Pengerang Integrated Petroleum Complex (PIPC) | MPRC
Iskandar Malaysia’s eastern corridor is poised for the next phase of economic growth as various developments are being planned in the pipeline to ensure that the spillover impact is more evenly distributed so as to benefit Johoreans and give the property sector a much-needed boost. Home to the largest oil & gas project in Pengerang as well as manufacturing and port industries in Pasir Gudang, the centre of gravity appears to be shifting away from Nusajaya and Johor Bahru as more jobs are expected to be created from two major projects in the eastern corridor. In Pasir Gudang, a new mixed-use development by UMLand called Taman Seri Albion was announced in September last year by the current chief minister of Johor Dato’ Mohamed Khalid Nordin. Dato’ Nordin is currently the area’s MP. The development within his stronghold is expected to create 12,100 jobs for Johoreans with 865 units of affordable housing to be built by 2018. Over in Pengerang, Malaysia’s largest oil & gas hub is being developed under the RAPID project undertaken by Petronas. This RM70 billion project spanning 2,000 hectares has already created 40,000 jobs in the construction industry, 400 jobs for engineers and a further 4,000 jobs for trained technical staff. Dato’ Nordin had noted that Taman Seri Albion project is in line with the state government’s vision to see Johoreans thrive in businesses as a result of its economic spillover as well as from the oil and gas industries in Pengerang.
DRAWING IN INVESTMENTS IN THE MANUFACTURING SECTOR EQUALS DEMAND FOR HOMES
Since Iskandar Malaysia’s inception in 2006, the manufacturing sector is a force to be reckoned with and has continued to be a major contributor to its economic growth. According to data from Iskandar Regional Development Authority (IRDA), from 2006 to March 2015, the region has attracted about RM166.1 billion worth of investments. Of this, a majority of the investments (RM50.82 billion) are in the manufacturing sector followed by the residential property sector (RM40.06 billion). The data suggests that there is a strong correlation between drawing in investments in the manufacturing sector and demand for residential properties. Therefore, it is not surprising that this is an important sector for Iskandar Malaysia’s success as it has helped create jobs for both locals and foreigners, which has continued to lead the demand for properties.
ECONOMIC SPILLOVER IMPACT
That appears to be the game plan in Pasir Gudang for Taman Seri Albion. Measuring 347 acres, the township will be developed by Tentu Teguh Sdn Bhd, a wholly own subsidiary of UMLand. Its first phase project is a business park that will comprise 89 units of terrace, cluster and semi-detached factories with a built up size from 3,276 sq ft to 14,532 sq ft. Called Dover Business Park, its estimated pricing will start from around RM300 per sq ft with an estimated gross development value (GDV) of RM 178 million. “The township will change the investment landscape here. It is a step in the right direction considering it is a mixed-use development with affordable housing for Johoreans,” Dato’ Nordin said at the groundbreaking ceremony, UM Land’s third township in Iskandar Malaysia and its fourth in Malaysia.
The business park’s target markets will be Malaysian and Singaporean small and medium-sized enterprises which are involved in industries such as food and beverage production, the garment manufacturer, printing and packaging, electronics, storage and warehousing, services, information technology, machinery spare parts, carpentry and furniture production and automotive workshops. This will in turn create business opportunities for Johorean entrepreneurs from small “mom-and-pop” shops to hawkers.
Read more here! – http://iprop.my/1XiSjmS
