Now considered one of Malaysia's hottest real estate spots, Iskandar Malaysia has been pulling in developers looking to cash in on the demand for properties there.
Local developers may have had a headstart, but they are now facing stiff competition from larger builders from Klang Valley and beyond Malaysia.
The rivalry has led to a mushrooming of options for buyers. In the next two to three years, thousands of units are scheduled to be completed, given the number of projects launched in the last year or so amid bullish sentiment and robust sales. For example, Afiniti Medini, a mixed-use residential-commercial development, sold 88 units in just 51/2 hours.
This enthusiasm has prompted builders to step up the unveiling of new launches. In the coming months, these will include Bandar Raya Development's Emerald Bay Puteri Harbour, a waterfront project, Sunway Group's mammoth RM30 billion (S$11.8 billion) Sunway Iskandar integrated township and Eastern & Oriental's RM3.5 billion "wellness-themed" Avira in Medini Central.
By virtue of their huge land banks in the economic zone, two developers will continue to play a major role in Iskandar's development. They are the state-owned UEM Sunrise (previously UEM Land) and Iskandar Waterfront Holdings (IWH).
This is the new name of UEM Land following its acquisition of high-end condominium builder Sunrise. UEM Sunrise is the master developer for Nusajaya, where it holds 10,400 acres in its land bank.
The company is involved in residential projects such as:
East Ledang: Launched in 2008 with a gross development value (GDV) of RM1.67 billion, this project sits on 111 hectares and features 31 manicured and landscaped gardens, including a lake and wetlands.