Johor Sultan and Prime Minister having a chat, accompanied by several top Malaysian figures.
Johor Bahru, MALAYSIA -- Malaysian Prime Minister Datuk Seri Najib Razak yesterday announced a RM200 million facilitation fund to kick-start the Iskandar Integrated Waterfront City (IIWC) project in Danga Bay here. He said the allocation would transform Danga Bay into a premier waterfront destination with features such as a cruise ship terminal, marina, fisherman’s wharf, and tower blocks to house commercial offices, hotels, exhibition and convention centres, and residential properties.
“Danga Bay is strategically located. It is one of the most exciting areas of development in Malaysia and Johor. “It is one of the highlights in Iskandar Malaysia and when completed, will help make Johor Baru the most modern waterfront city in the region,” he said at Danga Bay’s 15th anniversary celebrations and launch of Yayasan Danga here, which was graced by Sultan Ibrahim Sultan Iskandar of Johor and his consort, Raja Zarith Sofiah Sultan Idris Shah.
Also present were Tunku Mahkota Johor, Tunku Ismail Sultan Ibrahim, Tunku Temenggong, Tunku Idris Iskandar Sultan Ibrahim, Menteri Besar Datuk Abdul Ghani Othman and Danga Bay Sdn Bhd chief executive officer Datuk Lim Kang Hoo. Najib said the project’s accessibility via air, sea and land and its unique position at the edge of the peninsula bordering Singapore were major plus points as a lifestyle destination and in attracting investors.
Stretching 25km to the east and west of the Johor Causeway, the IIWC integrated master plan will see the complete makeover of Johor Baru and seafront sites facing Singapore. The development, to be launched in phases over 25 years with a gross development value of RM80 billion, will be a publicprivate partnership involving the government and Iskandar Waterfront Holdings Sdn Bhd (IWH). IWH is a special purpose vehicle created to become the master developer and planner of a 1,200ha site within Flagship “A” (in Johor Baru city centre) of Iskandar Malaysia. IWH shareholders are Kumpulan Prasarana Rakyat Johor (KPRJ) and Credence Resources Sdn Bhd, whose majority shareholder is Lim. Khazanah Nasional Bhd and the Employees Provident Fund, via their holdings in Iskandar Investment Bhd, are also shareholders of subsidiaries and associate companies of IWH. To date, IWH has attracted local investor Dijaya Corporation Bhd, which is investing RM3.8 billion in a highend mixed development project spread over 15ha.
Other ongoing projects include the RM500 million Azea Residences by a Singapore group, the RM105 million Plazzo Hotel & Serviced Suites by Waz Lian Group and the RM20 million Tune Hotel project. Najib also announced that IWH, as the driver of the development, had pledged RM50 million via its Danga Foundation as part of its corporate social responsibility to provide financial assistance to students from poor families in the vicinity of the project and non-governmental organisationsinvolved in environmental preservation.
Ghani, in his speech, explained how KPRJ, a state government investment arm, started its involvement in the development of Danga Bay 15 years ago. KPRJ was created to facilitate the infrastructure development in rural areas.
Within two years of its establishment in 1996, 1,700km of roads in 1,500 villages where built in the whole of Johor.