Johor has unveiled the master plan for the construction of a Singapore-facing waterfront project (pictured) from 3,000 acres (1,201-ha) of swampy and reclaimed land, consolidated under one company.
The land bank stretches 25km and is next to the Causeway. It will be developed by Iskandar Waterfront Holdings (IWH) and was previously assigned to various state and federal government companies.
The joint venture is 60 percent owned by businessman Lim Kang Hoo, while Kumpulan Prasarana Rakyat Johor, a state firm, owns the rest.
“It’s been a long, long time that we were singing different songs. Now, we are very focused and it’s become clearer who’s driving the development,” said Lim.
Launched by Prime Minister Najib Razak, who pledged federal funds of RM200 million (S$82.76 million) for infrastructure, the waterfront master plan will include residential blocks, hotels, skyscrapers and waterfront homes. Parks as well as food and retail outlets are also in the pipeline.
Iskandar Investment, which is the federal government’s property firm, owns a stake in some of IWH’s land bank located in the western part of Johor Bahru.
With a gross development value (GDV) of RM80 billion (S$33 billion), the waterfront development was launched five years ago under the Iskandar Malaysia Economic Region.
Iskandar Malaysia is being marketed as a more affordable location compared to Singapore, with the aim of drawing global investors. The region expects to house high-end infrastructure, international-class entertainment, schooling, amenities and housing that will attract Singaporeans and expatriates to Johor.
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