Iskandar Malaysia is another massive development project that seeks to turn South Johor into “a strong and sustainable metropolis of international standing” by 2025. The ambitious Malaysia property project began in 2006 and treads on to its 11th year.
The billion-dollar Malaysia property investment will encompass most of southern Malaysia with Johor Baru being the city centre. It crosses boundaries with Singapore and will have rail transit systems and roads connecting the two countries. There are many Malaysia real estate projects on the rise that expect to house the projected three million population in Iskandar by 2025.
Location map of Iskandar Malaysia
The project envisions equal wealth generation, sharing, and inclusiveness, and resource optimisation and low carbon. It aspires to give its citizens a “stable and satisfying income” in order to “move away from poverty and [the] huge gap between poor and rich” while staying environmentally friendly throughout the endeavour.
In a special feature report, Straits Times paints a hopeful picture of having a Malaysia home in Iskandar. Interviewees currently residing in the city praised its quiet but accomplished feel of community living. The EduCity hub composed of several international schools which have a current population of over 4,000 students is expected to increase further as 2025 draws near.
Taking huge risks for high hopes
Many have doubted the high hopes of the project since it merely seemed to have stemmed from a peace agreement between Singapore and Malaysia after a territorial dispute. Still, Iskandar Malaysia continued on its hopeful path to increase the economies of the two countries.
Singaporean and Chinese investors who were looking to buy Malaysia property flooded the project with investment plans. A notable foreign investment is Forest City, a huge 3, 425-acre city that will span four reclaimed islands. It is a joint-project venture between Chinese developer Country Garden Group and Malaysian developer Esplanade Danga 88 Sdn Bhd.
Forest city’s planned beachfront area | Photo courtesy: Forest city
With huge real estate developments like these, there are fears that there will be property overruns. Even so, Asean Today reports “all is not lost” for Iskandar. Since real estate only comprises 40% of the city’s economy, investors can remain hopeful of its potential as a business and manpower centre.
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