Greenland is Bullish on Iskandar Malaysia

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JOHOR BARU: Despite the fear of a property glut, especially of condominium units in Iskandar Malaysia, Shanghai-based property giant Greenland Holdings Group remains confident of its two ventures in the economic region.

The first is coastal Jade Palace serviced condominium luxury project at Danga Bay measuring 5.65ha, while the other is a 51.2ha integrated mixed development in Permas Jaya.

“We believe that in the next three to five years a lot of factories in the republic (Singapore) will shift their operations to Iskandar Malaysia, and this will have a spillover effect on the economic region and even help long-term development in the state,” Greenland Group’s general manager for Malaysia Wu Shaohua said after the official opening of the company’s show gallery at Menara Landmark here.

“Look at Singapore, which has a population of about five million. There are new projects being launched from time to time, but we do not see any property bubble at the moment.

“And this is where we derive our confidence from for the fast-growing Iskandar Malaysia,” Wu said.

He said the group expects property demand to continue to flourish due to the emergence of a new generation of buyers seeking brand new homes that are of high quality.

“That’s enough reason for us to come to Iskandar Malaysia,” he added.

Last week, Greenland Malaysia signed a sales and purchase agreement with Iskandar Water- front Holdings for the Permas Jaya land parcel. The site will be turned into Southeast Asia’s leading urban development featuring, among others, a snow world theme park and an opera house.

Wu said Greenland project’s buyers are basically from Malaysia and Singapore, as well as parents from China who want their children to study in Malaysia.

He is also optimistic about the property market despite concerns over infrastructure, including transportation.

“There are a lot of projects mushrooming in Iskandar Malaysia. However, after we have carried out a study, we found that supply is still not enough to meet demand.

“Our products are different from those in the local market. We are committed to improve Malaysians’ living standards by setting a new lifestyle benchmark,” Wu added.

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