Consolidating resort group
The resolution has opened avenues for more cooperation between Singapore and IM, such as recently announced plans by Singapore’s government to invest in a joint venture wellness centre at Gleneagles Hospital in Nusajaya.
Another development in Johor Bahru City that is catching the eyes of Singaporeans and Malaysians alike is the Danga Bay waterfront project.
More than 30% of all investment projects under the Economic Transformation Programme (ETP) are located in this state, as it seeks to build itself into a competitor to neighbouring Singapore.
The bulk of these new jobs will be generated by the creative sector, with projects such as Pinewood Iskandar Malaysia Studios and MSC Cyberport expected to open up 18,000 new employment opportunities.This now seems achievable, as IRDA figures show that between IM’s launch in 2006 and the end of the first half of 2012 total cumulative committed investments in IM had reached RM95.45bn (.8bn), 43% of which had been realised.Domestic investments constituted 62% (RM58.95bn, bn) of this total, with the remaining 38% (RM36.5bn, .8bn) of foreign investment led by Asian commitments.Home to more than 1m people and the entry point for 60% of foreign tourists to Malaysia and 85% of visitors from Singapore, Johor Bahru City stands to benefit in many ways from its proximity to the Lion City.Connected to its neighbour by a causeway, Singaporean commuters stream over the border to take advantage of Johor-Bahru’s lower real estate prices, while Singaporean companies benefit from IM’s cheaper labour costs.
With the exception of Senai-Skudai in the north of IM, all the zones skirt Johor’s southern border, facing Singapore – a significant geographic orientation.