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Thread: Iskandar loses its champion but keeps its appeal

  1. #1
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    Default Iskandar loses its champion but keeps its appeal

    http://www.businesstimes.com.sg/arch...ppeal-20130507

    Published May 07, 2013

    Iskandar loses its champion but keeps its appeal

    Analysts mull impact of Abdul Ghani's defeat on project

    By Lee U-wen


    [SINGAPORE] The man who oversaw the development of the Iskandar region in Johor is on his way out following his defeat in Sunday's general election, but observers say the Malaysian special economic zone - in which Singapore is the top investor - is unlikely to be affected for the time being.

    One reason is that Iskandar Malaysia is governed by the Iskandar Regional Development Authority, a federal statutory body headed by a chief executive whose appointment must first be approved by the Prime Minister.

    Iskandar - a region spanning 2,217 hectares, about thrice the size of Singapore - lies within Gelang Patah.

    It was in that very constituency where opposition veteran Lim Kit Siang, the leader of the Democratic Action Party (DAP), defeated long-time Johor Menteri Besar Abdul Ghani Othman by a majority of 14,762 votes.

    With the fallout of the result still uncertain, there are some question marks over whether there could be changes down the road when it comes to Iskandar's future.

    Mr Lim, 72, has already indicated that his party plans to solicit views and ideas from residents about Iskandar's future development.

    Nusajaya - the new state administrative centre of Johor - also falls within Gelang Patah's boundaries and is an important component of Iskandar.

    It is also unclear at this point as to how the Barisan Nasional (BN) ruling coalition - which saw its dominance in Johor reduced to 21 out of 26 parliamentary seats, down from 25 previously - might react to the results, especially after seeing Mr Othman, who had helmed the state for the past 18 years, ousted.

    "I think that, presumably, the BN will still pick a new chief minister that will very much support Iskandar and see the plans through," said Bank of America Corp economist Chua Hak Bin, noting that many major investments there have been driven by Malaysia's sovereign wealth fund Khazanah Nasional.

    Iskandar has secured RM6.32 billion (S$2.61 billion) in investments from Singapore as of last December, largely from the manufacturing sector. In total, Iskandar has received RM106.3 billion in cumulative committed investments from around the world since its inception in 2006.

    "Given that the incumbent coalition still won the majority of seats in Johor, our preliminary assessment is that there should be economic policy and business continuity even if some investors may continue to be a little cautious in the near term," said OCBC Bank's head of treasury research and strategy Selina Ling.

    David Teoh, a Singaporean who lives in Iskandar where he runs a small packaging business, told BT that he wasn't overly concerned by the opposition making inroads into Johor.

    "It's perhaps too early to predict what may or may not happen. There are many Singapore investors here. We all hope that things remain as they are and that we continue to get the necessary support from the state for us to run our operations smoothly," he said.

    In a report yesterday, Citi Research wrote that, notwithstanding the gains by DAP in several key parliamentary seats within Iskandar, the Johor state government remains under BN control overall. BN won 37 out of the 56 seats in the Johor state legislatively assembly.

    The report noted that Singapore investors could choose to move ahead with their plans faster now that the outcome of the election has been made clear.

    "Political continuity should also bode well for the improving momentum in the bilateral relationship with Singapore, expediting the implementation of projects involving government-linked companies from both sides," it said.

    Among the many projects in the works is a high-speed rail link linking Singapore to Kuala Lumpur via Johor that is expected to be completed by 2020. A rapid transit system between Johor Baru and Woodlands is also on track to be ready by 2018.

    Keith Martin, chief executive of Global Capital and Development, the company tasked with building Iskandar's flagship Medini zone, said he expected to see "continued interest" from Singapore and regional investors alike, with strong direct investment and upcoming projects scheduled for completion in and around Medini soon.

    "Overall, Medini looks poised for growth and we are confident in its long-term success as a choice destination for business, lifestyle and living," he added.

  2. #2
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    thousands if not hundred thousands gather at KL stadium now at a rally....


  3. #3
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    of course if you have vested interest you will be positive....so as not to disrupt market sentiment. But with the polarisation among races caused by BN and the unfairness of the election, would Malaysians want to support their home prices being increased thanks to foreign investment, that is another point to ponder...
    I am rich in debts...

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    Hype over, reality sets in......

  5. #5
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    not vested but i don't wish unrest across the border too.

    money loss can make back, life loss bye bye

  6. #6
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    Quote Originally Posted by Lovelle
    thousands if not hundred thousands gather at KL stadium now at a rally....

    My relatives told me at least 150,000....some say 200,000.

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    You have a country where wealth is mostly generated by the Chinese who are constantly held back by the government.

    Corruption and other issues certainly upset many people in that country.

    A very real question is : With the Iskandar, how are the locals benefitting from it ?

    The development of Iskandar is also haphazard at most. But I shall not comment as I am not paid to improve their development plans. Haha!

    DKSG

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    Quote Originally Posted by DKSG
    You have a country where wealth is mostly generated by the Chinese who are constantly held back by the government.

    Corruption and other issues certainly upset many people in that country.

    A very real question is : With the Iskandar, how are the locals benefitting from it ?

    The development of Iskandar is also haphazard at most. But I shall not comment as I am not paid to improve their development plans. Haha!

    DKSG
    Job creation does not help locals? Who do they hire to run Lego land?

    Tourist dollars do not benefit local business? Hotel packages for theme park visits stay where? Where do the tourists eat? Tah pao from home country? Saty in tents?

    Pinewood studio bring in all their staff from US? Malborough College are staffed by expatriates yes....? How about cleaners, clerical, maintenance, security, transport?

    Haphazard development plan? The billions invested by MNCs including Temasek, Peter lim etc must be from suckers? .....have you seen their master plan?

    ...don't average wage earners there still drives and own landed?

    hmm maybe office boy knows something the big investors don't....care to substantiate?
    Last edited by dare2; 12-05-13 at 08:54.

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