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Old July 20th, 2007, 09:39 AM   #81
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Sounds like they are going to build a place where Ikano, Tesco, Ikea, curve come together like Damansara.
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Old July 20th, 2007, 02:40 PM   #82
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i've been to ikea damansara and tell u what,,,that place was great and huge!!!!!.......wow...i believe building one in johor bahru would be great...juts imagine jusco tebrau city,,,tesco hypermarket and ikea all in one.....it would be fanstastic if they would build a skybridge and link those three places together...haha!!!~~xxx :P
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Old July 20th, 2007, 07:02 PM   #83
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Sound amazing, let us see.
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Old July 21st, 2007, 07:29 AM   #84
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Plenitude to sell land for RM64m

By YEOW POOI LING

KUALA LUMPUR: Property developer Plenitude Bhd, through wholly-owned subsidiary Plenitude Tebrau Sdn Bhd, has proposed to sell 14.95ha of land bank in Tebrau City, Johor, to Permodalan Eramaju Sdn Bhd (PESB) for RM64.4mil.

The price values the land at about RM40 per sq ft, which was a substantial increase from three years ago when Plenitude sold 12.1ha in the same area to Jaya Jusco Stores Bhd for almost RM30 per sq ft.


"We are not lacking in land bank" - Elsie Chua
The proposed land for sale was bought in 1992 for RM5.65mil. The disposal will result in a net profit after tax of RM24mil for Plenitude and raises its net asset per share to RM3.69 from RM3.51 previously.

The proposal is expected to be completed in 12 months.

PESB, which is part of the IKANO group, planned to use the land to set up IKEA’s first retail outlet in Johor, director Joseph Lau said after the signing of an agreement between Plenitude and PESB yesterday.

The Johor IKEA outlet, estimated at about 26,000 sq m, was likely to be ready in two to three years, he added.

Tebrau City is part of the Taman Desa Tebrau project developed by Plenitude. A Jusco department store and Tesco hypermarket are also in the vicinity.
Plenitude executive chairman Elsie Chua said the company was unlikely to sell any more land in Taman Desa Tebrau, as it would have about 374.9ha after the proposed sale.

Chief operating officer Khoo Yek San said proceeds from the sale would be used for future expansion, including buying strategic land bank within the Iskandar Development Region, Klang Valley and Penang.

Chua added: “At the moment, we are not lacking in land bank but are always looking for opportunities.”

Plenitude still has about 789.1ha of land bank in Johor, Selangor, Kuala Lumpur, Penang and Kedah.

Khoo said the developer planned to launch several projects, including one in Bukit Tunku, during the current fiscal year ending June 30, 2008.

“In the past, our gross development value ranged between RM185mil and RM240mil. We will maintain this range,” Khoo added.
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Old July 21st, 2007, 09:45 AM   #85
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Interesring development..naik saham Johor Bharu dengan IKEA
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Old July 23rd, 2007, 05:07 PM   #86
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haha..... Jusco Tebrau City, Tesco hypermarket and IKEA, second mutiara damansara liao..... and monorail system will link to Jusco Tebrau City.... that place too great liao.....

Hope Jusco Tebrau City will be expanded lor.... bcoz that day i went there shopping, i felt the shopping mall quite small compare to One Utama and Mid Valley, even Sunway Pyramid and KLCC are more bigger than Jusco Tebrau City. Now City Square is not Jusco Tebrau City competitor already, if Jusco expand again, I think City Square will change their strategy to fight with them such as cheaper parking fee. Because I went City Square last friday, I found City Square is not crowded compare before already, and the parking fee too expensive. For me, I rather go Jusco Tebrau City than City Square.....
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Old July 23rd, 2007, 08:31 PM   #87
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Quote:
Originally Posted by alienwong View Post
haha..... Jusco Tebrau City, Tesco hypermarket and IKEA, second mutiara damansara liao..... and monorail system will link to Jusco Tebrau City.... that place too great liao.....

Hope Jusco Tebrau City will be expanded lor.... bcoz that day i went there shopping, i felt the shopping mall quite small compare to One Utama and Mid Valley, even Sunway Pyramid and KLCC are more bigger than Jusco Tebrau City. Now City Square is not Jusco Tebrau City competitor already, if Jusco expand again, I think City Square will change their strategy to fight with them such as cheaper parking fee. Because I went City Square last friday, I found City Square is not crowded compare before already, and the parking fee too expensive. For me, I rather go Jusco Tebrau City than City Square.....

There is definitely enough room to make further expansion. The carpark have taken much of the space at the back but fully packs with car especially during weekends. Any idea whats that plenitude at the tebrau square??? It seems like they are some sort of big project going on there, it dont looks like ikea.
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Old July 24th, 2007, 02:46 AM   #88
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Four groups to work on IDR
Tuesday July 24, 2007
TheStar


JOHOR BARU: Four working groups have been formed to identify and prioritise specific projects between Malaysia and Singapore for the Iskandar Development Region.

They are expected to work on immigration matters, enhance transportation links and boost tourism co-operation and environmental collaboration.

Speaking at a Joint Ministerial Committee meeting, Minister in the Prime Minister’s Department Datuk Seri Effendi Norwawi said the groups involved the relevant agencies of both countries.

The working groups will report their progress to the JMC, which will meet next in October.
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Old July 26th, 2007, 05:12 AM   #89
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The preferred township
Thursday July 26, 2007
By JANICE KOU
TheStar


Quote:


Bandar Putra Kulai covers approximately 6,000 acres of freehold estate land
and is one of the largest integrated and self-contained township
developments in Johor state.
STRATEGICALLY located at the northern part of the Iskandar Development Region (IDR), Bandar Putra Kulai is positioned to be a major player in this zone. As Malaysia’s new economic growth corridor covering Johor Bahru city centre, Nusajaya, Port of Tanjung Pelepas, Pasir Gudang and Senai-Kulai, the IDR will be developed into a world-class metropolis under the Ninth Malaysian Plan.

With government allocation of RM5bil for IDR’s development, it is set to transform this region of Johor into a centre of excellence for logistics, commerce and lifestyles.

Bandar Putra Kulai has all the makings of a preferred township within IDR to reap the benefits of the Region’s high impact developments.

New generation township

Bandar Putra Kulai covers approximately 6,000 acres of freehold estate land and is one of the largest integrated and self-contained township developments in Johor.

Township facilities include the Putra Sports Complex and clubhouse, IOI Mall with Giant Hypermarket, multipurpose public hall and park for residents’ convenience.

To date, the township has 9,000 completed units, ranging from high value properties to low cost housing with a population of 45,000 residents, and has potential to develop even further.

Palm Villa Golf Resort

The exclusive zone of Bandar Putra, Palm Villa Golf Resort is most coveted address for the elite few who treasure tropical resort living at the fringe of a golf course.

variety of golfing challenges at the 27-hole championship course and comprehensive club leisure facilities such as badminton courts, squash court, snooker room, games room, gymnasium, sauna, table tennis, swimming pool with slide, a wading pool and children’s playground.

Residents can swing into action on championship greens or enjoy the luxury of leisure time in a relaxed atmosphere inspired by beautifully landscaped grounds.

Tropical living at Tropics SuperLink


Within Palm Villa Golf Resort are a variety of luxury residences ranging from bungalows to link bungalows and cluster homes.

Spacious and styled for resort living, Tropics SuperLink freehold double storey terrace is a modern masterpiece built within Palm Villa Golf Resort.

Residents can enjoy breathtaking views of green fairways for picture perfect living in a tropical haven.

A modern look with contemporary architecture greets families at Tropics SuperLink where interiors blend elegance with flexi-space concepts. With spacious 26’ x 75’ land area and over 253sq/m of built-up area, each unit provides more than the usual space.

The six-bedroom and four-bathroom home comes complete with plaster ceiling, 2 x 2’ homogeneous tiles and three-phase electricity for long-term comfort and convenience!

Where tropical elegance is an asset, security is also as important at Tropics SuperLink.

A gated and 24-hour guarded community ensures your peace of mind.

A world of recreational facilities is just beyond your doorstep where you can conquer the greens at Palm Vila or enjoy the many facilities at Putra Sports Complex.

Affordably priced from RM239,900, homeowners also enjoy several attractive incentives including free legal fees on Sale & Purchase Agreement, free legal fees and stamp duty on Loan Agreement, free two years Security Services and a free three-year Putra Sports Complex Membership.

Good location & easy accessibility

Enjoy easy accessibility to Johor Bahru city centre via Skudai Highway, and travel only a few kilometers to Second Link Expressway and Senai International Airport. Public amenities such as Telekom, Jabatan Pendaftaran Negara, Tenaga Nasional Berhad, Syarikat Air Johor, Hospital & Polyclinic Kulai are only five minutes away. Public Bus Services are also available to cater to residents’ transportation needs.

What’s more, the multi-million upgrading of the Bandar Putra Interchange is in progress to provide residents better accessibility.
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Old July 26th, 2007, 05:13 AM   #90
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Four Workgroups To Submit Proposals For IDR By October
July 23, 2007 19:34 PM

JOHOR BAHARU, July 23 (Bernama) -- The four workgroups formed today will submit proposals on areas for cooperation between Malaysia and Singapore before the second Joint Ministerial Committee (JMC) meeting for the Iskandar Development Region (IDR) in October.

Minister in the Prime Minister's Department, Datuk Seri Effendi Norwawi, said today the four areas were facilitating immigration clearance, enhancing transportation links, tourism cooperation and environmental collaboration.

"The four workgroups will look into the details and finetune them. Hopefully, we can get some results soon before we meet again," he told reporters after spending two hours at today's JMC meeting.

The meeting was jointly chaired by Effendi and Johor Menteri Besar Datuk Abdul Ghani Othman and Singapore's National Development Minister Mah Bow Tan and Transport Minister Raymond Lim.

Effendi, however, did not give specific details on what the four workgroups would be looking into except two areas involving fast immigration clearance and transportation between both countries.

"It is premature to say anything. The workgroups will sit down and go through some of the possible projects and not every projects can be commercially viable," he said.

Mah said that both countries could benefit from collaborations in the four key areas.

"These four trade areas had been identified as having strong potential for cooperation between both countries," he said.

He added that the four areas discussed today were in accordance with those identified by both countries when Malaysia's Prime Minister Datuk Seri Abdullah Ahmad Badawi and Singapore's Prime Minister Lee Hsien Loong met in Langkawi in May this year.

-- BERNAMA
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Old July 27th, 2007, 03:58 AM   #91
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uly 26, 2007 21:55 PM

PTP Records Double-digit Growth In 1st Half Of 2007

KUALA LUMPUR, July 26 (Bernama) -- The Port of Tanjung Pelepas (PTP) experienced a double digit growth of 21.4 percent in the first half of this year, chief executive officer Harun Johari said today.

"Our growth during the first six months is due to the new services and the strong throughput recorded by the port's existing customers," he said in a statement here.

The port recorded a throughput of 2.7 million TEUs between January and June, and Harun is confident that PTP is on track to achieve its targeted throughput for 2007.

He said the growth for the first half of 2007 could also attributed to shipping lines deploying larger vessels which were passing more cargo through the port, and that PTP's Free Zone tenants were generating healthy volumes.

PTP is within the Iskandar Development Region (IDR) and is one of the very few ports in the world which has a Free Zone that is integrated with the port's terminal.

The Free Zone currently is home to various international logistics and manufacturing companies operating in the distribution parks within the zone.

Harun foresees PTP's high productivity rate, large container handling capacity coupled with the investment opportunities offered through the Free Zone perfectly complementing the development of IDR's planned integrated logistics and manufacturing hub.

The multimodal connectivity offered by PTP to shippers and other port users has also positioned PTP to be the international gateway for the IDR, he added.

Earlier this year, PTP had increased its container handling capacity when it opened two additional berths.

Noting that the port has unlimited expansion capabilities, he said the PTP will see the delivery of more cranes and other port equipment this year in anticipation of further growth in the future.

-- BERNAMA
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Old July 28th, 2007, 12:09 PM   #92
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Significant Interest From S.Korea, Japan & Hong Kong In IDR


KUALA LUMPUR, July 28 (Bernama) -- Potential investors from South Korea, Japan and Hong Kong have shown significant interest in the Iskandar Development Region (IDR), a senior official of the Iskandar Regional Development Authority (IRDA) said.

"We had good business meetings. Some of them were well prepared before talking to us, especially in what kind of investments they are interested in as well as location," the official, who requested anonymity, told Bernama at the end of a 10-day trade mission to Seoul, Tokyo, Fukuoka and Hong Kong.

IRDA, he said, had a total of 20 meetings throughout the trade mission, which was led by International Trade and Industry Minister Datuk Seri Rafidah Aziz.

This is the first time that South Johor Investment Corp, IRDA, Johor Corp and Khazanah Nasional Bhd have jointly promoted IDR under a trade mission organised by the Malaysian Industrial Development Authority (Mida), he said.

Most interest was shown in starting up manufacturing plants, mainly to take advantage of the tax incentives, but IRDA will be very careful in selecting the investors so that it will match with the specific areas that are being promoted within the economic region, he said.

Among others, he said, some of the potential investors already have experience in investing in specialised economic zones such as Shenzhen in China and Busan, South Korea, which are similar to the IDR.

"Now, we have a lot of follow-up to do," he said, but declined to disclose the value of the investments that will flow into IDR if the investors do come in.

Located in Johor, the southern gateway to Peninsular Malaysia, IDR is only six to eight hours flight radius from Asia's burgeoning growth centres such as Bangalore, Dubai, Hong Kong, Seoul, Shanghai, Taipei and Tokyo.

It is also within reach of a global market of some 800 million people.

South Johor is accessible in four ways - air, land, rail and sea. IDR is flanked by three major ports, the Pasir Gudang Port, Port of Tanjung Pelepas and Tanjung Langsat Port.

-- BERNAMA
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Old August 3rd, 2007, 01:25 PM   #93
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IDR to be policed by land, air and sea
Updated : 02-08-2007
Media : The Star


JOHOR: The Iskandar Development Region will not only have state-of-the-art technology in place but will also be policed by land, air and sea.

Disclosing this, Inspector-General of Police Tan Sri Musa Hassan said a new marine base with two helicopters was being built in Tanjung Pelepas to protect the shores.

We want to show our presence in the IDR, which will be complemented by an additional 400 policemen. The men would be deployed by October and we are also asking for more allocation to purchase additional patrol cars, he told reporters after opening the new Sri Alam district police headquarters.

Sri Alam and Nusa Jaya are the two newly created police districts located in the IDR. It is learnt that the Johor police presently has 472 patrol cars, 220 of them in Johor Baru alone.

The IGP also said closed-circuit television cameras (CCTVs) would be installed in crime-prone areas in the IDR.

The CCTVs will enable our men to trace and track down criminals who have committed crimes in any area in the region. All this will be in place soon. And I have instructed my men to ensure they live up to expectations.

They must hit the streets and introduce themselves to the people and find out the problems they face in Sri Alam as well as in Nusa Jaya, he said, adding that Johor would have a total of almost 7,000 policemen in the state by the end of the year.
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Old August 3rd, 2007, 01:32 PM   #94
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DOE To Be Involved In IDR, NCER Development Planning - Azmi
Updated : 02-08-2007


PUTRAJAYA, Aug 2 (Bernama) -- The Department of Environment (DOE) will lend its expertise in the development planning for the Iskandar Development Region (IDR) in Johor and Northern Corridor Economic Region (NCER).

Natural Resources and Environment Minister Datuk Seri Azmi Khalid said the Cabinet yesterday instructed that due attention should be given to preserving the environment when developing the two areas.

He said IDR and NCER developers not only had to prepare Environmental Impact Assessment (EIA) reports but also see to it that the projects would not degrade the environment.

"The government now has to deal with the repercussions of development efforts which have not been monitored from the beginning, and these are costing a lot of money to rectify," he told reporters after opening the Colloquium on Lake and Reservoir Management here today.

Azmi cited the example of the RM6 billion allocation for flood mitigation projects approved under the Ninth Malaysia Plan (9MP), a sum which was found to be insufficient.

"We need extra allocations because when the 9MP budget was tabled, Johor had not been hit by the floods. And for that incident alone we spent RM1.5 billion to carry out repairs and assist the flood victims," he said.

He said the ministry was mulling a possible review of certain Acts, including the Environmental Quality Act 1974, to expand their scope to meet current developmental needs.

The minister also suggested environmental aspects be made part of the school curriculum.
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Old August 6th, 2007, 03:29 AM   #95
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Work on Asia Petroleum Hub
to continue

By Kang Siew Li
[email protected]

August 6 2007



WORK on the RM1.4 billion Asia Petroleum Hub (APH) in Tanjung Bin, Johor, will continue despite a formal notice made by one of its shareholders asking all major work on the 40ha reclaimed island to stop.

Sources familiar with the matter said a caveat was filed two months ago by Teori Selatan Sdn Bhd, which is controlled by the Tengku Mahkota of Johor, Tunku Ibrahim Ismail, on the island.

This follows a dispute over the shareholding structure of Asia Petroleum Hub Sdn Bhd (APHSB), the joint-venture company tasked with managing, operating and developing the island.

A caveat is a formal notice that asks a court to suspend action until the party which filed the challenge can be heard.

APHSB executive chairman Abdul Rashid Mohamad Isa Al-Qadiry confirmed that a caveat had been filed by Teori Selatan.

"(However,) the caveat has no impact on the development of the APH as the land in dispute belongs to the Government, which has given the green light for us to proceed with the project," he told Business Times over the telephone.

He said construction work on the APH is proceeding as usual after it was launched by Prime Minister Datuk Seri Abdullah Ahmad Badawi on July 5 and it will be operational by mid-2009 as planned.

On March 27 this year, oil storage and blending firm KIC Oil and Gas Ltd said it had formed a joint venture with Trek Perintis Sdn Bhd - a government-approved strategic financial and equity investor - to finance, construct, manage and operate the petroleum hub.

KIC holds a 90 per cent stake in the new venture, while Trek Perintis owns the rest.

However, in a letter dated July 17 2007 and sent to APHSB, the Ministry of Transport revealed a revamped equity structure that saw KIC's shareholding being reduced to 40 per cent and Trek Perintis' increased to 20 per cent.

It also saw the addition of two new shareholders: Seaport Terminal (Johore) Sdn Bhd with a 35 per cent stake in APHSB and Teori Selatan with five per cent.

Sources said Teori Selatan was unhappy with the new equity structure, as it was expecting its stake in APHSB to be more than 10 per cent.

The latest dispute has raised fears of further delays in the APH project.

In 2005, KIC had a dispute with Seaport Terminal over who should develop the island into a petroleum hub.

Seaport Terminal had said that it was involved in the design and planning of the island since 2000 when the idea for such a facility was first mooted.
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Old August 6th, 2007, 05:43 AM   #96
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CCTVs to help deter crime at IDR
Monday August 6, 2007
TheStar




River check: Abdul Ghani (right) touring the Sungai Johor after the ground
breaking ceremony of the Sungai Johor Rehabilitation project in Kota Tinggi
recently.



KOTA TINGGI: The Iskandar Development Region (IDR) would be equipped with Cloce Curcuit Television (CCTV) to assist in crime prevention.

Johor Mentri Besar Datuk Abdul Ghani Othman said he would order the police and all local authorities in IDR to identify suitable locations for the CCTVs.

“We will place the CCTVs throughout IDR and it will be monitored by the police and local authorities.

“We are confident that the CCTVs would be very useful in recording incidents and monitoring the movements of suspicious people,” he said adding that, it would be major boost towards crime prevention efforts.

Abdul Ghani told a press conference after launching the Sungai Johor Rehabilitation project ground breaking ceremony, that the state aimed to have a high quality Police Reserve Unit to beef up security.

He also welcomed the increase in the number of police personnel in the state, saying it would certainly increase the police presence.

“Currently about 90 patrol units are seen on the streets between 11pm and 7pm and it gives the public some reassurance, “ he added.
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Old August 14th, 2007, 08:09 AM   #97
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Make IDR a success, local folk told
Tuesday August 14, 2007
TheStar


PASIR GUDANG: Local authorities and the community in the vicinity of the Iskandar Development Region (IDR) are urged to help ensure the mega development project’s success.

Entrepreneur Development and Cooperatives Minister Datuk Seri Khaled Nordin said they could help by maintaining cleanliness and safety in the area.

“The IDR will be a world-class metropolis. So, local authorities and the community in the vicinity should have a world-class mentality,” he said at the launch of a community programme, Local Agenda 21 (LA21), in Masai hereon Saturday.

Khaled, who is also Member of Parliament for Pasir Gudang, said the LA21 programme involved the cooperation of local residents, local authorities and the private sector to plan and manage their respective areas for sustainable development.

Among the activities carried out during the two-day programme were a marathon, a gotong royong (community goodwill projects) and an exhibition.
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Old August 22nd, 2007, 04:43 AM   #98
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Iskandar region to have 12 fire stations
Wednesday August 22, 2007
TheStar


JOHOR BARU: When the new fire station in Nusajaya is up, there will be a total of 12 fire stations in the Iskandar Development Region (IDR), making the area well covered in the event of fire and other emergencies.

Johor Fire and Rescue Department director Mohd Yusof Muhammad said they were in the midst of discussions with the developer on the station’s design.

“We have been allocated 10 acres (4 hectares) next to the police station. The developer is drafting the plan and we have given our input on what we need for the station,” he said.

Mohd Yusof added that the new state headquarters in Kangkar Tebrau, Johor Baru, is in the design stage.

“This one will sit on nine acres (3.6 hectares) of land,” he said, adding that new staff quarters in Kempas should be ready by the end of next year.

He also said the new fire station in Pontian had already been completed, and was scheduled to be handed over by the Public Works Department next Wednesday.

The Kota Tinggi fire station is under construction, while they are in the process of tendering for the construction of the fire station in Taman Universiti, Skudai.

Towns not under the IDR have not been left out either, with Bandar Putra, Segamat, and Timah Sari, Batu Pahat, getting new fire stations.
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Old August 27th, 2007, 10:16 AM   #99
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ADIA to ink RM4b land deal in IDR

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KUALA LUMPUR: The Abu Dhabi Investment Authority (ADIA) is expected to sign a RM4 billion agreement to acquire a huge tract of land in the Iskandar Development Region (IDR), making the Middle East group the biggest investor in the region.

It is learnt that the project’s gross development value on the parcel of land could be more than RM25 billion and it will be developed over 15 to 20 years.

Sources said the agreement is scheduled to be signed this week with the South Johor Investment Corporation (SJIC), which owns a significant landbank in South Johor through various subsidiaries and joint ventures.

SJIC will lead the implementation of various strategic and catalyst IDR initiatives including some of the major Ninth Malaysia Plan projects in the IDR through special purpose vehicles and partnerships with the private sector.

Listed-Putrajaya Perdana is set to be a major beneficiary in the development of this parcel of land as the company is believed to have played a pivotal role in bringing in ADIA.

Under the agreement to be signed this week, the sources said ADIA had given its commitment to buy the parcel of land over a number of years, and Putrajaya Perdana likely to be the main contractor for the project.

Putrajaya Perdana hogged the limelight early this month following a change in its controlling shareholder. On Aug 8, the Eastern & Oriental Bhd group announced the divestment of their entire 50.6% stake in Putrajaya Perdana comprising 68.6 million shares to Swan Symphony Sdn Bhd for RM199 million or RM2.90 a share.

Swan Symphony is 51%-owned by the Abu Dhabi-Kuwait-Malaysia Investment Corp and 49% by Autron Corp Ltd’s unit Autron Investment.
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Old August 28th, 2007, 03:20 AM   #100
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US$10b project in IDR

Mideast and Malaysian investors plan high-end integrated city


BY JAGDEV SINGH SIDHU

KUALA LUMPUR: A group of investors from Abu Dhabi, Kuwait, Saudi Arabia and Lebanon are expected to join Malaysian investors to develop 2,000 to 2,500 acres in the Iskandar Development Region (IDR) into a high-end integrated city.

While the initial investment in the development is projected to be more than RM3bil, the construction cost is estimated to be between US$10bil and US$12bil, according to sources.

The massive development, which will be spearheaded by investors that have transformed cities in the Middle East, is projected to be completed no later than 2015.

Sources said the land would be purchased from South Johor Investment Corp (SJIC), the developer of IDR, but jointly developed by the Middle Eastern parties and SJIC. An agreement could be inked between the parties on development, advisory services and contracting.

Mudabala Group of Abu Dhabi and the Abu Dhabi Investment Authority are said to be among the investors that would be building high-end properties in IDR. There is also talk that a big developer from Abu Dhabi would partner Putrajaya Perdana Bhd in executing part of the development.

Swan Symphony Sdn Bhd, a consortium comprising Middle Eastern, Malaysian and Singaporean investors, has proposed to buy a 50.6% stake in Putrajaya Perdana for RM390mil cash with the intention of transforming the Malaysian developer into a global construction company.

Swan Symphony is 51%-owned by the Abu Dhabi-Kuwait-Malaysia Investment Corp and 49% by Autron Investment.

Mudabala has wide-ranging investments in real estate, utilities, basic industries, energy, health and services. The investment agency owns a 5% stake in Italian carmaker Ferrari and 25% of SR Technics, one of the largest maintenance, repair and overhaul service providers in Europe.

The foreign investors are said to have a track record in getting things done fast and a penchant for glamorous projects.

Although details are sketchy, plans for the development in IDR by the Middle Eastern investors will feature high-end properties priced up to RM2,000 per sq ft.

Facilities like a high-end yacht club, high-end shopping centres and luxurious hotels are said to be on the blueprint.

An expansion of the Senai airport is also on the cards and the Government is expected to create a conducive environment for investment by foreigners.

The entire development is expected to be a tremendous boost for the local construction and building materials industry.
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