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Two companies set up to implement Iskandar projects

[ 13-07-2009 ]
Two companies set up to implement Iskandar projects

PUTRAJAYA: Two special purpose vehicles (SPVs) have been formed to implement a housing development project in Nusajaya and transform Johor Baru Central Business District (CBD) in Iskandar Malaysia.



The decisions were made during the sixth meeting of the Iskandar Regional Development Authority members and Prime Minister Datuk Seri Najib Razak, who is also co-chairman of Irda, and Johor Menteri Besar Datuk Abdul Ghani Othman, at the prime minister's office yesterday.

In a statement, Iskandar Malaysia said the authority approved the establishment of a SPV, a holding company, that will implement public housing projects in Iskandar at a cost of RM200 million. It will include 1,500 units of quality rental houses with improved public facilities to cater to low- and medium-income groups.

It also said the project, which would be a showcase of new implementation of public housing in Iskandar, will also provide 31/2- to four-storey walk-up apartments with a built-up space of 900 sq ft.

The project will be developed on a 24ha land in Nusajaya. The rakyat-friendly features to be incorporated include crime prevention through environment design (CPTED), industrialised building system (IBS) and eco-friendly amenities that promote community interaction.


It also said the SPV would facilitate timely development and delivery of the project, executed through a property management system to ensure sustainable and quality building management and maintenance.

The authority also endorsed the setting up of another SPV to implement the transformation of Johor Baru CDB.

The transformation has to be carried out following the decline in business activities since the opening of the new CIQ complex and the relocation of the Johor state administrative offices.

It added the transformation exercise encompassed river-clearing of Sungai Segget, a sewerage treatment within the river catchment and a flood mitigation programme.

During the meeting, members were also given the progress updates on Iskandar Malaysia, including projects that had been earmarked under the Ninth Malaysia Plan, strategic initiatives underlined for safety and security, public bus service and human capital blueprints.

Up to June 2009, Iskandar Malaysia had secured RM44.86 billion in committed investments.

Of the total amount, 31.5 per cent had been expended on development.

It said the total committed investment had exceeded the 2009 target of RM44.75 billion by the end of the year which represented 91 per cent of the RM47 billion to be achieved by 2010.

Najib also chaired the fourth Irda advisory council meeting attended by five council members.

Irda is a regulatory authority mandated to plan, promote and facilitate the development of Iskandar Malaysia into a strong and sustainable metropolis of international standing.

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