By Nikki De Guzman:
Leveraging on the closer ties between both countries, Malaysian property developer UEM Land Holdings is targeting Singaporean buyers for its upcoming residential and commercial projects valued at RM4 billion (S$1.67 billion).
According to its Chief Executive Oficer Wan Abdullah Wan Ibrahim (pictured), about 75 percent of these new projects will be located in Nusajaya, Johor, where condo prices have risen more than two-fold since 2009.
The projects are sited within the 550,000 acre (222,600ha) Iskandar Malaysia economic zone.
“Land value in Nusajaya is gaining momentum. Investors are seeing a trend that they like very much,” said Wan Abdullah.
Notably, Singapore companies were the largest foreign investors in the region, pumping in approximately S$2.5 billion since it was established in 2006, noted the Iskandar Regional Development Authority.
“The wealth they have in Singapore could certainly benefit Malaysia as well, and Malaysia’s hinterland will benefit Singapore,” stated Malaysia’s Prime Minister Najib Razak.
The Kuala Lumpur-based company is the largest landowner in the Iskandar region, according to Hwang DBS Vickers Research and CIMB. It is 65 percent owned by Malaysia’s state investment company Khazanah Nasional.
Nikki De Guzman, Junior Reporter at PropertyGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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