Casino in Johor Bahru Iskandar Malaysia

The news about Johor going to build casino has spread widely recently. Based on the sources, Malaysia tycoon controlled Berjaya Group will build the casino inside Berjaya Waterfront once obtained the gambling license from government.

Recently Berjaya Group has purchased Johor Bahru Berjaya Waterfront. At this moment Berjaya Waterfront’s retail spaces is undergoing construction and renovation. There are the rumours that it is building casino.

Based on insider source, Berjaya Group plan to have a make over renovation for the Berjaya Waterfront retail spaces and hotel, bring in upmarket branded shops and restaurants, and in future followed by entertainment resort comprising of gambling casino.

Where is Berjaya Waterfront hotel and retail mall? Well, Berjaya Waterfront is the previously well known The Zone hotel and Free Tax Zone retail mall. Berjaya Waterfront is built alongside seaside of Stulang Laut, and the opposite of the sea is Singapore country. Because it is free tax zone, it draw quite a lot of local and Singaporean to there for alcohol and cigarette and food.

Local Chinese leader and merchant association believe the opening of casino can bring benefit to Johor state government and local people, stimulate the economy and job creation, but cautious that government must set entry measures to Malaysian to avoid the negative effects arising from casino.

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Malaysia small and medium enterprise association leader said that the opening of casino in Johor Bahru can bring domino effects to surrounding property values to new height and create more jobs resulting in huge economic benefits in Iskandar Malaysia developments. However, government must aware of potential social problems arising from the gambling and take preventive measures.

Malaysia financial magazine “The Edge” quoted sources previously said Johor Sultan Ibrahim bought 20% market share of subsidy company of Berjaya Group, Berjaya Asset (BJASSET). Following with the purchase, news widespread about the intention of Vincent Tan, the owner of Berjaya Group is planning to develop large scale entertainment resort in Johor Bahru, comprising of gambling slot machines, upmarket restaurants and branded retail mall to compete for market share from Singapore both Integrated Resort Marina Bay Sands and Resort World Sentosa.

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Alvin Mah
016 – 888 4292 / alvin-ma@live.com
Property consultant
Website: http://mproperty.asia
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Iskandar Malaysia breaking record land price sales

Johor land price received historical record high in transaction yesterday. Johor Sultan Ibrahim sold 6 pieces of land within Special Economic Zone Iskandar Malaysia with the total land coverage of 116 acres to China Guangzhou developer R&F Properties with the total price of RM4.5 billion ( Malaysia Dollar). The land price was transacted at RM890 per square feet, breaking the record of previous China developer Country Garden that bought the land at Danga Bay with RM363 per square feet.

According to report submitted by R&F Properties to Hong Kong Securities Exchange, it bought the land at Iskandar Malaysia with above price after negotiation with Johor Sultan Ibrahim. Report said R&F Properties will pay RM100 million as down payment, and the remaining payment will be paid within following 3 years in four time method.

The Chairman of R&F Properties Mr Li said this is the company first oversea land purchase. He mentioned that Malaysia has large Chinese population and at the same time local government implementing policies that attracting foreign buyer, so it is very suitable for the company first foray to oversea market. “Malaysia has strong economic fundamental and supported by huge human population, its properties market has strong potential growth.”

 

Property Management and Property Consultancy, One Stop Renovation services, Mortgage, Housing Loan Insurance MLTA

Alvin Mah
016 – 888 4292 / alvin-ma@live.com
Property consultant
Website: http://mproperty.asia
Property Consultancy and Property Management services, Renovation and Refurbishment Services, Mortgage and Housing Loan Insurance services

Your service delivery and trustworthy partner.