JOHOR BARU: The Space Residency project is set to become an iconic landmark and help transform Johor into a metropolis.
State international trade, investment and utilities committee chairman Jimmy Puah Wee Tse said the project would also complement the ongoing development of Coronation Square and R&F Mall Johor Baru.
“This project is located in Zone A of Iskandar Territory. We need more landmarks and more hotels to support this vision.
“Sultan Johor Sultan Ibrahim ibni Almarhum Sultan Iskandar and the state government want Johor to be able to compete with cities like Sydney or even Hong Kong,” he said after launching the mural art wall at Linbaq sales gallery here.
State tourism, women, family and community development committee chairman Liow Cai Tung was also present.
Puah said there was a perception that Johor had a lot of unsold properties.
“This can be resolved as it is caused by mismatches between demand and location.
“This is where experienced developers can play a role in making sure they provide property based on demand and location,” he added.
The Space Residency is a project by Linbaq Holding Sdn Bhd and located at Century Garden here, with a total gross development value (GDV) of RM800mil.
Linbaq Holding Sdn Bhd chief executive officer Datuk Wira Ling Kah Chok said the project would involve the redevelopment of an old hotel within a 0.96ha of land.
“This area will be a mixed development involving two towers of serviced apartments, a hotel, sky commercial areas, shoplots and food outlets.
“We have a total of 995 units of service apartments, 27 commercial units, and 35,000 sq ft sky convention area,” he said, adding that 70% of the residential units were sold.
Ling said the company foresees 80% of the units being sold to local buyers and the remaining 20% to foreigners.
“The development project started in January and is expected to be completed by the end of 2024,” he said
He elaborated that in order to create further excitement in the vicinity, Linbaq would be collaborating with Taiwan Carton King to develop the very first paper theme park in South-East Asia, with a total investment value of RM15mil.
“It has created a famous theme park in Taiwan, which features animals, architecture, furniture and souvenirs made entirely from recycled paper,” he said.
Ling said to complement the growing tourism sector in Johor Baru, Linbaq would also be partnering with Accor Hotels to manage its Novotel project.
He added that Novotel had a network of over 500 hotels and resorts in 59 countries, and was located in the heart of major international cities, business districts and tourist destinations with a high booking record with 1.05 times every minute.