Selia seeks partnership to fast-track SouthKey project

JOHOR BARU: Selia Pantai Sdn Bhd is exploring strategic partnerships with domestic and foreign investors to fast track the development of its on-going SouthKey project.

Zaini (second from left) briefing Ghani on the project. With them are Southkey chairman Datuk Abdul Karim Ahmad Tarmizi (left) and executive director Quek Cham Hong.

Managing director Datuk Mohamed Zaini Amran said the company was currently negotiating with several reputable developers from Malaysia and Singapore for partnerships.

“We are looking at partners who can add value to our long-term development project,'' he said at the launch of SouthKey by Johor Mentri Besar Datuk Abdul Ghani Othman on Saturday.

Mohamed Zaini said the joint-venture development would involve certain precincts of the project which would be divided into nine different development zones.

He said the company liked to work with Singapore-based developers as this would pave the way for the company to attract property buyers from the republic.

Mohamed Zaini said the new ruling introduced by Singapore for foreigners buying private properties in the republic would benefit property developers in Iskandar Malaysia.

Singapore had in December last year imposed a 10% duty stamp for foreigners buying private residential properties in the island state raising the selling price by 10%.

“We are banking on our project's strategic location to attract buyers not only from Singapore but also those from outside Johor and other countries in the region,'' he said.

Mohamed Zaini said apart from its strategic location, the company also saw Iskandar Malaysia as another strong pulling factor to help sell the project.

He said phase one made of 128 units of Lakefront strate-titles shop offices comprising of three, four, five and eight-storey blocks with prices ranging from RM918,000 to RM15.50mil. Ninety-seven per cent of the units have been sold.

SouthKey is located on a 133ha in the Majidee Army Camp area which dubbed as the “last remaining large prime development land” about 4km north of the Johor Baru city centre.

It enjoys good accessibility and connectivity via three major highways the Tebrau Highway and Southern Link Expressway and soon-to-be-opened Eastern Dispersal Link Expressway.

The project, with a GDV of RM13bil, will take about 15 years to develop and is a 70:30 joint venture between Selia Group and state-owned Kumpulan Prasarana Rakyat Johor.

By The Star