Rising from a former palm plantation, the towering Astaka complex will cast its shadow across the Malaysia-Singapore border by 2017, a symbol for an ambitious development zone linking the two former rival's economies.
Construction cranes are sprouting across southern Malaysia's Johor state as investment flows into "Iskandar", a development zone that aims to draw Singaporean capital to its larger neighbour's cheaper land and labour costs.
The zone has been dogged by skepticism since its inception in 2006, due in part to Johor's reputation in Singapore.
But soaring costs in Singapore are causing a re-think.
Anthony Phillips moved his family across the narrow Johor Straits to Iskandar, lured by property prices that are less than half those of Singapore and cheaper schooling.
He now commutes to his Singapore communications consultancy, a trip that takes less than an hour.
"Last year's move to Iskandar has been a great success all round. Iskandar offers the best of both worlds," he said.
Authorities say Iskandar -- named after a revered former Johor sultan -- landed $40.5 billion in investment commitments by end-October, one-third of the way toward an ambitious 2025 target of $123 billion.
Singaporeans are already a key market for a $280 million Legoland theme park that opened in 2012 and brand-outlet shopping.
Other projects include a branch of UK-based movie makers Pinewood Studios and an "Edu-city" bringing together several European universities on one campus.
A Singaporean-funded $1.1 billion Motorsports City being built will include racing circuits, a driving school, and is intended as a regional hub for development of the sport.
Healthy 'co-opetition'
Bilateral relations have long been prickly.
But Ismail Ibrahim, head of Malaysia's Iskandar Regional Development Authority, notes a "reversal of tide," saying Iskandar allows each to leverage its strengths amid an uncertain world economy.
"We like to describe our relationship with Singapore through this simple term: 'co-opetition,'" said Ismail, standing beside scale models of the Iskandar area.
"We compete, but at the same time we cooperate."
With a world-class financial centre and port, high-tech Singapore's five million residents create a GDP equal to Malaysia's 28 million. But soaring prices have crimped competitiveness.
A 120-square metre condominium in the centre of Singapore fetches well over $2 million while the Johor Bahru equivalent rarely tops $400,000.
Malaysia, meanwhile, views Iskandar as a new inlet for the foreign investment that has been vital to its development.
It offers a range of tax breaks and other inducements in Iskandar's designated 2,217 square kilometres (855 square miles) -- three times Singapore's size -- of mostly plantation land.
Concerns are rising, however, that Malaysian, Singaporean, and Chinese money is fueling a speculative property bubble while more balanced economic development lags.
Johor housing prices have jumped more than 20 percent in the past year, double the national average and causing some local grumbling, yet Iskandar has one of Malaysia's lowest retail and office occupancy rates.
Units in places like Astaka, which at 301 metres (987 feet) will be the tallest residential block in either country, can go for upwards of $2.5 million.
Hopes ride on 'catalytic' projects
Analysts said recent Malaysian measures to cool speculation would have little impact, especially with huge Chinese developers now eyeing Iskandar.
Country Garden, one of China's top property firms and among a handful of cash-flush Chinese developers in Iskandar, has broken ground on a $5.6 billion residential township.
Of the project's 9,000 luxury condominiums, one-quarter were sold to China buyers.
Malaysian officials express hope that "catalytic" projects like Legoland and the motorsports facility will stimulate other business growth.
"There was a property play in the beginning, now we have to focus on job creation... to migrate to a vibrant economic zone," said Wan Abdullah Wan Ibrahim, chief executive of Malaysian government-owned UEM Sunrise, a key Iskandar developer.
International business consultancy Frost & Sullivan has announced plans to invest $176 million to house its back-end operations in Iskandar.
But few other major corporate names have taken the plunge, causing some concern.
Johor business leaders complain the area's Malaysian labour base is short on skills and that many still prefer better-paying work in Singapore.
A speculated linking of Singapore's mass-transit system with Iskandar has been cited as a potential shot in the arm, but no firm plans have yet emerged.
Observers believe, however, that economic fundamentals will ensure the area's makeover is eventually completed.
"Iskandar will succeed because it has to," said Johor ruling-party parliament member Nur Jazlan Mohamed.
"Malaysia needs it economically and Singapore needs it politically to release the cost pressure."
AFP
Sun Dec 22 2013
![Hopes for a shared boom rise on Malaysia-Singapore border Hopes for a shared boom rise on Malaysia-Singapore border](https://resizer-awani.eco.astro.com.my/tr:w-177,h-100,q-100,f-auto/http://img.astroawani.com/2013-02/81360474066_295x200.jpg)
Kerajaan cadang perkenal pembiayaan swasta
Kerajaan menyasarkan untuk memperkenalkan pembiayaan swasta alternatif bagi memastikan kemampanan kewangan program sektor air, sekali gus mengurangkan kebergantungan pada perbelanjaan kerajaan dan mengukuhkan daya tahan.
Saya tak fitnah Guan Eng, cuma jelaskan siasatan SPRM - Muhyiddin
Presiden Bersatu Tan Sri Muhyiddin Yassin memberitahu Mahkamah Tinggi Kuala Lumpur hari ini bahawa beliau tidak memfitnah Lim Guan Eng berhubung isu pengecualian cukai terhadap Yayasan Albukhary
KPT alu-alukan dapatan, cadangan PAC - Zambry
Ini termasuklah cadangan pelaksanaan Garis Panduan Pelaburan dan Pembiayaan oleh Universiti Awam 2024 kepada anak-anak syarikat di bawah seliaan Kementerian Pendidikan Tinggi (KPT).
Lebih 340,000 syarikat buat transaksi serah simpan maklumat pemunyaan benefisial
Sebanyak 340,637 syarikat telah membuat transaksi serah simpan maklumat pemunyaan benefisial (beneficial ownership) bagi tempoh 1 April hingga 14 Julai lepas.
Polis tunggu laporan makmal tentukan punca kematian Nur Farah Kartini
Polis sedang menunggu laporan makmal bagi menentukan punca kematian berhubung kes pembunuhan bekas penuntut Universiti Pendidikan Sultan Idris, Nur Farah Kartini Abdullah.
Mahkamah Persekutuan kekal hukuman mati ke atas bapa
Mahkamah Persekutuan di sini hari ini mengekalkan hukuman gantung sampai mati terhadap seorang bapa yang membunuh anak tiri lelakinya yang berusia enam tahun, 13 tahun lepas.
Keluarga mohon henti keluar kenyataan guris hati
Keluarga Nur Farah Kartini Abdullah yang ditemukan mati di sebuah ladang kelapa sawit di Kampung Sri Kledang, Hulu Selangor petang Isnin memohon pihak media dan orang ramai berhenti mengeluarkan kenyataan yang boleh mengguris hati keluarga.
Enam ditemukan maut di sebuah hotel di Bangkok
Enam orang ditemukan maut di sebuah hotel di Bangkok, Thailand pada Selasa.
Polis Thailand dalam satu kenyataan memaklumkan, pihaknya menerima panggilan kecemasan daripada kakitangan Hotel Grand Hyatt Erawan pada jam 5.30 petang yang memaklumkan mengenai penemuan mayat itu.
Jelas kenyataan itu lagi, kesemua mangsa merupakan warga asing.
Polis Thailand dalam satu kenyataan memaklumkan, pihaknya menerima panggilan kecemasan daripada kakitangan Hotel Grand Hyatt Erawan pada jam 5.30 petang yang memaklumkan mengenai penemuan mayat itu.
Jelas kenyataan itu lagi, kesemua mangsa merupakan warga asing.
Disyaki terima rasuah melebihi RM300,000, ketua pegawai operasi ditahan
Seorang Ketua Pegawai Operasi syarikat konsesi lebuh raya ditahan Suruhanjaya Pencegahan Rasuah Malaysia (SPRM), kerana disyaki menerima rasuah melebihi RM300,000.
Mahkamah tolak rayuan Jason Lo
Bekas Ketua Pegawai Eksekutif syarikat telekomunikasi tempatan, Jason Jonathan Lo hari ini gagal mengetepikan keputusan Mahkamah Tinggi menolak samannya terhadap Pertubuhan Berita Nasional Malaysia (Bernama) berhubung dua artikel yang diterbitkan pada 2019 dan 2020.
![Tiada sebab PAS mahu bergabung dengan UMNO di Selangor - Iskandar Samad Tiada sebab PAS mahu bergabung dengan UMNO di Selangor - Iskandar Samad](https://resizer-awani.eco.astro.com.my/tr:w-177,h-100,q-100,f-auto/http://img.astroawani.com/2014-07/41406008100_295x200.jpg)
Tiada sebab PAS mahu bergabung dengan UMNO di Selangor - Iskandar Samad
Khabar angin PAS dan UMNO akan bergabung untuk membentuk kerajaan di Selangor dilihat usaha pihak tertentu untuk menjatuhkan imej Abdul Hadi Awang menjelang Muktamar parti itu.
!['Bukan saya yang jadi MB Selangor' - Iskandar 'Bukan saya yang jadi MB Selangor' - Iskandar](https://resizer-awani.eco.astro.com.my/tr:w-177,h-100,q-100,f-auto/http://img.astroawani.com/2014-07/41406008100_295x200.jpg)
'Bukan saya yang jadi MB Selangor' - Iskandar
Ahli Dewan Undangan (ADUN) Cempaka, Iskandar Abdul Samad menafikan namanya 'naik' untuk menjadi Menteri Besar Selangor baharu yang akan diumum Selasa ini.
![Kenaikan tol Singapura boleh jejaskan ekonomi Iskandar Malaysia Kenaikan tol Singapura boleh jejaskan ekonomi Iskandar Malaysia](https://resizer-awani.eco.astro.com.my/tr:w-177,h-100,q-100,f-auto/http://img.astroawani.com/2014-09/41409974701_295x200.jpg)
"Kenaikan tol Singapura boleh jejaskan ekonomi Iskandar Malaysia"
Mereka bimbang ianya akan memberi kesan kepada segala perancangan yang dibuat terutama yang melibatkan ekonomi seperti koridor Iskandar Malaysia.