Iskandar Malaysia to see RM73.3 billion in investments by 2016

From left to right IRDA head of economic and business Mohd Yazid Ja'afar, Ismail and IDR Resorts Sdn Bhd chief executive officer Muhammad Zainal Ashikin

KUCHING: The main southern development corridor in Johor, Iskandar Malaysia targets to attract investments of RM13 billion annually into the region, with a target of RM73.3 billion in the next five years following the completion of key infrastructure, education and tourism projects by 2012.

As of December 31, 2010, Iskandar Malaysia recorded a total of RM69.43 billion in investment. The development corridor targeted to reach a total investment of RM383 billion by 2025, said Iskandar Regional Development Authority (IRDA) chief executive officer Ismail Ibrahim during an Invest Malaysia 2011 press conference.

IRDA is the regulatory authority mandated to plan, promote, facilitate the development of Iskandar Malaysia into a strong and sustainable metropolis of international standing.

Iskandar Investment Bhd, on the other hand, is a strategic catalyst of change, working closely with the authorities, other developers and investment partners in the region to achieve Iskandar Malaysia’s vision of becoming a sustainable metropolis international standing by 2025.

Moving forward, IRDA and Iskandar Investment would continue to seek ways to extend the benefits of these investments to community through wealth distribution as well as skills and knowledge exchange.

Ismail said Iskandar Malaysia had moved into phase two of Iskandar Malaysia Comprehensive Plan (2006-2025) with the completion and deliveries of major infrastructure and iconic investment projects recording RM28 billion realised end of 2010.

“Iskandar Malaysia has earmarked this major tranche of performance as the ‘Tipping Point’ critical in the completion of the RMK9 infrastructure projects and the private sector project delivery of Newcastle Medical University Malaysia at EduCity, the opening of the Johor Premium Class in Kulai and the commencement of new higher educational institutional in Pasir Gudang.”

He said in terms of connectivity, of the total eight road projects, three have been completed and five more were well on their way towards completion, adding connectivity infrastructure was one of the many important elements to help support the tipping point.

“The spillover effect to tourism, business and others will also be significant and I urge investors to see this potential and grab the opportunity now,” said Ismail, adding a total of 20,000 employment opportunities had been created to date.

Iskandar Investment chief executive officer Datuk Syed Mohamed Syed Ibrahim added, “The launch of Iskandar Investment’s pioneering catalytic development beginning 2011 will accelerate the inflow of investment in projects and human capital development into Iskandar Malaysia.

“This will contribute not only to Malaysia’s expected growth of five per cent to six per cent in real gross domestic product in 2011, but also support our nation’s aspiration of becoming a high-income nation by 2020.”

Iskandar Investment would kick-start the first phase of developments in Iskandar Malaysia with the launch of the Netherland Maritime Institute of Technology (NMIT) intial campus in Kotaraya Johor Bahru as well as the Newcastle University Medicine Malaysia (NUMed) Campus in EduCity@Iskandar by the fourth quarter of this year.

Meanwhile, Genting’s Chelsea Johor Premium outlet in November and the Coastal Highway linking the Johor City Centre to Medini were scheduled for completion by the end of the year. Iskandar Malaysia was also responsible for the completion of infrastructure work in 2,200 acre Medini which include establishing roads, sewage systems, street lighting and pedestrian walks.

2012 would see Medini Lifestyle came alive with the grand opening of Legoland Malaysia, the first Legoland theme park in Asia, together with a lifestyle retail mall, commercial developments and office buildings. The theme park was expected to receive approximately one million visitors in its first year of operations alone.

Iskandar Investment’s catalytic projects would complement other developments in Iskandar malaysia including residential and tourism projects such as East Ledang, Horizon Hills, Trader Hotel Putri Harbour and KidZania Johor indoor educational theme park.

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