JOHOR BARU: Al-Salām REIT and Mass Rapid Transit Corporation Sdn Bhd (MRT Corp) have signed a Memorandum of Understanding (MoU) to develop a pedestrian overhead bridge connecting Komtar JBCC to Rapid Transit System (RTS) Link Bukit Chagar station.
The MoU which seals the strategic partnership between Al-Salām REIT and MRT Corp, was inked by AmanahRaya Trustees Berhad, the Trustee of Al-Salām REIT, chief executive officer Zainudin Suhaimi and RTS Link MRT Corp project director Ir. Zulkifli Mohamed.
The pedestrian overhead bridge, with a project value estimated between RM10 million and RM15 million, is aimed at attracting higher foot traffic by bolstering connectivity between Komtar JBCC and the RTS Bukit Chagar station, while enhancing lifestyle experiences.
Al-Salām REIT, is a listed real estate investment trust majority owned by the Johor Corporation Group of Companies and is the registered owner of Komtar JBCC, while MRT Corp via its wholly-owned subsidiary Malaysia Rapid Transit System Sdn Bhd (MRTS), is the developer and owner of the Malaysian civil infrastructure of the RTS Link.
Al-Salām REIT is managed by Damansara REIT Managers Sdn Berhad, a wholly-owned subsidiary of Damansara Assets Sdn Bhd, a business unit of the Real Estate and Infrastructure Division of Johor Corporation.
The Komtar JBCC pedestrian overhead bridge, upon its completion in 2027, will be fitted with air-conditioning and provide easy access to commuters.
The 42m-long bridge will offer commuters a seamless, safe and convenient link between the station and the mall, and is accessible to the Ibrahim International Business District's surroundings.
Damansara REIT Managers Sdn Bhd chairman Datuk Mohd Redza Shah Abdul Wahid said the RTS Link Station opening would greatly enhance Komtar JBCC's accessibility, leading to a surge in footfall.
"The influx of RTS Link passengers alone is anticipated to double the pre-pandemic numbers.
"This initiative will undoubtedly yield substantial benefits, as the increased foot traffic will drive business growth and result in higher rental rates.
"We aim to revitalise Komtar JBCC's earning potential while breathing new life into its operations by unlocking its true potential," he said.
With the execution of asset class diversification and tenant initiatives, Komtar JBCC earning turnaround initiatives is expected to quintuple the current total Al-Salam REIT's asset value within a span of five years.
He said a series of roadshow events with stakeholders would be held from today onwards by the Fund Management.
Meanwhile, JLand Group deputy chairman Datuk Akmal Ahmad said the project was a testament of JLand Group and MRT Corporation's commitment in enhancing Johor Baru's appeal as an international business and tourism hub.
Akmal is also Johor Corporation's Real Estate and Infrastructure Division director.
This Pedestrian Overhead Bridge will enhance connectivity in the Ibrahim International Business District (IIBD), which will also benefit the businesses located within.
To ensure its success, JL Projects Sdn Bhd, JLand Group's project development arm will undertake the planning, design, and development of the pedestrian overhead bridge.
The RTS Link is anticipated to transport about 10,000 passengers per hour per direction, facilitating seamless travel between Singapore and Johor Baru.
As a result, Komtar JBCC's experiential mall, featuring an array of premium brands, food and beverage establishments, and fashion and leisure outlets, is poised to attract a greater number of shoppers, tourists, and business travellers.
With an international mix of visitors and tourists, the commercial value of Komtar JBCC and IIBD is expected to increase, offering the public promising investment opportunities through Al-Salām REIT.
IIBD and local communities will reap the benefits of this transformative project, as the pedestrian overhead bridge will act as a catalyst for economic growth in the area.
Increased foot traffic will create an opportunity for a dynamic ecosystem that fosters collaboration and entrepreneurship, attracting new businesses and generating employment opportunities, thereby strengthening the local economy.
As Johor Baru progresses towards its aspiration to be a future-ready smart city, the bridge will encourage the use of public transport, promote physical activity, and drive improved public health, while contributing to the reduction of the city's carbon footprint.
The signing ceremony was witnessed by State Public Works, Transport and Infrastructure chairman Mohamad Fazli Mohamad Salleh, who represented the Johor menteri besar, and MRT Corp chief executive officer Datuk Mohd Zarif Hashim.