39% of investments ‘realised’

  • Business
  • Saturday, 14 May 2011

KUALA LUMPUR: About 39%, or RM27bil, of the RM69.48bil investments committed to Iskandar Malaysia has been “realised” in the first phase of the project's development, according to Iskandar Regional Development Authority (Irda) chief executive officer Ismail Ibrahim.

“This is the investment figure we received from 2006 to 2010,” he told reporters yesterday at the press conference on the Wealth of Iskandar Malaysia Conference to be held from May 24 to 26.

Irda had attracted RM69.48bil of committed investments for the first phase, surpassing its target of RM47bil.

For the first quarter this year, another RM3.76bil of new investment commitments into Iskandar were received, bringing the total committed investments to RM73.24bil since 2006.

Of the total, RM43.29mil, or 59%, were from local investors.

On a sectoral basis, RM28.25bil investments had been committed in the manufacturing sector and RM24.26bil for property development.

Ismail also reiterated Irda's commitment to attract RM73bil of new investments for Iskandar from January 2011 to December 2015 (second phase).

“We plan to attract about RM15bil worth of new investments annually during the second phase,” he said.

Touching on the upcoming conference, Ismail said part of its objectives would be to reach out to investors and the public at large to share and witness the rapid progress of the development on the ground.

“It will also give you ideas on how you will be able to capitalise profit and further strengthen your company's positioning and portfolio as a result of the multi-billion investments in Iskandar Malaysia,” he said.

Ismail also said 2011/2012 had been anticipated as the tipping point for Iskandar Malaysia with the completion of the key development of infrastructure and major iconic projects such as the coastal highway, Johor Premium Outlets, Legoland and Newcastle University Medicine Malaysia.

Iskandar Malaysia, spanning over 2,217 sq km, is a mixture of brown and green field developments that are planned for completion in 2025.

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