More Singapore investments coming here, says Najib

JOHOR BARU (Feb 20, 2013): Malaysia will see more investments coming from Singapore following the unveiling of two wellness projects in Medini, Iskandar Malaysia here yesterday, said Prime Minister Datuk Seri Najib Abdul Razak.

"This is just the beginning of ties between the (two) countries. I see significant investments coming from Singapore into Malaysia," he told reporters at the unveiling of Afiniti Medini, an urban wellness centre, and Avira -- a resort wellness centre.

The premier also stressed the importance of Singapore companies relocating to Iskandar Malaysia as well as setting up of new companies and creation of new investments.

His Singapore counterpart Lee Hsien Loong said Malaysia has shown a lot of commitment in Iskandar Malaysia in terms of investment.

"A lot more investments are coming in from Singapore and the region. There are investments coming into Singapore but cannot quite fit into Singapore so they go to Iskandar Malaysia instead.

"There is a spillover effect from Singapore to Iskandar Malaysia," he added.

Earlier in Singapore, Najib and Lee unveiled the design of Marina One -- an integrated development in Marina Bay, Singapore, which is being undertaken by M+S Pte Ltd, a company owned 60:40 by Khazanah Holdings Bhd and Temasek Holdings Pte Ltd.


Covering a gross floor area of 3.67 million sq ft, Marina One will comprise two towers of 1,042 luxury residences ranging from one- to four-bedroom units which will be launched in the second half of this year, a 1.88 million sq ft of Grade A net lettable office space and a retail podium covering 140,000 sq ft net lettable space.

Piling work for Marina One has commenced and it is expected to be completed in 2017.

Later, Najib and Lee unveiled the names and logos of Afiniti Medini and Avira here. They also officiated the ground breaking ceremony of Afiniti Medini.

The RM500 million Afiniti Medini is a 5-acre urban wellness project aimed at families, tourists and professionals looking to combine wellness, retail and hospitality experiences as well as corporate training needs.

It is developed by Pulau Indah Ventures Sdn Bhd (PIV), a 50:50 joint venture (JV) between Khazanah and Temasek.

The appointed key partners for Afiniti Medini are CIMB Investment Bank Bhd, The Ascott Ltd and Parkway Pantai Ltd.

Afiniti Medini has a total gross floor area (GFA) of 699,900 sq ft comprising a five-storey wellness centre, 33-storey serviced apartments called Somerset Medini Iskandar offering 310 units to be managed by The Ascott, a four-storey corporate training centre, a 22-storey strata residence offering 147 units and retail component with over 36,000 sq ft GFA.

The first launch of the project, which is the strata residences, will take place in the second quarter of this year, with the entire project scheduled for completion by end-2015.

Meanwhile, Avira is a 210-acre resort wellness project to be developed by Nuri Merdu Sdn Bhd, a 50:50 JV between PIV and Eastern & Oriental Bhd (E&O).

It comprises 96 units of bungalows, 458 units of terrace homes, 168 units of semi-detached houses, 1,769 condominium units, 320 service apartments, a 13.8-acre commercial hub and a 12.5-acre wellness sanctuary.

The first launch will be its two-storey terrace homes, happening later this year. The entire project is expected to be completed within five to eight years.

E&O deputy managing director Eric Chan said the land cost for Avira is some RM350 million, but he declined to reveal its gross development value (GDV).

In a statement, the combined GDV of both Afiniti Medini and Avira was stated at RM3 billion.

Medini is part of Iskandar Malaysia that spans 2,217 sq km and is 15 minutes from the Johor Baru city centre.

Medini is split into four development clusters namely Medini North, Medini Business, Medini Central and Medini South. Afiniti Medini and Avira are located in Medini North and Medini Central respectively.

(Source: The Sun Daily)