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SINGAPORE: Iskandar Investment, the Malaysian company set up to develop projects in the Iskandar Development Region (IDR) in Johor, said on Thursday that the global financial crisis has not hampered the project.
But it admitted that the crisis has caused them to revisit their initial strategies and change their focus on potential investors.
Giving an update on the massive project, CEO of Iskandar Investment, Arlida Ariff, said the impact has been more on the strategy and marketing focus of the company, rather than the actual construction projects, which she said are on schedule.
To date, the committed investment in the region has hit 51 billion ringgit or S$20.8 billion. The company is reportedly on track for its initial forecast of total investment to amount to 383 billion ringgit or S$157 billion by 2025.
The top three foreign investors in the project to date are Spain, Japan and Singapore.
Ms Arlida said the global financial crisis has caused the company to rethink its initial strategy, which considered the Iskandar Financial District as the crown jewel of the project.
"That has become something which we have now re-strategised. We will not be focusing on a lot of the huge financial-type facilities. The shift will now be more expanded.
"We will be looking at more of the creative and logistics, particularly in terms of data centres, back office spaces, etc. That will be something we will promote," she said.
The crisis has also caused the company to change its geographical focus for potential investors. China, India and Indonesia, which were not among its top targets two years ago, have now become the main focus points for Iskandar Investment.
Ms Arlida was also asked about the IDR's relationship with Singapore and whether it finds itself directly competing for investments with its smaller neighbour.
"I'd like to think that eventually when we all get very pragmatic about it that the borders will be very porous. So you could be living in Iskandar and working in Singapore, or you could be living in Singapore and working in Iskandar," she said.
"We will start off as the back office, but in our vision... as income levels increase in Iskandar, the higher value type of propositions will also relocate into Iskandar."
Right now, she said her main focus is to deliver on the projected deadlines for many of the construction projects such as Legoland, the Coastal Highway and the Newcastle Medical University campus – all of which are set to be completed by 2012.
- CNA/so
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