Iskandar’s many iconic current and future projects are expected to transform the region into a modern metropolis – being the biggest beneficiary of the spillover wealth effect from Singapore.
Just before going for print, it was announced that Forest City, Southeast Asia’s first and largest mixed-use green development incorporating a car-free zone co-existing with smart technologies and amenities was launched in Iskandar Malaysia. This marks a significant development in the Johor economic corridor north of Singapore as for months prior to this, confidence in the region was at its lowest ever since its inception in 2005. The launch was a much-needed boost to the flagging interest in the region in line with a dampened property market in the whole of Malaysia.
Data by the National Property Information Centre (NAPIC) which tracks property transactions in the country reveals that in Q4 2015, there were 142,567 homes under construction in the state of Johor, with another 193,271 units under planning, of which a majority are in Iskandar. So, when Forest City was announced, hopes were high that this iconic development would help fuel the economic development of Iskandar over a 20-year period.
Sprawled over 1,386.05ha (3,425 acres) on four man-made, reclaimed islands off the Iskandar coast, the joint venture between Country Garden Pacificview Sdn Bhd and Johor’s Esplanade Danga 88 Sdn Bhd — a Johor state-owned associate of Kumpulan Prasarana Rakyat Johor — is planned to house up to 700,000 people. Country Garden Holdings Co Ltd is a Hong Kong-listed Mainland China property developer which is undertaking several large scale development projects in Malaysia.