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Thread: Iskandar launches hit by delays

  1. #1
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    Default Iskandar launches hit by delays

    http://www.straitstimes.com/archive/...elays-20140925

    Iskandar launches hit by delays

    Waiting for regulatory approval among reasons cited by S'pore developers

    Published on Sep 25, 2014 1:08 AM

    By Rennie Whang


    LAUNCHES by Singapore property players in the Iskandar Malaysia development zone appear to have stalled amid a subdued market.

    For instance, CapitaLand said on Tuesday it is "waiting for the relevant regulatory approval for (its) Danga Bay project's masterplan". CapitaLand has yet to launch the first phase of its $3.2 billion development there, a high-rise 900-unit condominium being undertaken with joint venture partners.

    In its annual report, it said the project would be "launch ready" this year. A spokesman said the developer has not sought an extension, contrary to a news report on Tuesday. The Straits Times understands CapitaLand's local partner, Iskandar Waterfront Holdings (IWH), on Tuesday called for a meeting with the Singapore firm to explore how best to expedite the approval. Temasek Holdings is a third partner in the joint venture.

    Another Singapore developer to face delays is Rowsley, which is building the $2.2 billion Vantage Bay integrated project, including the 75-storey residential development Skies. Vantage Bay chief executive and Rowsley executive director Ho Kiam Kheong said in a report last year it would launch its residential units by this year's first quarter. But he said on Tuesday the firm is in the process of obtaining the advertising permit and developer's licence.

    A third developer, Link (THM) Holdings, which is developing the $1 billion Media Village integrated project, seems to have held back as well.

    Link founder and group chief executive Kenny Tan said in a report last year it expected to launch apartments and business suites for sale by the end of last year. Link had not responded by press time.

    Sin-Hao Yuan Land, linked to Singapore developer Hao Yuan Investment, has also been fairly quiet since details of a $3 billion integrated development at Danga Bay with IWH were announced late last year. Its land is next to the CapitaLand site.

    "The project is still in its planning stage (and) we do foresee some delay, not uncommon for a project of this nature and magnitude," a spokesman said.

    What is going on? "Recent feedback on the ground is that the approval authorities are much slower in issuing the advertising permit and development licence," said Mr Johnny Chng, head of international projects at consultancy OrangeTee.

    But he added it is possible developers are reviewing their launch strategy after the status of the first launch of Guangzhou R&F's Princess Cove, which has apparently suffered weak sales.

    "The huge number of units launched would have significant impact on the investment environment in the vicinity. The growing presence of developers from China may have also raised concerns of a possible supply overhang in Iskandar," said Mr Chng.

    Mr V. Sivadas of PA International Property Consultants said: "Nobody expected the large number of high-rise residences on the waterfront."

    Other than Princess Cove, CapitaLand's project and Skies are also set to be on the waterfront.

    "Waterfront units, which tend to be priced at a premium due to higher land costs, are having difficulty sustaining sales... Until developers of such properties have their target market right, it would make sense to hold back," said Mr Sivadas.

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  2. #2
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    Build so many projects there waiting for carrotheads to snap up. In Iskandar, only developers are the winners.

  3. #3
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    Capitaland bought into the wrong site. This could be one of huge few developers in iskandar who will lose Money.
    Quote Originally Posted by Patrickstar View Post
    Build so many projects there waiting for carrotheads to snap up. In Iskandar, only developers are the winners.

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    Quote Originally Posted by Patrickstar View Post
    Build so many projects there waiting for carrotheads to snap up. In Iskandar, only developers are the winners.
    they snap up also nothing to do with u what, why u worry?
    A classic line (he was so excited with that announcement he even called it his long "TREM" PLANS ) from a 40plus self-contradictory uninspiring father of a few kids who loves rote learning.......after calling JB a "backwater shythole",


    Originally Posted by xebay11
    "Let's get the facts straight,

    1. JB is in my long trem plans to retire..."




    HE ALSO MADE THIS STATEMENT ON 16/SEP/2015..0937AM....STOKING SOCIAL UNREST...

    "now I am only waiting for the racial unrest to filter down from KL to JB ha ha ha ha ha ha.."

  5. #5
    OCR properties going to crash!

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    I already tell people that if they want to invest in Malaysia, be the developers and sell the "paper ownership of property" to the carrotheads! Ops!
    Which billionaire buy properties to hold and rent out in Malaysia? Definitely not Peter Lim that some people cited here... He is the developer there, not carrying the "babies"...

    Quote Originally Posted by Patrickstar View Post
    Build so many projects there waiting for carrotheads to snap up. In Iskandar, only developers are the winners.

  6. #6
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    Worry? I worry for what? I am enjoying the show...

    Quote Originally Posted by polarinda View Post
    they snap up also nothing to do with u what, why u worry?

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    Quote Originally Posted by Patrickstar View Post
    Worry? I worry for what? I am enjoying the show...
    in the.comfort of your pigeonhole? Lol
    A classic line (he was so excited with that announcement he even called it his long "TREM" PLANS ) from a 40plus self-contradictory uninspiring father of a few kids who loves rote learning.......after calling JB a "backwater shythole",


    Originally Posted by xebay11
    "Let's get the facts straight,

    1. JB is in my long trem plans to retire..."




    HE ALSO MADE THIS STATEMENT ON 16/SEP/2015..0937AM....STOKING SOCIAL UNREST...

    "now I am only waiting for the racial unrest to filter down from KL to JB ha ha ha ha ha ha.."

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