With the arrival of investment dollars and high-end economic activities in Iskandar Malaysia, the State’s property scene is being transformed to accommodate this influx of high-end visitors and new residents – with luxurious results!

Johor and its high-profile special economic zone, Iskandar Malaysia, appear to be on track in pulling in the dollars from the investor community, including global investors as well as major local players. It would appear that Malaysia’s Southern State is on its way towards becoming an international metropolis – an evolution that is transforming the state’s property scene, with the increasing development of luxury and resort homes.

Ambitious Developments for Luxury Living

Johor Mentri Besar (Chief Minister) Datuk Abdul Ghani Othman announced last year that the State had received plans from no fewer than 25 developers for large-scale projects in Iskandar Malaysia over the next three to five years, ranging from exclusive bungalows to luxury apartments, waterfront developments and retail/commercial complexes.

Among the developments offering prestige and excellent investment potential is Taman Laguna, a RM211 million freehold development spanning 76.62 acres in the heart of Iskandar Malaysia. Developed by Nusa Utama Sdn Bhd, Taman Laguna is attracting investors with its integrated design, ample living space of six bedrooms and six bathrooms, and hotspot location.

Meanwhile, the 1,514-acre township Bandar Dato’ Onn has drawn attention with its mixed offerings of residential and lifestyle components, as well as its ideal location. The RM4 billion development has a dedicated interchange from the North-South Highway and offers proximity to an Olympic-sized swimming pool and a gym.

Another major development is Lagenda Tasek Luxurious Suites Bahru, a striking 19-storey service apartment tower offering not just the standard luxury qualities of prestige, privacy and security, but also a landscaped courtyard of raintrees, complete with pebbled paths and water features.

Nusajaya – the Regional Jewel

One of the focal points of Iskandar Malaysia is Nusajaya, set to be Asia's foremost fully integrated city with a world-class environment for business, living and leisure. The largest private sector development in South-East Asia, Nusajaya is built in an area spanning 24,000 acres (97 km²) combining residential, commercial and industrial elements.

The city, developed by UEM Land Sdn Bhd through its subsidiary Bandar Nusajaya Development Sdn Bhd, will also function as the State’s new administration centre when it comes alive in 2011. UEM Land managing director Wan Abdullah Wan Ibrahim said Nusajaya was banking on the demand for luxury property in the region and from Singapore.

One of the factors behind the burgeoning of luxury developments here is surely Iskandar Malaysia’s location of only six to eight hours flight radius from growth centres such as Bangalore, Dubai, Hong Kong, Seoul, Shanghai, Taipei and Tokyo, putting it within reach of some 800 million people. Those who live and work in Iskandar Malaysia will also enjoy great proximity to international facilities, from the Johor Bahru city centre to the attractions of Singapore.

 “We are barely 45 minutes from Orchard Road and the properties will be sold at a fraction of the cost in Singapore,” said Wan Abdullah, adding that the development would complement and leverage on what was being offered in the island republic.

The new six-lane 30.6km coastal highway linking Johor State New Administrative Centre and Johor Bahru also makes living and getting around a breeze.

Attracting Global Players

One measure of Iskandar Malaysia’s success in the number of recognised international investors it is attracting. Among the high-end property players drawn to this economic zone are Indian conglomerate BSEL Infrastructure Realty Ltd (BSEL), which has pledged to invest RM15bil over 12 years in several projects here, and Dubai-based Damac Holdings, one of the world's leading luxury waterfront developers.

BSEL is listed in the Mumbai stock exchange and the National Stock Exchange of India with investments in hospitality, hotels, information technology parks and townships in India and the United Arab Emirates. The company also invests in commercial/retail space and shopping mall projects. Damac Holdings, on its part, plans to build a 17ha, RM3.8 billion luxury mixed development in Puteri Harbour, encompassing commercial and residential properties as well as a private marina.

Luxury Lifestyle Offerings

Other upcoming proposed/approved urban megaprojects to look out for in this region are: