IDR related GLCs in spotlight

Following the unfolding of IDR development, the following GLCs are expected to be benefitted from the plan:

1. UEM
2. PPerdana
3. Tebrau

According to the sources, mideast investors would be the pioneer with billions fund to spearhead the development. It is believed that investors from Singapore will make their major moves in the coming weeks.

DUBAI-BASED property developer Dubai 9 is assessing investment opportunities in the real estate sector in China, India and Malaysia, managing director Hayan Merchant said.

“We are still in the early stages of seeing what we can offer these markets, including the Iskandar Development Region (IDR).

Whatever we do has to fit into our business model of developing residential, commercial and real estate for tourism activities,” he said yesterday.

Several Middle Eastern groups have made commitments to develop real estate at IDR.

Property prices are expected to rise further in Asian cities and developers that are able to capture new lifestyle trends stand to win in markets away from their home turf.

Abad Naluri Sdn Bhd, an associate of Equine Capital Bhd, is spending about RM140mil to build two flyovers to connect the RM25bil Penang Global City Centre (PGCC) project with the Penang Outer Ring Road (PORR).

Equine holds a 25% stake in Abad Naluri, which is developing PGCC on the 260-site where the Penang Turf Club is now located.

Equine executive chairman Datuk Patrick Lim said the flyovers would come with underpasses.

Lim said construction work on the traffic infrastructure, which forms the first phase of PGCC, would start next year.

Datuk Patrick Lim with an artist impression of the Penang Global City Centre
“The phase will take about three years to complete,” he said, adding that its cost would be disclosed later.

Lim also said Abad Naluri would commit a substantial portion of the gross development value of PGCC for the creation of a green environment.

“About 40% of the project would be green and open spaces,” he said.

Abad Naluri would build facilities in PGCC to reduce carbon monoxide, recycle heat and treat waste, he said, adding: “These facilities will be put in place as we want to make PGCC a carbon-free city.”

Lim added that PGCC would be a “city of tomorrow”.

“We will not have the biggest or tallest tower in PGCC. We want PGCC to have good values and iconic buildings that will give it a unique identity.”

Scheduled for completion in 15 years, PGCC will have two five-star hotels, commercial and residential properties, and a state-of-the-art cultural centre.

MMC Corporation Bhd has teamed up with Dubai World to develop a maritime centre masterplan comprising oil terminal activities, drydocks, a shipyard, conventional cargo handling facilities, logistic parks and real property development, which will have an estimated gross development value (GDV) of RM16 billion.

The two parties have signed a memorandum of understanding (MoU) to explore opportunities for joint development of the maritime centre masterplan in south Johor, including MMC’s landbank of 913 hectares in Tanjung Bin, which has been earmarked for industrial development.