Iskandar

Iskandar: AmFraser organized a two day working visit with investors to Iskandar. Notes, robust land deals totaling ~RM 2b have been driving positive sentiment, including, i) CapitaLand’s JV with Iskandar Waterfront Holdings (IWH) for Danga Bay devt, ii) Singapore’s Ascendas Land has inked a landmark deal to help build an integrated technology park over 210 ha in Gerbang Nusajaya, in a 60/40 JV with UEM Land. iii) Singapore’s Peter Lim and UEM Land to co-develop an Auto City within Gerbang Nusajaya on a 270 acre piece of land. iv) Private Singaporean developer, Link (THM) bought a 5.9ha plot of land at RM 151 psf, mooted for a mixed devt hub called Media village@ Medini Iskandar, comprising residential and retail properties. v) Four Msian corporate figures joining forces for a high-end devt in Puteri Harbour During the visit, Fraser noticed stronger-than-expected occupancy rate (~70%) within Nusujaya, especially East Ledang and Horizon Hills. Singaporeans, PRs and expats have come in droves since a yr ago, motivated by, - series of tightening measures in Spore, i.e additional buyers’ stamp duties, higher LTV, min cash down-payment, etc., and - opening of education institutions. Of note, Marlborough College, Southampton University and Legoland have commenced operations. Other catalysts for the theme include, - proposed listing of IWH - possible listing of Medini Iskandar - increasing big name participation from both Singapore, Chinese and Msian entities Fraser believes UEM is a key beneficiary, being the master developer, particularly at Gerbang Nusajaya. Other players with a growing presence include, Sunway, SP Setia, Mah Sing, E&O and WCT Land. In Singapore, Rowsley remains the most direct proxy to play the Iskandar theme. The stock is at $0.505, breaking past the $0.50 resistance, and at a new all time high.