$928 million plan to turn Johor Baru river
into tourist destination - See more at:
http://www.straitstimes.com/news/business/economy/story/928-million-plan-turn-johor-baru-river-tourist-destination-20150515#sthash.bS2aqGkI.dpuf
into tourist destination - See more at:
http://www.straitstimes.com/news/business/economy/story/928-million-plan-turn-johor-baru-river-tourist-destination-20150515#sthash.bS2aqGkI.dpuf
The project's launch on Friday came amid
concerns raised by the Singapore
government this week about the looming glut of residential properties in the
Iskandar Malaysia development zone in southern Johor that includes Danga Bay.
concerns raised by the Singapore
government this week about the looming glut of residential properties in the
Iskandar Malaysia development zone in southern Johor that includes Danga Bay.
But the developers said they are
undeterred by the oversupply worries, as the property players will stagger
their projects over a 15 to 20-year period.
undeterred by the oversupply worries, as the property players will stagger
their projects over a 15 to 20-year period.
Launching the ground-breaking ceremony
yesterday, Johor Menteri Besar, Mohamed Khaled Nordin, said: "We will make
Danga River come alive with river cruises,
boardwalks, street sculptures, lifestyle malls, food, entertainment and other
water sports facilities".
yesterday, Johor Menteri Besar, Mohamed Khaled Nordin, said: "We will make
Danga River come alive with river cruises,
boardwalks, street sculptures, lifestyle malls, food, entertainment and other
water sports facilities".
He said the 21ha project will be a boon
for tourism and a playground for local youths, while the deepened river will be
used for international-class water activities.
for tourism and a playground for local youths, while the deepened river will be
used for international-class water activities.
The project will be carried out by a
subsidiary of property developer Iskandar Waterfront Holdings (IWH).
subsidiary of property developer Iskandar Waterfront Holdings (IWH).
Reflecting the River City's
ambitions are the names of the four components of the revitalised areas along
the river.
ambitions are the names of the four components of the revitalised areas along
the river.
The Venice
will be its entertainment and shopping area, The Gateway the "new
downtown" with hotels and offices, The Rivera its residential hub with
apartments, and Fisherman's Wharf for festivals and street parties.
will be its entertainment and shopping area, The Gateway the "new
downtown" with hotels and offices, The Rivera its residential hub with
apartments, and Fisherman's Wharf for festivals and street parties.
The Monetary Authority of Singapore board
member Lawrence Wong told Parliament on Monday that nearly 336,000 private
residential units are in the pipeline in Johor, more than all the private homes
currently standing in Singapore.
Most of these units are coming up in Iskandar.
member Lawrence Wong told Parliament on Monday that nearly 336,000 private
residential units are in the pipeline in Johor, more than all the private homes
currently standing in Singapore.
Most of these units are coming up in Iskandar.
"There is indeed a real concern about
future oversupply in the property market there and hence the potential decline
in value of homes," Mr Wong said.
future oversupply in the property market there and hence the potential decline
in value of homes," Mr Wong said.
Responding to the glut concerns in his
speech when launching the River
City project, IWH
executive director Lim Chen Herng said: "Let me assure you that this will
not happen because these foreign developers will stagger their planned projects
according to market demand. Some of their projects are spread over a 15-20 year
period.
speech when launching the River
City project, IWH
executive director Lim Chen Herng said: "Let me assure you that this will
not happen because these foreign developers will stagger their planned projects
according to market demand. Some of their projects are spread over a 15-20 year
period.
"So there should be no fear of a
property glut, as speculated by many analysts."
property glut, as speculated by many analysts."
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