ISKANDAR PUTERI, Feb 3, 2016:
With the current economic uncertainty, master developers of the Medini Iskandar area in Johor’s Iskandar Malaysia region are keen to streamline their focus and concentrate on other key areas besides property development.
Medini Iskandar Malaysia Sdn Bhd (MIM) will play a strong role in assisting the various stakeholders, developers and also future investors in Medini Iskandar in areas away from the property market to give more value and stability.
The six promoted sectors that have tax benefits for Johor’s Iskandar Malaysia region are: health and wellness, education, financial advisory, tourism, creative and logistics.
Its managing director and chief executive officer, Datuk Ir Khairil Anwar Ahmad, said the sectors were just as important to MIM to attract more businesses in order to grow Medini Iskandar into a world-class zone.
“In the bigger picture, we want to develop Medini Iskandar into Johor’s very own modern commercial business district (CBD) and also as a pioneer smart city by 2020,” he told The Rakyat Post at the sidelines of a media site visit and briefing in Bandar Medini here today.
At present, Khairil Anuar said about 15 developers in Medini Iskandar would benefit from the concentration of sectors by MIM.
“Basically, Medini Iskandar needs to promote the sectors to get the attention of investors and also those who are not affected by the uncertain economic situation now.”
Medini Iskandar has already received investments for several mixed development projects by major companies such as the Sunway Group, Eastern & Oriental Bhd, Zhuoyuan Iskandar, Macrolink, UEM Sunsrise, Mah Sing Group Bhd and UMLand.
The land in Medini Iskandar is categorised as registered leased international lots with 99 years and the zone carries certain incentives over conventional leasehold land.
For this year, Khairul Anuar sees Medini Iskandar continuing its success, especially in the untapped areas of commercial office developments that MIM will undertake.
“We are now focused on Medini 10, an office tower worth RM230 million, which will be first developed in June and is expected to be completed in 2018,” he said, adding that this was to also create a CBD within Medini Iskandar which was away from the other residential and commercial shoplot development.
At the same time, Khairul Anuar said Medini Iskandar was on track with their various developments and had almost complete ecosystems such as schools, hospitals and other less spillover effects.
“For last year, we reached a capital expenditure of RM50 million and we expect to see close to RM100 million for this year alone.”
For this year, the slow down in the economy is expected to affect the property sector — residential, commercial and industrial.
Our country saw a robust and rapid expansion in the property sector between 2009 and 2013 just after the 2008 global financial crisis. However, growth slowed last year.