In 1980 Deng Xiaoping opened up SHENZHEN as an Economic Hub at the behest of Singapore Prime Minister Lee Kuan Yew. It became a Roaring Success for over 30 years now and uplifted hundreds of millions Chinese in their new found wealth.
In 2006 Malaysia launched in ISKANDAR ECONOMIC REGION to complement Singapore as an ECONOMIC HUB: Note: TO COMPLEMENT, Not COMPETE. Its ultimate intention is on a WIN – WIN Basis FOR BOTH NATIONS!
This is a new test case for Malaysia as MEDINI Of Nusajaya is based on Meritocracy. Here the requirement of 30% bumiputra lot in Property Development is done away. I Medini, & Condos at Puteri Harbour can be 100% foreign owned and operated. Also the RM500,000 threshold for foreign purchase in I Medini by IJM does not apply. Singaporeans can buy apartments here below the RM500K limit here.
This doctrine of bumiputra right has been an impediment for Singapore, as Singapore believe in Meritocracy. The term bumiputra is a compound of 2 words bumi: (earth or soil) putra(prince or son) translated it means ‘ son of the soil”. With the criteria of meritocracy met SINGAPORE can now participate in MEDINI and by proxy the whole of Nusajaya and Iskandar in a BIG WAY LIKE NEVER BEFORE.
Among the Known Investments are:-
1. RM3 Billion WELLNESS CENTER in MEDINI- A joint venture with KHAZANAH of Malaysia Government
2. SOMERSET PUTERI HARBOUR 168 Service Apartments Opening in 2014.
3. ASCENDAS MR3 BILLION INVESTMENT IN A TECHNOLOGY PARK IN Nusajaya Gerbang – Joint Venture with UEM LAND.
4. Thru’ SUNWAY HOLDINGS (Listed in KLSE) A Projected Development of over RM20 BILLIONS in MEDINI & PENDAS (The Acquisition Of Pendas points to AN AREA OF IMMENSE POTENTIAL. Right across the the sea is SINGAPORE CIQ AT TUAS.
5. Peter Lim, known as Singapore’s Remisier King has jumped on the bandwagon. Apart from his 10 acre land purchase, a joint venture with the Johor Sultan, he is investing in a RM3,5 BILLION in a Motorsport City In Gerbang Nusajaya. And he expects more investment to come.
By the way, Peter Lim lives in a WHOLE BLOCK of Condo in Orchard Road all by himself’. This is the testament of his success as an Investor. Before Lehman Brothers collapsed he sold all his shares in S’pore and bought Wilmar. While all share prices fell down Wilmar went up! Did he see something in Iskandar this round that we don’t? Only time will tell.
6. In the EDGEDAILY (latest M’sia ed) Singapore Govt is purported to buy a piece of land from ISKANDAR WATERFRONT HOLDING for a sum of RM1 BILLION. All these investments are no child’s play. They are serious long term Investments reaching into many decades ahead. For the fortunate people of Iskandar (bumi and non-bumi alike) THE WIND OF CHANGE IS BLOWING HERE AT LAST!