atans1

How IskandarLand may look like?

In Malaysia on 28/05/2010 at 1:57 pm

An abandoned project in Inner Mongolia.

As is traditional whenever there is a new M’sian PM, there is a love fest wayang between the two countries for the media and public. Then reality sets in.

Both leaders also discussed bilateral co-operation in the joint iconic project in Iskandar Malaysia.

They agreed that Khazanah Nasional and Temasek Holdings will form a 50-50 joint venture company to undertake the development of the iconic wellness township project in Iskandar Malaysia.

The project will involve the participation of private sectors from both countries.

Both leaders said they look forward to the launching of the project within a year.

Let’s hope this doesn’t become another Soochow Park fiasco. I remain sceptical abt the Iskandar project because it seems more of the same, “Buy land from us because we are doing great things” that emerges from Johore every few yrs.

I do not get the impression (and I’ve attended several high-powered seminars) that the Malaysians are spending money putting up the core buildings. Contrast this with what S’pore usually does when it builds industrial parks in S’pore.

S’pore is going abt developing a data park, which shows the difference between how S’pore does things from Iskandar.  S’pore is planning to put up six buildings (120,000 square metres) and allowing companies that want to build facilities to do so. Iskandar from all that I’ve seen wants to sell/lease land for companies to develop the banking. wellness, IT and education hubs.  The only places in Iskandar Land that does this is in places where MMC (a M’sian listco) is building logistics hub:  Senai  (air) and Tanjung Pelepas (sea).

When will the Malaysians learn that since the Dubai crisis, the selling land/ leasing model doesn’t work any more?

Get serious, do what S’pore Inc does successfully in S’pore,Vietnam (SembCorp’s projects) and India (Ascendas’ projects).But money where yr mouth is.

 

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