JOHOR BARU: Johor Baru's coastline fronting Singapore is in for a major transformation that will have a gross development value (GDV) of some RM80bil and led by a joint venture between the Johor state and businessman Datuk Lim Kang Hoo.
The straight-talking Lim, who granted StarBiz an interview after numerous calls were made to his office, also didn't rule out the listing of IWH.
“We are still preparing for it ... One day it will be listed,” he said at his modest office in downtown Johor Baru.
He said the development would be undertaken over several years and would become a major economic engine of growth for the state.
|StarBiz interview with Lim: ‘The partnership we have entered into|
is driven to enhance the development of the southern tip of Johor
which is the gateway to Malaysia from Singapore.’
IWH will oversee the development of the valuable landbank stretching 3,000 acres from west to east of southern Johor Baru to be transformed into an integrated waterfront city.
One of the assets being acquired by IWH was a 33.15% stake in Tebrau Teguh Bhd held by KPRJ. This led to concerns that the state was hiving off its assets to Lim.
“It's a misperception. This is a consolidation exercise to put all the landbank into the holding company. In the end, what KPRJ will have is joint ownership of a much larger pie than what it had before,” he said.
“We and KPRJ are the master developers and we will take charge of the development of Danga Bay, Iskandar Waterfront, Tebrau Coast and the central business district development in Johor.
The entire waterfront project is part of flagship A of the massive Iskandar Malaysia development, which is spearheaded by Khazanah Nasional Bhd.
“The partnership we have entered into is driven to enhance the development of the southern tip of Johor which is the gateway to Malaysia from Singapore,” Lim said.
A key component of the project is for IWH to attract established world class developers to undertake different parcels. These parties are also expected to part fund the entire development, bringing in the much needed foreign direct investment, said Lim.
“We are aggressively trying to attract more local and foreign developers to invest in Johor. We are not into building townships but we want property developers to be our clients to develop the landbank we have,” he said.
Lim said the project had received enquiries almost on a daily basis from both local and foreign developers.