By Sharen Kaur
sharen@nstp.com.my
Published in NST on December 8, 2012
TIPPING POINT: UEM Land says demand for high-end units rising as Phase 1 completed
THE chief of UEM Land Holdings Bhd says that property prices at Nusajaya in Iskandar Malaysia are set to reach new heights next year as Phase 1 of the project has reached a tipping point.
"Property prices are moving upwards because land price is increasing. As we move into Phase 2, we are seeing steep rise in demand for high-end properties," said UEM Land managing director and chief executive officer Datuk Wan Abdullah Wan Ibrahim.
When UEM Land launched the Ujana executive apartments three years ago, it was selling at RM310 per square feet (psf). Impiana resort apartments were launched in September 2011 at a benchmark average price of RM500 psf and Imperia residences, launched around the same period, was selling at RM725 psf.
Wan Abdullah said that foreigners bought about 70 per cent of the Nusajaya properties. Speaking after a media familiarisation tour and briefing on Nusajaya recently, he said foreigners include Singaporeans, Europeans working in Singapore, and Southeast Asia, Japanese, South Korean, India, Chinese and Bangladeshi expatriates.
UEM Land is the master developer of the 9,600ha Nusajaya, which is Malaysia's first economic growth corridor in Johor and one of the flagship zones in Iskandar Malaysia.
It owns 4,141ha land there and is building homes, waterfront properties, offices, hotels, factories, hospitals, campuses and theme parks, making it Malaysia's biggest real estate development.
Phase 1, which started six years ago comprises Kota Iskandar, Educity, Puteri Harbour, Southern Industrial and Logistics clusters, Afiat healthpark, Medini, Legoland Malaysia, Puteri Harbour Family theme parks, and Nusajaya residences.
Among its residential projects, some still ongoing, include East Ledang, Puteri Harbour, Horizon Hills, Ledang Heights, Nusa Idaman and Nusa Bayu.
"We have finally arrived at a tipping point where all the developments in Phase 1 have been completed. We are now working at developing Phase 2," Wan Abdullah said.
Earlier this week, UEM Land, the property development arm of UEM Group Bhd, a diversified outfit controlled by government's investment arm Khazanah Nasional Bhd, unveiled new catalyst projects to spur the region's growth.
It signed several collaborative agreements with companies from Malaysia, Singapore, South Korea and China for deals worth slightly over RM4 billion.
The companies are Iskandar Investments Bhd, Telekom Malaysia Bhd, China Mall Holdings Pte Ltd, Singapore's Fastrack Autosports Pte Ltd and South Korea's Centios and Cisco.
In October, UEM Land had signed an agreement with Singapore's Ascendas Land International Pte Ltd to jointly develop a RM3.76 billion technology park project in Gerbang Nusajaya, a RM18 billion greenfield development sprawling over 1,800ha.
"As the project passes the tipping point, Nusajaya is on course to become the largest fully integrated urban development in Southeast Asia. The second phase of development will drive Nusajaya towards its full potential," Wan Abdullah said
.
"Property prices are moving upwards because land price is increasing. As we move into Phase 2, we are seeing steep rise in demand for high-end properties," said UEM Land managing director and chief executive officer Datuk Wan Abdullah Wan Ibrahim.
When UEM Land launched the Ujana executive apartments three years ago, it was selling at RM310 per square feet (psf). Impiana resort apartments were launched in September 2011 at a benchmark average price of RM500 psf and Imperia residences, launched around the same period, was selling at RM725 psf.
Wan Abdullah said that foreigners bought about 70 per cent of the Nusajaya properties. Speaking after a media familiarisation tour and briefing on Nusajaya recently, he said foreigners include Singaporeans, Europeans working in Singapore, and Southeast Asia, Japanese, South Korean, India, Chinese and Bangladeshi expatriates.
It owns 4,141ha land there and is building homes, waterfront properties, offices, hotels, factories, hospitals, campuses and theme parks, making it Malaysia's biggest real estate development.
Phase 1, which started six years ago comprises Kota Iskandar, Educity, Puteri Harbour, Southern Industrial and Logistics clusters, Afiat healthpark, Medini, Legoland Malaysia, Puteri Harbour Family theme parks, and Nusajaya residences.
Among its residential projects, some still ongoing, include East Ledang, Puteri Harbour, Horizon Hills, Ledang Heights, Nusa Idaman and Nusa Bayu.
"We have finally arrived at a tipping point where all the developments in Phase 1 have been completed. We are now working at developing Phase 2," Wan Abdullah said.
Earlier this week, UEM Land, the property development arm of UEM Group Bhd, a diversified outfit controlled by government's investment arm Khazanah Nasional Bhd, unveiled new catalyst projects to spur the region's growth.
It signed several collaborative agreements with companies from Malaysia, Singapore, South Korea and China for deals worth slightly over RM4 billion.
The companies are Iskandar Investments Bhd, Telekom Malaysia Bhd, China Mall Holdings Pte Ltd, Singapore's Fastrack Autosports Pte Ltd and South Korea's Centios and Cisco.
In October, UEM Land had signed an agreement with Singapore's Ascendas Land International Pte Ltd to jointly develop a RM3.76 billion technology park project in Gerbang Nusajaya, a RM18 billion greenfield development sprawling over 1,800ha.
"As the project passes the tipping point, Nusajaya is on course to become the largest fully integrated urban development in Southeast Asia. The second phase of development will drive Nusajaya towards its full potential," Wan Abdullah said
.
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