Singapore Business Review
COMMERCIAL PROPERTY | Staff Reporter, Singapore
Published: 20 Mar 2013
One of them costs around US$2.6b.
According to CIMB, the interest in Iskandar appears to have gathered momentum in the last 12 months, with several major investments announced by Singapore companies.
The latest "endorsement" by the Singapore government through the joint development of Afiniti Medini and Avira resort wellness project could further spur interest in Iskandar.
Here are some of the more prominent projects announced recently as compiled by CIMB:
1) Afiniti Medini, an urban wellness project that aims to become a regional destination for families, tourists and professionals, is a joint development by Khazanah Nasional and Temasek Holdings.
It features a wellness centre, service apartments, a corporate training centre and retail space. Afinity Medini is expected to be completed by end-2015. Avira – another resort wellness project at Medini Central – will have homes, service apartments and commercial space. The development is expected to becompleted in 2018.
Besides being among the five flagship zones at Iskandar Malaysia, Medini is also 40 minutes away from the Central Business District in Singapore by car.
Both projects will have a total gross development value (GDV) of RM3bn (US$968m).
2) CapitaLand is leading a joint venture to develop a project in Johor worth about US$2.6bn. The development at Danga Bay will include a waterfront residential community comprising high-rise and landed homes, along with a marina, a shopping mall, offices and recreational facilities.
The joint venture will acquire 3.1m sq ft of freehold land for US$261m for the project, which will have an estimated total gross floor area of 11m sq ft. It is expected to be developed in phases over a period of 10 to 12 years.
CapitaLand Malaysia will hold 51% of the joint venture, Malaysian company Iskandar Waterfront Sdn Bhd (IWSB) will own 40% and Singapore investment giant Temasek Holdings will take up the remaining 9%.
3) 5.9ha parcel of land was sold by Global Capital & Development to a private Singaporean developer, Link (THM) Holdings Pte Ltd, for US$31m.
This translates into a price of US$48.5 psf, which is comparable to other land transactions within the area. The parcel of land is mooted for a mixed development hub with a GDV of US$804m.
The scheme will be called Media Village@ Medini Iskandar and it is located at the entrance of Pinewood Studios – a film and TV production facility. This development will comprise residential and retail properties, and the group plans to turn the retail portion into seven cultural clusters.
4) Peter Lim plans to invest up to US$968m more in Johor's Iskandar region over the next few years. He said he is currently looking at another one or two more projects in the area, but declined to disclose more details.
Speaking at the sidelines of a press conference at the World Islamic Economic Forum in Johor Bahru, Mr Lim said his investments would be real estate-related.
This could involve acquiring land as well as commercial or residential properties. He said the additional investment is on top of the US$3.2bn Vantage Bay waterfront project, also in Johor Bahru, which he is developing with the Johor royal family. Separately, Mr Lim announced a joint venture to build a US$1.1bn Motorsports City, also in the Iskandar region.
5) Ascendas Land International Pte Ltd, a unit linked to Singapore’s state-JTC Corp, has inked a landmark deal to help build an integrated technology park over 210ha in Gerbang Nusajaya. This development boasts a GDV of US$1.2bn, with an equity split of 60:40 with UEM Land.
This development is expected to be fully ready by 2022 and will help create over 34,000 jobs.
6) Raffles Education Corporation has inked a deal with Iskandar Investment Bhd to buy a plot of land to set up Raffles American School (RAS), which represents its maiden foray into pre-tertiary education.
The company will pay about US$25m for the 18.5ha land in EduCity, which is located in Iskandar Malaysia's Nusajaya area. The proposed permanent campus, designed by the New York architectural firm Skidmore, Owings & Merrill, will have 300k sq ft of built-up space for 2,000 students.
Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C
Senior Sales Director
DTZ Property Network Pte Ltd (L3007960A)