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is the establishment of a mixed-use
development which has a total sales
value of RM70.8 million and total
investment estimated at an initial
RM520 million.
The Greenland Group is the latest
developer from China to buy land
for a sizeable property project in
Johor’s coastal Danga Bay area. It
struck a deal to acquire 13.96 acres
from Iskandar Waterfront Holdings
Sdn Bhd (IWH) at a cost of RM600
million, where it plans to develop
properties worth RM2.2 billion in
gross development value (GDV).
Inclusive of the Greenland
transaction, IWH has to-date inked
17 deals with local and foreign
partners to develop properties worth
RM127bil in GDV, providing a fillip to
its ambitious plan of transforming
the coastline of Johor bordering
Singapore into a waterfront
metropolis.
At least four other major China
developers were in talks with IWH for
mixed-use developments featuring
waterfront properties, the company
said in a statement. The Greenland
Group is believed to pave the way for
more China state-owned companies
to invest in outstanding property
projects in Iskandar Malaysia.
What the Future Holds
The success of Iskandar will
ultimately revolve around whether
it can successfully integrate the four
fundamental aspects of a thriving
metropolis: invest, work, live and play.
Companies are attracted to start
up businesses in Iskandar by the
promise of cheaper land and labour,
and generous tax breaks. But where
sufficient cheap labour will come
from is a big question mark.
Haunting images of ghost cities
in China appear, like Chenggong,
Yunnan, an impressive but vacant
city first conceptualized in 2003 as a
spillover catchment for neighbouring
Kunming. Plus, Singapore still has its
own labour shortage in sectors such
a hospitality and manufacturing.
Will Malaysians be willing to work
in Iskandar unless the salaries
offered can compete with what they
would earn in Singapore? Given
that Iskandar is thrice as vast as
Singapore, the possibility of a native
Johorian having less distance to travel
to work in Singapore than any other
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