to create economic growth and we are glad to see this happening in Malaysia on such a large scale. The Johor State Government will be a benchmark for other state governments in the country," said Kumaran Singaram, managing director for Cisco Malaysia.
Md. Sees added that Cisco was selected as its partner for the JEG project because it was the only technology provider that had the breadth and depth of technologies, solutions, local expertise and experience to meet the goals of the Johor State Government to improve productivity through more effective communications and collaboration.
About MysysNet
MysysNet provides comprehensive technical solutions for the Internet World Wide Web, selling server, personal computers, and networking equipment. The company specialises in developing web-enabled mission critical business application, e-commerce capabilities, and database connectivity. MysysNet's services range from developing industrial strength websites to providing turnkey Internet solutions. The company's technical staff specialises in providing both custom clients and server side applications to push the limit and capabilities of the World Wide Web.
About Cisco
Cisco (NASDAQ: CSCO) is the worldwide leader in networking that transforms how people connect, communicate and collaborate. Information about Cisco can be found at http://www.cisco.com. For ongoing news, please go to http://newsroom.cisco.com. Cisco products are supplied in Malaysia by Cisco Systems International, BV.
Cisco, the Cisco logo, and Cisco Systems are registered trademarks or trademarks of Cisco Systems, Inc. and/or its affiliates in the United States and certain other countries. All other trademarks mentioned in this document are the property of their respective owners. The use of the word partner does not imply a partnership relationship between Cisco and any other company. This document is Cisco Public Information.
For direct RSS Feeds of all Cisco news, please visit "News@Cisco" at the following link:
Malaysia Offers More Incentives to Increase Investment in Johor
Malaysia Offers More Incentives to Increase Investment in Johor
Taken from Bloomberg
Malaysia will extend tax breaks and other incentives in Johor to developers in the so-called Iskandar Regional Development to attract 40 billion ringgit ($11.8 billion) in five years to develop the area.
Developers in the Iskandar region will be exempt from paying income tax until 2015 on earnings from land sales and until 2020 on income from the rental or sale of buildings, the Iskandar Regional Development Authority said in a release today.
``Since private investments will be the main catalyst of growth, there is a need to offer investors attractive fiscal and non-fiscal incentives,'' Prime Minister Abdullah Ahmad Badawi told reporters today in Putrajaya, outside Kuala Lumpur.
Abdullah is wooing foreign money with easier investment rules and tax breaks, aiming to attract 382 billion ringgit in two decades to redevelop Johor, 2 1/2 times the size of bordering Singapore, and turn the southern state into a global destination for business and leisure.
The government said in March some overseas companies setting up in Johor's so-called Iskandar Development Region won't need to comply with a rule requiring foreign-owned companies to have at least 30 percent ethnic Malay ownership. Those investments will also be exempt from income tax for 10 years.
Taken from Bloomberg
Malaysia will extend tax breaks and other incentives in Johor to developers in the so-called Iskandar Regional Development to attract 40 billion ringgit ($11.8 billion) in five years to develop the area.
Developers in the Iskandar region will be exempt from paying income tax until 2015 on earnings from land sales and until 2020 on income from the rental or sale of buildings, the Iskandar Regional Development Authority said in a release today.
``Since private investments will be the main catalyst of growth, there is a need to offer investors attractive fiscal and non-fiscal incentives,'' Prime Minister Abdullah Ahmad Badawi told reporters today in Putrajaya, outside Kuala Lumpur.
Abdullah is wooing foreign money with easier investment rules and tax breaks, aiming to attract 382 billion ringgit in two decades to redevelop Johor, 2 1/2 times the size of bordering Singapore, and turn the southern state into a global destination for business and leisure.
The government said in March some overseas companies setting up in Johor's so-called Iskandar Development Region won't need to comply with a rule requiring foreign-owned companies to have at least 30 percent ethnic Malay ownership. Those investments will also be exempt from income tax for 10 years.
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