JOHOR BARU: The first tower of Coronation Square, the iconic building in the heart of the city’s financial centre is almost completed and is expected to open its doors for business within the next few months.
Dubbed as the city’s first financial tower and bank headquarters in about 25 years, there is plenty of anticipation as this mega mix-development project known as the Ibrahim International Business Centre or IBBD has started becoming a reality.
Two of the six towers have been sold comprising a 30-storey tower to KPJ Healthcare Bhd and a 35-storey tower to Bank Rakyat.
The KPJ Healthcare tower, which will be ready by mid-2024, will occupy seven levels, and will offer non-ambulatory, or non-emergency, medical services such as aesthetic services, dentistry, aged care, and paediatrics in purpose-built medical suites.
Bank Rakyat will occupy 29 levels of Menara Bank Rakyat, which is scheduled to be ready by June this year.
“The response from buyers has been very good as they see the value of their investments.
‘’This is the first major and fully integrated development in the heart of the city,” says Coronade Properties Sdn Bhd sales manager Ong Tee Hui, adding that the IBBD was becoming a reality.
The property is located near the Public Bank tower, Menara Tabung Haji and Employees Provident Fund building.
According to Ong, former Entrepreneur Development and Cooperatives minister Tan Sri Noh Omar had said that Menara Bank Rakyat would be a digital business hub for banking transactions, entrepreneurship, business and digitalised transactions.
This integrated development is flanked by Jalan Wong Ah Fook and Jalan Trus and has an estimated gross development value of RM5bil.
In 2015, Sultan Ibrahim Sultan Iskandar of Johor launched the Ibrahim International Business District transformation plan to redevelop or regenerate about 101ha within the city centre.
Ong said the structures were in various stages of progress on the site and expected to be completed in 2028 and fully operational by then.
Coronation Square is boosted by its proximity to the Johor Baru-Singapore Rapid Transit System (RTS) station, which is expected to push up the value of properties in the area.
She said Coronation Square would be linked to the RTS station and would probably be the only commercial and residential property in JB to offer that kind of facility.
“Elevated walkways will connect the RTS station and Bangunan Sultan Iskandar Customs, Immigration and Quarantine Complex to Coronation Square.
“We are looking at an estimated 10,000 commuters per hour with each four-minute ride taking 1,000 people per trip.
“The RTS connection from Coronation Square is the most ideal one to take the trip to Singapore.
“We are very sure that Coronation Square will be a jewel because once everything is in place and operational, it will make JB and its surrounding areas vibrant,” she said.
Recently, Johor Ruler Sultan Ibrahim Ibni Almarhum Sultan Iskandar cited the importance of Coronation Square and RTS, stressing the importance of a good traffic system in the vicinity.
His Majesty urged the Private Partnership Unit or Ukas under the Prime Minister’s Department to fund the building of a flyover between RTS and Coronation Square to disperse traffic.
“To date we have spent over RM100mil to build roads, ramps and infrastructure to help disperse traffic as we do not want this area to be congested in future,” she said, adding that ample parking was also being provided with almost 5,000 parking bays within the project.
“We also have allocated space for a roof top garden and we will also be building a diamond mosque on the 65-storey tower,” she said, adding that this could probably be the highest mosque in the world.
Ong said Coronation Square would not just be a commercial property as there would also be a serviced apartment tower, called The Coronade Residences, which will offer 551 units spread across 38 storeys with three-unit sizes – 267, 561 and 704 sq ft.“Even before we officially launched our residential project, take up was at 45% in the last few weeks,” she said, adding that there was a lot of excitement as this was the only project within the city area, which was only 210m walking distance to the RTS project.
She added a spa, called Spa-radise, will also be set up as part of its recreation wellness area on the rooftop, where Balinese, Chinese and Thai spas would be offered.
“We believe the mall will complement the other malls in the area,’’ she said, adding that there would be a hotel, branded serviced apartments and a signature tower.
Facilities at The Coronade Residences will include a yoga deck, swimming pool, barbecue deck, playground, high-terrace garden, water feature, Jacuzzi, sauna, gym, concierge and the first medical concierge in Malaysia.
The four-star hotel, to be operated by Wyndham Group, will be in a 32-storey tower and have 250 to 300 rooms.