Iskandar likened to yummy honey

Local and international investors are flocking to Iskandar Malaysia’s property sector like bees drawn by the smell of honey, according to a report by Bernama.

Johor Baharu and Iskandar Malaysia are now likened to sugar or ‘bee buzzed honey’, with companies from both within and outside the country, racing to enter the real estate market in it,” noted Tan Sri Kok Onn, CEO and Managing Director of Gadang Holdings Bhd.

This economic corridor has also emerged as Malaysia’s second most vital growth area after Kuala Lumpur, he said during the launch of the RM2.2 billion Capital City project in Johor Bahru.

To be undertaken by Hatten Group, Sunbuild Development and Kumpulan Gadang, the massive development comprises two hotel blocks, three SOHO blocks and Capital 21, a 1 million sq ft retail mall.

Kok Onn pointed out that Iskandar’s property sector received the lion’s share of investments since it was launched in 2006, with total investment amounting to RM130 billion.

As such, Iskandar Malaysia’s real estate industry is now booming, with developers eager to acquire land despite a hefty increase in prices.

In fact, Mah Sing Group recently bought a 540ha plot in Pasir Gudang for RM429 million, while China-based R&F Properties Co Ltd has invested RM4.5 billion for six land parcels in Johor Bahru.

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