Johor Sultan welcomes more foreign investors

JOHOR BARU: The Sultan of Johor, Sultan Ibrahim Ismail Sultan Iskandar, welcomes the entry of more foreign investments to the state.

The entry of foreign investments could change the landscape of the state, besides providing benefits from the economic and job opportunities to the rakyat in the long term, the Sultan said yesterday.

He was performing at the groundbreaking ceremony for the Princess Cove project in Tanjung Puteri here, developed by R&F Properties Co Ltd, a property developer based in China.

On the project, Sultan Ibrahim said it would become a landmark that the rakyat could be proud of.

“I am thankful to R&F Properties as the company has confidence in the investment potential in Johor Baru. It is hoped that this investment would generate profits to the company,” he said.

The project, located opposite Singapore’s Woodlands immigration complex and in close proximity to the Causeway, will have twin skyscrapers, one of which will be a Grade-A office tower while the other will feature a five-star hotel.

R&F Properties director-general of sales and marketing Fairus Cheung told reporters later that the first phase of the project involves the construction of 15 blocks of high-end condominiums, comprising 3,200 residential units, as well as a three-storey shopping complex, which is scheduled for completion in 2017.

“Since the opening of the sales office to visitors last month, some 30,000 registrations have been received from buyers from Malaysia, Singapore, Australia, Japan and Indonesia,” he said.

The whole project is expected to be completed in five phases up to 2022.

R&F Properties, which is listed on the Hong Kong Stock Exchange, bought 46.94ha of seafront, prime land worth RM4.5 billion in a deal involving Johor royalty.

Also present at the ceremony were the Tunku Mahkota of Johor Tunku Ismail Idris, Johor Menteri Besar Datuk Seri Mohamed Khaled Nordin, R&F Properties chairman Li Sze Lim and its chief executive, Zhang Li. — Bernama


This article first appeared in The Edge Financial Daily, on July 4, 2014.