news

HSR axing impact on Iskandar Puteri minimal

PETALING JAYA (May 31): The cancellation of the Kuala Lumpur-Singapore high-speed rail (HSR) project will only have a light impact on Iskandar Puteri’s property market in the medium part, as it is only a positive point to upcoming projects in the region.

Iskandar Puteri is close enough to Singapore, and there is already a second link connecting Malaysia and Singapore, UEM Sunrise Bhd managing director and CEO Anwar Syahrin Abdul Ajib (pictured) told Bernama.

“There are other plus points such as Nusajaya Tech Park, Puteri Harbour, FASTrack City, Legoland and many more.

“However, in the long run, we need to find another catalyst as there is a need for greater connectivity,” he told reporters after the company’s 10th annual general meeting (AGM) here, today.

According to Anwar, the take up rate for Iskandar Puteri’s mixed development projects, Bayu Nusantara and Denai Nusantara, comprising 10,000 units of affordable housing, had been positive.

“The cancellation of the HSR project will have a minor impact on the take up rate, but we strongly believe that Iskandar Puteri will continue to be developed vibrantly, even without the HSR,” he said.

However, the masterplan for the Transit Oriented Development (TOD) project in Iskandar Puteri would be put on hold pending a study on the impact of the HSR cancellation, he said.

UEM Sunrise’s 2017 annual reported stated that the detailed masterplan of the 121.4ha-TOD was due to be revealed by the second half of this year.

The plan had apportioned 28.32 hectares for the HSR station in Gerbang Nusajaya.

Meanwhile, the rest of the land will be developed into mixed residential and commercial developments via a joint venture with Leisure Farm Corp Sdn Bhd.

The GDV for Gerbang Nusajaya stood at about RM45 billion.

The HSR cancellation was announced by Prime Minister Tun Dr Mahathir Mohamad on May 28, as his government sought to stop and review mega projects in a bid to cut government spending and costs.

Like our content? Check out Narratives – where we curate stories based on topics to keep you well and broadly informed about Malaysian real estate.

Looking for property? Check out Location Scan, where we summarize all available options and facts you need in a few clicks. We have updated the tool to include MRT3 stations too.

Curious how much you can borrow? Use LoanCheck to get your maximum loan eligibility from various banks, or LoanReport to get a FREE CTOS/CCRIS credit report.
SHARE
RELATED POSTS
  1. UEM Sunrise says no profit erosion from construction cost hike this year
  2. UEM Sunrise returns to profit as revenue jumps on land sale gain, higher property sales
  3. Malaysia’s connectivity back on track and moving forward with VTL, ECRL and HSR