Iskandar M'sia to draw more S'pore investments

Johor Baru (The Star/ANN) - The presence of Temasek Holdings Pte Ltd executive director and chief executive officer Ho Ching at a tea party at the Muar Stadium last November has created a buzz in the Johor corporate world.

Ho, the wife of Singapore Premier Lee Hsien Loong, was there as the guest of Johor's Sultan Ibrahim Sultan Iskandar in conjunction with his birthday celebration and was seen sharing the main stage with members of the Johor royalty.

Many corporate leaders and local politicians saw Ho's presence as a sign that state-owned Temasek and more Singaporean investors were seriously considering making more investments in Iskandar Malaysia.

A source told StarBiz that Temasek had last year acquired a 30 per cent stake for 300 million ringgit (US$96 million) in Central Malaysian Properties Sdn Bhd (CMP), which is developing Lido Boulevard.

The source said Temasek planned to increase its stake in CMP, which would lead to a corporate restructuring, including changing the company's name.

"Work on the project has been temporarily halted and will resume after the completion of the restructuring exercise,'' the source said.

The integrated waterfront development project, with a gross development value (GDV) of 4 billion ringgit, is sited opposite the Grand Palace here.

Meanwhile, a senior official from a property-based company said that six years on, more Singaporean investors had started to realise the growth potential of Iskandar.

"Initially they were rather sceptical but after seeing the development taking place (in Iskandar) in just six years, they don't want to miss the boat,'' he said.

He said the improvement in the bilateral ties between Malaysia and Singapore had also prompted many Singaporean investors to look at Iskandar

He said the involvement of Singapore billionaire Peter Lim in the 3.5 billion ringgit Motorsports City project in Gerbang Nusajaya could attract more "Peter Lims" to Iskandar.

The 70:30 joint venture between FASTrack Autosports and UEM Land Holdings Bhd will see both parties establishing the Motorsports City master plan, as well as development and marketing strategies.

Tomorrow, Prime Minister Datuk Seri Najib Tun Razak and Singapore Premier Lee will attend the ground-breaking of wellness development in Medini, Iskandar.

Pulai Indah Ventures Sdn Bhd (PIV), a joint venture between Khazanah Nasional Bhd and Temasek, is developing the "Urban Wellness" project on a 2.02ha site in Medini North and the 84.98ha "Resort Wellness" development in Medini Central.

The GDV of the project is estimated at 5.2 billion ringgit, which includes the development of a wellness centre, serviced residences, a corporate training centre and commercial, retail, residential and wellness-related offerings.

At the event, Najib and Lee are also expected to announce the decision on the Malaysia-Singapore Rapid Transit link project.

*US$1=3.0 ringgit

  • Popular hot yoga myths debunked 5 hours ago
    Popular hot yoga myths debunked

    What’s the hottest new workout taking the world by storm? That would be hot yoga, also known as Bikram yoga. Conducted in a heated room with sweltering temperatures of about 40°C (or approximately 104° Fahrenheit) and 40 per cent humidity, … Continue reading →

  • Thursday #sgroundup: Body found of boy who made first call from Korea ferry: report 6 hours ago
    Thursday #sgroundup: Body found of boy who made first call from Korea ferry: report

    Here are today’s top trending stories in case you missed them.

  • Look, don't touch: Flickr photo of the day 17 hours ago
    Look, don't touch: Flickr photo of the day

    If there's one car that's particularly sought-after among today's well-heeled car collectors, a Ferrari 250 would be it. Usually it's the GTO variant, like the 1963 that sold for a record $52 million last year. A 250 of any sorts demands unfathomable cash, however, which is why we can but gawk at this 250 Testa Rossa. It's as close as any mere mortal will ever come to owning one.

  • Photo of a very thin Lee Kuan Yew sparks concern
    Photo of a very thin Lee Kuan Yew sparks concern

    A new picture of Singapore's first prime minister, Lee Kuan Yew, who is now 90 years old, has drawn concern from people on Singapore's internet space.

  • Waste oil collector struggles after STOMP posts, receives help from kind souls
    Waste oil collector struggles after STOMP posts, receives help from kind souls

    After being photographed at work in Jurong pooling used oil near coffee shops, 50-year-old Valerie Sim has been struggling to keep her family afloat. Web portals STOMP and The Real Singapore published pictures of her in February, triggering a witch hunt for others like her and comments from readers like “Who knows if they’ll use it as cooking oil?” Some readers also said they filed police reports against her and other people they believed were doing the same thing she was.

  • Indonesian general says his flashy watch is a fake
    Indonesian general says his flashy watch is a fake

    JAKARTA, Indonesia (AP) — Indonesia's military commander said critics who called him out for wearing an especially luxurious watch should be quiet because the timepiece is actually a cheap Chinese fake.