The Johor state government will levy a processing fee on foreigners who buy properties in the Malaysian state from next year.

PASIR GUDANG: The Johor state government will levy a processing fee on foreigners who buy properties in the Malaysian state from next year.

Bernama news agency quoted State Executive Councillor for Housing and Local Government Abdul Latiff Bandi as saying that the fee will be based on the property value.

Currently, foreign buyers pay only RM10,000 as processing fee.

Mr Abdul Latiff said the new processing fee of between four and five per cent of the property value enables the state government to control the sale of properties to foreigners.

"For instance, foreigners buying a property worth RM5 million, they have to pay only RM10,000 as processing fee currently. From next year, they have to pay based on the property value," he told a media conference after opening a seminar on Green Industry 2013 on Monday.

Mr Abdul Latiff said proceeds from the processing fee will be used for projects and programmes towards the people's development.


- CNA/BERNAMA


Source : http://www.channelnewsasia.com/news/business/foreign-property-buyers/840134.html
 
 
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iMedini Walk: A four-tower mixed development of residential apartments, service apartments and a hotel linked by a retail belt of more than 150 shophouses.

THE Iskandar Malaysia (IM) region has received much attention in recent months, as Singapore business enterprises and investors seek alternative areas of growth beyond Singapore. Launched in 2006, IM has been identified by the Malaysian government as one of the key growth catalysts for the Malaysian economy. This special economic region in the southern-most part of Johor is about thrice the size of Singapore and double that of Hong Kong. It has a land area of 221,634 hectares, a target population of three million people and GDP per capita of US$31,000 by 2025.

Given the large geographical coverage of Iskandar Malaysia, development in the region focuses on five flagship zones - (Zone A: Johor Baru city; B: Nusajaya and Medini; C: Western Gate Development; D: Eastern Gate Development and E: Senai-Skudai), each with specific priorities and unique strategies to attract investors.

Nine key economic clusters are being promoted that include six service lines, such as financial advisory and consulting, creative industries, logistics, leisure and tourism, education, health care; and three manufacturing lines, electrical and electronics, petrochemical and oleo-chemical, food and agro-processing.

Iskandar Malaysia has come a long way, from its initial phase of planning and foundation building during the 2006-2009 inception period to the current Phase Two, which focuses more on growth-generating initiatives. Cumulative committed investment in the region has since increased more than eight-fold, from RM11.3 billion (S$4.5 billion) in 2006 to RM106.3 billion in 2012, reflecting growing confidence from both Malaysian and foreign investors.


Sourse : http://www.businesstimes.com.sg/archive/friday/specials/bt-supplements/bigger-gains-await-first-movers-20130321
 
 
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Global Skyline Sdn Bhd, a unit of the Tang Group of Companies, will embark on a mixed-used development dubbed iMedini Walk (pictured) in Iskandar Malaysia.

In line with this, the developer has signed a 99-year lease agreement with Medini Land Sdn Bhd, a wholly owned subsidiary of Iskandar Investment Berhad, for three plots covering 3.2 ha and offering about 1.38 million sq ft of gross floor area (GFA), reported The Business Times.

The integrated project will comprise a hotel, shophouses and residential and serviced apartment towers, with about RM750 million (S$300 million) in gross development value (GDV).

The development will be situated along the spine road leading to the lifestyle Mall of Medini and Legoland Malaysia and will boast over 150 three-storey strata shophouses with an average size of 3,300 sq ft.

The residential units, hotel and serviced apartments will be housed in towers across the retail belt. The towers north of the site will house the 250 hotel and serviced apartments overlooking Legoland, while the towers to the south will accommodate the residential apartments, with a view of Puteri Harbour.

"We recognise the potential of Iskandar Malaysia, with immense opportunities to create and offer innovative and modern business and lifestyle solutions to not just Malaysians but global citizens," said Dennis Chiu, Director at Tang Group, adding that the company will continue to venture into Malaysia, particularly in Southern Johor.

Syed Mohamed Syed Ibrahim, President and Chief Executive Officer of Iskandar Investment Berhad, said the company wants to create a modern metropolis within Iskandar and Nusajaya as part of their continued aspiration towards development, as well as an assurance to their Singaporean partners and investors.

Source : http://sg.news.yahoo.com/tang-group-unit-signs-deal-iskandar-development-103016314--sector.html