PUTERI Harbour in Iskandar Puteri could be the future for Johor but it requires good management to progress, said Zerin Properties chief executive officer Previndran Singhe.
“Puteri Harbour is a town that lacks vital management. It is well-planned and well-designed, and I think it will be the future for Johor. But for the town to succeed there must be proper public policies in place,” he told NST Property.
Previndran said the first thing stakeholders need to do is create a good business environment.
Secondly, there must be improvement of the infrastructure.
“Puteri Harbour has the infrastructure but they also need to provide things like free WiFi.
They have to make sure the Internet is stable.
“Thirdly, the stakeholders should give grants for human capital. Currently, (in Malaysia) one per cent of gross domestic product is spent on research and development. In South Korea, it is 4.5 per cent while in Organisation for Economic Cooperation and Development countries, it is 2.5 per cent.
“Fourthly, there should be repetition. You want people to come and live there so there must be something that will attract them.”
Puteri Harbour is an integrated waterfront development overlooking the Straits of Johor.
Modelled after international waterfront enclaves like Sentosa Cove and Monaco, Puteri Harbour comprises residential and retail options.
With a completed public marina, Puteri Harbour is the only location in Iskandar Demand for residential properties has improved over the years.
Projects launched in 2012 and 2013 such as Imperia, Somerset Serviced Apartments, Encorp Marina and Teega are almost sold out.
In 2014, UEM Sunrise launched Almas, a mixed development comprising a 42-storey residential tower, a 42-storey residential suites, a 28-storey office tower and a five-storey retail/shop offices. This project has a gross development value (GDV) of RM1.6 billion.
In the following year, the company launched Estuari featuring superlinks, twin villas, villas and condominiums with total GDV of RM6.52 billion.
Teega is the most prominent structure in Puteri Harbour. It comprises a 35-storey condominium, a 35-storey serviced apartment block and a 25-storey office tower, including retail, with total GDV of RM1.4 billion.
“For Puteri Harbour, the stakeholders need to show quality of life, safety, good social economic and environment practices as well as adequate transportation,” said Previndran.
UEM Sunrise managing director and chief executive officer Anwar Syahrin Abdul Ajib told NST Property there is great potential in Puteri Harbour despite the soft market.
He said there is interest but people are adopting a wait-and-see approach.
“Yes, it is slow in Puteri Harbour and that is why we need to do some investment to revitalise it. We are still a very strong believer of Iskandar Puteri. A bulk of our new launches this year will be in Gerbang.
“We will launch the standard 20x75 housing in Gerbang. The terraced houses will be priced about RM600,000 and we are looking at launching them in the first quarter.
“We want to build a proper township. You got the schools and we will make sure we have a proper commercial area with shoplots and retail. We need to make sure we build that first before we launch landed properties on a large scale.”
Anwar also said the company will kick off the development of a private marina in Puteri Harbour comprising a clubhouse, suites and berths for yachts.
This is a joint venture between UEM Sunrise and Singapore’s One Degree 15.
“We are looking to do the ground-breaking early this year. Hopefully, we will complete the project in two years,” he said.