KUALA LUMPUR: Property prices in Nusajaya in Iskandar Malaysia, Johor, are expected to rise further as UEM Land Holdings Bhd and Iskandar Investment Bhd (IIB) plan to transform the area into a "smart+connected" community.
In the last five years, property prices had increased by 10 to 30 per cent in East Ledang, Nusa Idaman and Horizon Hills in Nusajaya, said UEM general manager for strategic marketing, Zamri Ibrahim.
He said houses sold at RM300,000-plus in Nusa Idaman in 2008 are now selling at more than RM400,000 each. Those launched in East Ledang around the same year have seen price increases of RM500,000 to above RM600,000.
"Turning Nusajaya into a smart city will enhance the offerings in the market which would see the value of the properties appreciating," Zamri said.
UEM owns 4,208ha of land in Nusajaya, a key component of Iskandar Malaysia. It is responsible for the development of five catalyst projects - Kota Iskandar (Johor state new administrative centre), the Southern Industrial and Logis-tics Clusters, the Puteri Harbour waterfront development, Afiat Healthpark and Nusajaya residences.
UEM and IIB yesterday signed a collaboration agreement with network system provider Cisco to develop an information and communications technology (ICT) and services smart city masterplan for Nusajaya.
UEM and IIB will ride on Cisco's smart+connected community platform, which is the next generation of community development where cities are connected from an ICT stand- point.
This will be the first smart+connected community development for Malaysia where services from retail to banking will be offered in an integrated manner.
UEM managing director and chief executive Datuk Wan Abdullah Wan Ibrahim said a 12-week study is being undertaken, starting yesterday, to deliberate on its next step for the transformation plan.
"There is a lot of space to introduce ICT at Nusajaya, at global standards," Wan Abdullah said after the signing.
By Business Times
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