Iskandar Malaysia’s nerve centre, Medini continues to pulsate with growth despite the economic slowdown faced by the country.
Medini Iskandar has recorded a positive trajectory since its inception and appears well positioned to confront mounting concerns about Iskandar Malaysia’s sustainability. Contrary to the predictions of naysayers, Iskandar Regional Development Authority (IRDA) is confident of attracting new investments of between RM25 billion and RM30 billion this year, despite the global economic headwinds. From January to November last year, Iskandar Malaysia recorded committed investments of RM29.83 billion while from 2006 to November 2015, the total amount in committed investments was RM187.96 billion with 50% of this or RM93.39 billion having been realised.
Iskandar Malaysia on Track to Reach Investment Goals
The last five years have been exceptionally good for Iskandar Malaysia due to the huge investments from China. The country’s first economic growth corridor’s goal is to attract a total of RM383 billion (US$116.8 billion) worth of investments by 2025 and it is very much on track to double investments within the next 10 years. In a recent interview, IRDA Chief Executive Datuk Ismail Ibrahim identified the three focus sectors, namely health, creative and tourism, that will serve as the catalyst for growth in 2016. He said “Moving forward, the most important agenda for Iskandar Malaysia would be to ensure that the economic growth in Iskandar Malaysia is sustainable. This is not limited to just ensuring a steady flow of new investments into the economic region, but more critical is the development of an ecosystem that allows businesses to grow and prosper, communities to participate in and benefit from the progress without causing damage to the natural environment.”
Medini - Nucleus of Iskandar Malaysia’s Growth
Medini is the heart of Iskandar Malaysia and is located in Iskandar Puteri and is a greenfield development spanning 2,230 acres. This Central Business District (CBD) of Iskandar Malaysia is surrounded by established signature developments such as EduCity, an international best-in-class education hub; Pinewood Iskandar Malaysia Studios, with over 100,000 sq ft of film stages; Kota Iskandar, the new Johor State Administrative Capital; Puteri Harbour, a premium waterfront development across the straits from Singapore as well as Horizon Hills, home to one of the best golf clubs in the country. Medini is an international integrated mixed-use township development which began about 8 years ago with an initial capital investment of RM4.1 billion (US$1.4 billion). More than RM1.84 billion has been utilised in infrastructural work.
The master developer of Medini is Medini Iskandar Malaysia Sdn Bhd (MIMSB), a strategic partnership formed by Khazanah Nasional, United World Infrastructure and Mitsui & Co. Medini has been meticulously planned for leisure, commercial enterprise and residential living. The CBD - in Medini is developing at an ambitious pace. The latest addition is Medini 7, a 140,000 sq ft building that has been fully taken up and soon to be operational. It has a tenant mix of companies in the business, services and technology sectors. The upcoming Medini 9, a 24-storey twin office towers will be designated as a MSC Malaysia Cybercentre Building and will be the centre of growth of ICT and ICT-enabled industries in Malaysia.
The Medini Blueprint is designed for Success
The Medini blueprint helms on drivers of growth such as sustainability, innovativeness, smart and futuristic urban living. Strategic partnerships forms the vital platform for Medini’s successes. Amongst Medini’s recent partnerships include one with Telekom Malaysia which is expected to deliver an enhanced experience through ICT and smart services in support of Medini Iskandar’s objective of developing Medini into a connected and sustainable city. Zhuoyuan Iskandar Sdn Bhd is a joint venture company backed by China’s Zhuoda Real Estate Group and Malaysia’s Iskandar Investment Berhad. The joint venture company will be undertaking a high end residential development in Medini with an estimated gross development value of RM2.6 billion. Medini has also attracted global players like ICT solutions provider, Huawei and growth consulting firm, Frost & Sullivan.
Iskandar Malaysia is a fundamentally strong investment destination. It is strategically located in close proximity to Singapore. Its fast paced development makes it a viable option for MNCs as it serves as the ideal gateway to ASEAN. Its international working population is growing and Medini is poised to present them with a lifestyle that is compatible to any of the world’s leading cities.
Explore Around Medini
This article was first published in the iProperty.com Malaysia March 2016 Magazine. Get your copy from selected news stands or view the magazine online for free at www.iproperty.com.my/magazine. Better yet, order a discounted subscription by putting in your details in the form below!