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...Total real estate investment in Iskandar fell from $1.4bn in the 12 months to the end of March 2013 to $86m in the 12 months to the end of March this year....
...Iskandar, “Malaysia’s Shenzhen”, is projected to have a population of 3m by 2025, from about 1.8m today. The forecast has fuelled investment in residential real estate....
...A number of Singaporean enterprises did relocate to Nusajaya and contributed to a real estate boom....
...Meanwhile, the focus on real estate has contributed to a housing glut in the southern state of Johor....
...Defenders of the Malaysian prime minister insist a buyer can still be found for the land, describing it as one of the last significant pieces of prime real estate in the vicinity of the Malaysian capital...
...About 220,000 people are expected to work in Forest City, one of several mainly private construction projects in the Iskandar Malaysia zone, a special economic zone offering tax and regulatory incentives...
...Two out of three phases of its 529-hectare Southern Industrial and Logistics Cluster (SILC) industrial estate have sold out....
...Slowing loan growth has already led to real estate oversupply problems in Iskandar, on the Malaysia-Singapore border and Cebu in the Philippines....
...Other measures included an increase in the tax on capital gains from real estate....
...There are as yet no signs of cashflow problems for megaprojects, such as Country Garden’s huge real estate development in Iskandar....
...Buyers from Singapore are also increasingly worried about issues such as building management, landscaping, and other “soft” elements of real estate....
...Real estate is one example....
...But Mazen Iskandar, the gallery owner, is grumpy. Many artists have left Iraq and people who appreciate art and can afford it also fled the violence of the last decade....
...The group has about $65bn of real estate under development for the next 15 to 20 years and a 35m-square metre land bank....
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