Nusajaya – The Place for Investment 2012-2018

Iskandar Malaysia (IM), is a strategic and important special economic zone located at the southern-most tip of Peninsular Malaysia and mainland Asia. South Johor is a geographically and economically important region with key industrial, logistics and commercial centres. IM will benefit from the economic opportunities that will be promoted within the Region. Identified as one of the key catalysts and high-impact developments under the Ninth Malaysia Plan (2006-2010) the IM will be developed into a major regional commercial hub with first-world facilities. These facilities will encompass logistics and a comprehensive value-added platform with focus on state-of-the-art physical infrastructure and an investment-friendly business environment. Development of the IM offers a meaningful opportunity for the Malaysian Government, working in tandem with the private sector, to drive reforms and innovation in delivery systems, local government, physical planning, infrastructure development and environmental protection among others.

The Comprehensive Development Plan (CDP) 2006-2025 for IM, launched by the Malaysian Prime Minister on November 4th 2006, details the entire development agenda envisioned for the Region. The CDP identified Nusajaya as one of the pivotal and significant catalyst developments to spearhead and boost IM’s development. The Malaysian government’s support to ensure Nusajaya’s success is assured. Approximately USD 1.23 billion (RM2 billion) out of the USD 1.22 billion (RM4.3 billion) or 47% of the approved IM infrastructure projects under the Plan that will benefit Nusajaya encompass development/upgrading of highways, roads, airport, drainage and security.

A key driver of the Iskandar Malaysia (IM), Nusajaya with its 24,000 acres of contiguous development-ready land, is one of the largest property development in South East Asia.

Nusajaya comprises seven signature developments – Kota Iskandar (Johor state new administrative centre), the Southern Industrial and Logistics Clusters (SiLC), Puteri Harbour Waterfront Development, EduCity, Afiat Healthpark, International Destination Resort and Nusajaya Residences, all within a city that sets the benchmark for integrated developments across the globe.

Well Connected

Nusajaya is strategically located at the south-western tip of Peninsular Malaysia. It is poised to be the premier and largest fully integrated urban development in South East Asia offering significant investment, financial and business opportunities for local, regional and international entrepreneurs and investors.

Nusajaya is ideal as a new economic growth centre due to its strategic location within the resource-rich state of Johor and proximity to Singapore. It has direct access to ready infrastructure and is linked by a comprehensive network of main roads and the North-South Expressway to major international airports, cargo hubs and seaports. It will also provide state-of-the-art telecommunications infrastructure, world-class facilities and amenities planned in an environmentally sustainable manner enhancing the quality of life in the true sense of the word.

Nusajaya is developed to be the best the world has to offer. A regional city that raises the bar for all integrated developments around the globe, this World in One City is designed and planned to enrich the lives of all who live work and play there. Living and working spaces are created and developed in a manner that gives equal emphasis and importance to parks, greenery and open spaces, buildings and architecture. Nusajaya will be home to a rich and diverse international community with opportunities for the exchange of cultures, customs and cuisine. The living environment is designed to be both home and sanctuary, including not only parks, lakes and greenery in the residential development plans but also placing emphasis on safety and security for continued peace-of-mind. The world class facilities at Nusajaya create an environment that cater to both the family and individual’s physical, mental, emotional and spiritual health and wellness. It is an environment that is sustainable and nurturing – an ideal environment for young families desiring world class educational and recreational facilities that can further strengthen the family bond.

Business opportunities are aplenty in Nusajaya. The availability of knowledge workers and skilled human capital is greatly enhanced with the availability of tertiary education provided by the best university faculties in the world. The working environment is designed for better efficiency, increased productivity and provide inspiration – an environment that brings out the best in the people that work and do business here. Retail, entertainment and F&B businesses have enormous potential to flourish as they serve the international community of this cosmopolitan metropolis.

Nusajaya is also a city of excitement and activity. Its recreational environment invites us to carefree and exciting experiences that rejuvenate and reinvigorate. An environment that encourages and facilitates expression and the Arts and offers diverse entertainment and culinary experiences. Sidewalk cafes, waterfront eateries and gourmet restaurants, clubs and venues featuring live music, theatre and dance – a virtual smorgasbord to meet every discerning tastes. Being a part of Nusajaya is being a part of the best the world has to offer. It is an enriching experience regardless of whether you live, work or play there. Experience life the way it should be lived at Nusajaya – The World In One City.

“Nusajaya complements Singapore”

Nusajaya is a key driver of the Iskandar Malaysia (IM), an emerging economic zone in South Johor, Malaysia. Designed to be Asia’s foremost integrated city, Nusajaya is about the convergence of diverse developments on a scale and diversity that has never before been attempted in Malaysia, and is positioned to be the largest and premier fully-integrated urban development in South East Asia. The city is located at the south-western tip of Peninsular Malaysia and is strategically situated in close proximity to Singapore with Singapore’s Central Business District a mere 24km away.

The principal thrust of Nusajaya’s development strategy is to offer the global business and residential markets a sustainable and well-planned community set against a backdrop of landscaped parks and gardens complete with water features and a backdrop of Malaysia’s natural beauty. This iconic, integrated development is propelled by nation-building aspirations, commercial vigor and commitment to stakeholder value enhancement.

Iskandar Malaysia

The Iskandar Malaysia was conceived as the centre of the Johor-Singapore-Indonesia Triangle. Two and a half times the size of neighbouring Singapore, Iskandar Malaysia was designed to be a fully integrated region of global standard, where all aspects of living – business, entertainment, accessibility and the environment – are integrated as one to create a world-class metropolis.

Iskandar Malaysia is divided into five economic flagship zones, of which Nusajaya lies in the centre. The five flagship zones are:

Zone A Johor Bahru City Centre, comprising of the New Financial District and an upgraded Central Business district, as well as the Danga Bay waterfront city.
Zone B Nusajaya
Zone C the Western Gate development containing Port Tanjung Pelepas and the Pelepas Free Trade Zone
Zone D the Eastern Gate development of Port Pasir Gudang and Tanjung Langsat Port
Zone E Senai-Skudai, where the Sultan Ismail International Airport is located, offering easy access to the region.

 

“SINGAPORE”

Singapore’s bullish performance
Singapore has a highly-developed and successful free-market economy. It is one of the world’s most prosperous countries, with GDP per capita almost equivalent to the United Kingdom and Japan. The economy has grown two-fold from $72.2 billion to $141.2 billion in the past decade alone. [1]

The Singaporean economy is in its fourth year of strong growth, with growth rates as high as 8.1%, and has performed better than expected. This has prompted the Singaporean government to upgrade its growth forecast from a previous estimate of 5–7% to 7–8% for the year 2007. [2]

Singapore has been able to maintain its strong economic growth through a clean and efficient government system, good business practices and living conditions, and also by having one of the world’s best education systems. This trend is set to continue with upcoming major developments and investments, which include the much touted Integrated Resorts (“IRs”).

 

The heartbeat of Asia
There are currently several major projects underway to change Singapore’s image as a dull city. The government has lined up developments to transform Singapore into a vibrant and fun destination for tourists and travellers as well as those seeking a second home. In 2005, the government unveiled its decision to develop two Integrated Resorts, both casino-based developments. These projects were awarded to an American-based company, Las Vegas Sands and a Malaysian-based company, Genting International. The resorts will have facilities that include hotels, restaurants, shopping and convention centres and theme parks. The two IRs, Marina Bay Sands and Resorts World at Sentosa, are expected to attract an additional two to three million visitors per year to the island. [3]
The Marina Bay Sands, which will be the City’s first integrated resort, is scheduled for completion in 2009. This USD 3.45 billion resort consists of three major parcels: three large hotel towers, conference halls and other business venues, and a centrepiece museum designed by Moshe Safdie, the renowned Israeli architect. [4]

Resorts World at Sentosa will require a total sum of USD 4.14 billion in investments to be developed, and is scheduled to open by 2010. Resorts World is envisioned to be a large-scale family resort – and will contain Universal Studios Singapore and thirteen hotels to provide lodging to those attracted to its casinos, beaches and golfing.

However, these IRs aren’t the only ones creating a buzz in Singapore. Other famous attractions are also undergoing major facelifts, costing millions of dollars. Orchard Road, the country’s main shopping belt and most visited attraction, will undergo a USD 27.6 million rejuvenation. The makeover will include landscape and infrastructural enhancements, and will bring new lifestyle experiences. Work on the rejuvenation is expected to be completed by April 2009. [5]

Sentosa Island is being developed by Sentosa Leisure Group to become a lifestyle destination. The makeover, which includes the Resorts World and a mega yacht marina, will cost at least USD 8.3 billion, 50% higher than what was originally budgeted. Investments have been made to improve infrastructure and accessibility to and around the island. [6] Sentosa Island is also home to Sentosa Cove, Singapore’s first waterfront property development with multimillion-dollar seafront homes and condominium complexes among others. Sentosa Cove homes are nearly sold out, with foreigners accounting for more than half of the buyers. [7]
The Singapore Tourism Board has targeted 17 million visitor arrivals by 2015, and to rake in USD 20.7 billion in tourism receipts per annum. Citigroup, in its research report, holds the view that the target is within reach and may even be exceeded with the completion of the IRs and other major tourist attractions. [8]

 

Challenging times ahead
Singapore’s central bank conducts its monetary policy by steering the Singapore dollar within a band against a basket of currencies instead of setting its interest rates. The Monetary Authority of Singapore (“MAS”), on 10th October 2007, tightened its monetary policy in a move to curb inflation and allow the Singapore dollar to appreciate faster. Inflation hit a 12-year high in August 2007, reaching 2.9%, prompting MAS to increase its forecasted inflation to 2–3% for next year, up from its previous forecast of 1–2%. [9]
Inflationary pressures are being exerted from external sources as well as domestic conditions, including rising asset prices and a tight labour market. Since the current inflation pressure hitting Singapore seems to be coming largely from domestic factors, the exchange rate policy used by MAS will only keep imported inflation at bay. Thus it is doubtful to what extent the policy is able to keep inflation from rising further. [10]

 

Increasing living costs
Singapore is experiencing soaring prices especially in the property sector. Upscale home prices averaged approximately USD 545 per square foot two years ago and are expected to reach more than USD 1,366 per square foot this year. [11] Demand for office space has not dampened, prompting the average monthly rental for prime office space to triple over the past three years, now at a high of USD 12.60 per square foot monthly. Price pressures were also affected by the lack of supply of new office space in Singapore.

The Ministry of National Development of Singapore announced on 6th December 2007 that it intends to release 17 new sites under its Government Land Sales (GLS) programme in the first half of 2008. Twenty unsold sites will be carried over to next year from this year’s list, bringing the total number of sites to 37. These 37 sites will comprise 21 residential sites, 3 commercial sites, 2 white sites, 10 hotel sites and 1 commercial & residential site. These sites could generate up to 8,250 private residential units, 101.3 acres gross floor area of commercial space, and 5,850 hotel rooms.

However, only 11 sites (approximately 49.6 acres) have been placed on the confirmed list while the other 26 (approximately 75.4 acres) will be on the reserve list. These 11 sites will comprise 8 residential sites, 2 hotel sites and 1 white site. White sites can be developed for residential, commercial or hotel use. [12] Even though the government is releasing more sites for sale under its GLS programme, scepticism remains on whether the projected demand for new office space could be met. A similar situation is also seen in the residential and retail segments, which have a stronger influence on inflation. [13]

Thus, Singapore faces a severe shortage of physical land for land-intensive businesses, and for what they do have available, property costs are sky-high. With the current plan to increase the population in order to sustain economic growth, the shortage of space for further housing is quite pressing. Furthermore, high property prices are generally bad for business; while property is not that expensive as to deal death blows to certain businesses, the advantages to be gained from setting up in a more cost effective location are obvious.

The increase in inflation was also affected by the higher cost of private road transport, as well as the increasing cost of health care. The Land and Transport Authority of Singapore controls the car population by putting a quota on the issuance of the Certificate Of Entitlement. The quota for each year will be based on 3% car population growth rate, taking into consideration the de-registration of cars. The de-registration of cars had declined in the years 2006 and 2007, and thus the issuance of quotas is expected to be reduced next year, increasing the certificate’s premium that will lead to an increase in car prices.

Health care costs have also been pushed up since private and government hospitals raised their charges due to higher wages and other operating costs. Medical cost inflation is currently running at 6% per annum – well in excess of the normal inflation rate. [14]

External sources are also responsible for an increase in inflation, largely from the rise in oil and food prices. The oil market will remain tight, driving global oil prices to record highs. Oil demand is forecasted to increase at a faster pace in 2008 compared to the last year. Any increases in oil prices are worsened by the limited supply and capacity of both OPEC and non-OPEC producers. The high global oil prices have had a direct impact on the prices of domestic energy-related items. Strong demand and a tight supply of food have led to a continuation of rising food prices due to cyclical and structural factors. Among the factors that contributed to this trend include dry weather in Australia that has constrained output of livestock and crops, and increasing demand of food items coming from stronger income growth in the emerging economies. [15]

 

Aging population

Singapore is also seeing a shift in its population demographics due to a rapid ‘greying’ of the population. The speed at which the ratio of elderly people is increasing is extremely fast, with ‘elderly’ being defined as age 65 or older. In Singapore it takes only 20 years for the ratio of elderly people to double, compared to 40 years in Germany and 85 years in Sweden. The current percentage of those of age 65 and over is 7.5% and will continue to increase, reaching up to 28.6% in 2050. [16]
Rapid aging of the population will lead to a reduction in the growth rate of the labour force that will indirectly result in a decrease in the economic growth rate and a lower level of economic welfare. Already, Singapore is experiencing an increasingly tighter labour market as young Singaporeans are seeking employment overseas while the ones who remain are having fewer children. Wages are expected to rise 15 – 30% in the coming year, due to growing demand for manpower and to encourage more Singaporeans to return home and rejoin the national workforce. [17]

Singapore aims to boost its population from 4.7 million to 6.5 million over the next 40 – 50 years. To keep the economy growing and to reduce pressure for wage rises, the government will be opening its gates to more foreigners. In the first half of 2007, about 7,300 new Singapore citizenships were granted. [18] Singapore has been adding about 100,000 expatriates annually since 1990, with foreigners currently making up 19% of the population. However, Singapore’s open-door policy has made the locals fearful of losing their jobs, as indicated by a poll conducted by a local newspaper. [19]

 

NUSAJAYA

Nusajaya is poised to be a world-class city that embodies a diversity of seven signature developments – Kota Iskandar (Johor state new administrative center), Southern Industrial and Logistics Clusters (SILC), Afiat Healthpark, EduCity, Puteri Harbour at the Waterfront Precinct, the International Destination Resort and Nusajaya Residences – making it the most desired city in which to live, work and play. Nusajaya’s overall development is planned and designed to be sustainable, environmentally sensitive and conducive for business, living and leisure. A city that enhances and enriches one’s life, it offers significant investment, financial and business opportunities for discerning local, regional and international entrepreneurs and investors. With 24,000 acres of contiguous development-ready land, Nusajaya is poised to complement the development of both Malaysia and Singapore.

Located within Nusajaya is Node 1, a comprehensive development comprising leisure, residential, financial and high-end industrial components stretching over 96 million sq ft and an approved gross floor area of 188 million sq ft. Node 1 is designed to kick-start the IDR, and is the single biggest development in the region.

 

Nusajaya’s opportunities

With the planned increase in the population of the Island Republic, housing will become an issue that would affect many Singaporeans. Comprising one of Nusajaya’s key developments are the Nusajaya Residences: Horizon Hills, Ledang Heights, and East Ledang. Singaporeans relocating to Nusajaya would enjoy a high standard of living comparable to developed countries but at a much lower cost. Other benefits include easy access to Singapore, the waterfront development of Puteri Harbour that has garnered global interest and participation, the convenience of Nusajaya’s Medical Hub and EduCity, planned regional hubs for healthcare and education, and no restriction on car ownership.

Nusajaya also provides the perfect opportunity for Singaporean companies that require large land tracts for their operations. The Southern Industrial and Logistics Cluster (SILC), located within Nusajaya, provides 1,300 acres of freehold industrial land in an environmentally sustainable setting with easy access to two international airports and five seaports. The SILC will be focused on developing the value chains of integrated ‘clean’ industrial centres in three major areas – Advanced Technologies, Nutrition & Health and Logistics. [20] Additionally, companies setting up in Nusajaya can benefit from a skilled workforce. Nusajaya itself consists of 24,000 acres of contiguous development-ready land and is developed to be the benchmark against which other new integrated developments are measured.

 

Well connected
Nusajaya is ideal as a new economic growth centre due to its strategic location within the resource-rich state of Johor, Malaysia and proximity to Singapore. It has direct access to ready infrastructure and is linked by a comprehensive network of main roads and highways to major international airports and seaports.

Nusajaya is accessible from the North-South Expressway, which links all major cities on the West Coast of Peninsular Malaysia between Thailand and Singapore. The North-South Expressway is also connected to other major expressways including the Malaysia-Singapore Second Crossing, also known as the Second Link. The Second Link, which is deemed to be the alternative to the Causeway, provides much faster and easier access to transport people and goods between Malaysia and Singapore. Nusajaya is also within the Singapore – Johor Bahru ring road, as indicated in the picture.

Nusajaya is land-linked to the greater Asian continent and the world by air and sea. The city is within 30 minutes to two international airports, Singapore Changi International Airport (SCIA) and Senai International Airport (“Senai Intl”). Senai Intl is able to handle up to 4.5 million passengers and 100,000 tonnes of cargo per annum. Investments up to USD 297.6 million will be made in the next few years to upgrade the airport’s passenger and cargo facilities. This includes increasing capacity to 10 million passengers per annum, and increasing direct flights to major cities such as Hong Kong, Shanghai and Perth. Senai Intl is within the logistic triangle of IDR, forming an integrated logistic hub for the southern region with linkage to Port of Tanjung Pelepas and Johor Port. [21]

The Singapore Changi International Airport was ranked 25th out of the world’s largest airports by passenger volume, handling 32 million passengers in 2005. Currently its passenger traffic is forecasted to grow at a rate of 7%. The airport is served by 80 airlines that fly to over 180 cities and register over 4,000 scheduled flights weekly. [22]
Additionally, Singapore’s national carrier, Singapore International Airlines (SIA) was the first to receive the delivery of Airbus’ new super-jumbo, the A380, on 15th October 2007. The SCIA’s Terminal 3, scheduled to begin operation in 2008, was built to cater largely to the A380 super-jumbo. With the completion of Terminal 3 and the upgrade works on the existing terminals, the SCIA will be able to handle a total passenger capacity of 66.7 million passengers per annum, including those travelling through the budget terminal. [23]Together with the indirect benefits gained by the SCIA from the open skies agreement signed between the European Union and the United States [24] ,Singapore is predicted to be the 5th busiest airport in the world for large aircraft by the year 2025. [25]
The city also has direct access to five seaports located within Johor and Singapore, namely the Port of Tanjung Pelepas, Johor Port, Tanjung Langsat Port, Jurong Ports and Port of Singapore Authority.
The Port of Tanjung Pelepas (“PTP”) is located on the eastern mouth of the Pulai River in south-western Johor with proximity to Port of Singapore. It set the world record as the fastest growing port, handling 1 million twenty-foot equivalent units (“TEUs”) of containers a mere 571 days after starting operations. PTP’s total capacity is currently over 6 million TEUs per year, and has experienced spectacular growth from 2.05 million TEUs in 2001 to 4.77 million TEUs in 2006, and in 2007, PTP’s throughput grew 21.4% to hit 2.7 million TEUs. The port’s master plan will include over 75 berths, which will make it the only port in South East Asia with long term capability in handling increasingly growing container traffic. [26]
The Johor Port was the first Malaysian port to be located within a free trade zone, and currently has an annual capacity of 1 million TEUs with 5,500 ground slots. It is designed as a multi-purpose port that caters to all types of cargo including liquid bulk, dry bulk and general cargo. [27]

The Tanjung Langsat Port was designed to complement Port of Tanjung Pelepas and Johor Port. Currently, the port is in the midst of implementing its Physical Development Plan. Upon completion in 2012, the port’s facilities will include a marine support base, liquid cargo terminal, multi-purpose wharves and a jetty capable of handling medium-range tankers up to 30,000 deadweight tonnes. The port’s activity will focus on petrochemical industries, which will pose serious competition to Port of Singapore, already on the receiving end of complaints over high costs. [28]
The Jurong Port in Singapore is well equipped with facilities and services that can handle containers and a variety of cargo including different types of bulk cargo. The port, from January to October 2007, has handled 692,000 TEUs thus far. Jurong Port is currently in the midst of developments to increase handling capacity and improve its operational efficiency. The projects are carried out in phases and are expected to be completed from second quarter of 2008 onwards. [29]
Port of Singapore Authority (“PSA”) is the world’s largest container transhipment hub, handling approximately one fifth of the world’s total container transhipment through-put. The port operates 4 container terminals and 2 multi-purpose terminals in Singapore, and it handled 24 million TEUs of containers in 2006. The PSA has linkage to an excellent network of 200 shipping lines connecting to 600 ports in 123 countries. [30]

 

Iskandar Malaysia Incentive and Support Package
On 22nd March 2007, Dato’ Seri Abdullah Haji Ahmad Badawi, the Prime Minister of Malaysia announced the initial incentive and support package (“ISP”) for the Iskandar Malaysia. The ISP is structured to encourage early investment, attracting private investors to invest over the short-to-medium term To reinforce the Malaysian government’s commitment to the Iskandar Malaysia, Malaysia’s Deputy Prime Minister, Dato’ Seri Najib Tun Razak has stated that ‘there will be no flip-flop in the government’s Iskandar Malaysia policies’. [31]

In order to be eligible for the ISP, potential applicant companies must be approved by Iskandar Regional Development Authority (“IRDA”) and must carry out qualifying activities in designated zones for customers within the zone and outside of Malaysia. These qualifying activities or commercial development initiatives include those within six targeted sectors in IRDA-approved zones. These sectors or industries are:

  • creative industries
  • educational services
  • financial advisory and consulting services
  • healthcare services
  • logistics services, and  tourism related activities.

The incentives available under the ISP are:

  • Exemption from Foreign Investment Committee rules
  • Freedom to source capital globally
  • The ability to employ foreign employees freely within the approved zones, depending on the amount of space occupied in these zones
  • Exemption from corporate income tax for a period of 10 years from commencement of operations for activities within the zone and outside Malaysia, provided these operations commence before the end of 2015
  • Exemption from withholding tax on royalty and technical fee payments to non-residents for a period of 10 years from commencement of operations
  • Foreign knowledge workers in Iskandar Malaysia able to import or purchase a duty free car for their personal use [32]

On 9th October 2007, IRDA announced its latest ISP, currently limited to Node 1 within Nusajaya. The incentives, which are divided into fiscal and non-fiscal, are available for Iskandar Malaysia-status companies, and have been extended to approved developers, approved development managers and foreign knowledge workers. The incentive packages are as per listed below: [33]

Item Details
Incentives for Iskandar Malaysia-  status companies
  • 10-year income tax break from commencement of operations in respect of income from qualifying activities in the approved node for customers located within the approved node and outside Malaysia or wholly outside Malaysia provided these operations start before the end of 2015.
  • Exemption from withholding tax on payments for services and royalties to non-residents for a period of 10 years from commencement of operations
Incentives for approved developers
  • Income tax break up to year of assessment 2015 on statutory income from the disposal of any right in or over land within the approved node
  • Income tax break up to year of assessment 2020 on statutory income from the rental or sale of buildings within the approved node
  • Exemption from withholding tax on payments made to non-residents for services, interest and royalties, up to December 31 2015
Incentives for approved development managers
  • Exemption from payment of income tax on statutory income from the provision of management, supervisory or marketing services to an approved developer until year of assessment 2015
  • Exemption from withholding tax on payments made to non-residents for services up to December 31 2015
Foreign knowledge workers
  • Allowed to import or purchase a duty-free car for their personal use
Non-fiscal incentives
  • Exemption from the Foreign Investment Committee rules
  • Flexibilities under foreign exchange administration rules
    • make and receive payments in foreign currency with residents
    • borrow any amount of foreign currency from licensed onshore banks and non-residents
    • invest any amount in foreign currency assets onshore and offshore
  • Retain export proceeds offshore
  • Unrestricted employment of foreign knowledge workers
  • Exemption from statutory rules that state companies must have Bumiputra participation of at least 30% of equity

Conclusion

The story of Singapore’s economic boom is one of the success stories of the 20th century. The Republic has handled its limited resources well and created a robust economy that is still posting impressive growth rates. But the reality of the situation is, Singapore is a country constrained by its physical size; this issue will become even more pressing as it engineers its population growth for economic reasons. The Iskandar Malaysia provides the perfect solution to Singapore’s looming issues by providing what it needs most: space, accessibility and a lower cost of living and doing business. Despite concerns that the Iskandar Malaysia would compete with Singapore, it is when the two work together and complement each other that the greatest benefits are to be gained.

 

This entry was posted in Iskandar Information and tagged , , , , , , , , , , , , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s