Iskandar

Iskandar: Iskandar Waterfront Holdings (IWH), a Malaysian property developer focused on Johor projects, has postponed an up to US$300m IPO to 4Q14 – a casualty of the Malaysian government’s plan to raise real property gains taxes next year and double the minimum price at which foreigners can buy property as it seeks to cool prices. IWH originally targeted to list in this current quarter. Sources say “the assets have to be revalued now with the changes in real property gains tax”. Key Singapore-listed Iskandar plays, Rowsley and Albedo remain weak.